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Which one of the following tools is not used for forecasting personnel needs (Labour Demand) by an organization?

This question was previously asked in
UGC NET Paper 2: Commerce 29 Sep 2022 Shift 2
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  1. Trend Analysis
  2. Markov Analysis
  3. Ratio Analysis
  4. Scatter Plot

Answer (Detailed Solution Below)

Option 2 : Markov Analysis
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UGC NET Paper 1: Held on 21st August 2024 Shift 1
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Detailed Solution

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The correct answer is Markov Analysis

Key Points

Scatter plots are graphs that present the relationship between two variables in a data set. A scatter plot is a personnel forecasting method that analyzes a firm's past employment needs to predict future needs.

Additional Information

Trend analysis is a technique used to predict an objective that is based on present or historical data.

Markov analysis is a method in which prediction is influenced by or depends on current data only.

 

Ratio analysis is the study or analysis of items included in a company's financial statements. It can be used to examine various factors of a company, such as profitability, liquidity, solvency, and efficiency of the company or operation.

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