planning
TRANSCRIPT
Objectives
Planning premises
Alternatives
Evaluating alternatives
Choice of alternatives
Supporting plans
Establishing sequence of activities
End results towards which activities are aimed
Good objectives should have SMART features:S- specificM-measurableA- achievableR-realisticT-time bound
Management by Objectives (MBO)
Strategies are complex plans for bringingorganizations from one position to other infuture period (determined in light of externalenvironment)
Policies are general statements which provide guidance in decision making
-Series of related tasks
-Establish a method for handling activities
Policies provide direction, procedure tell how to do
List your five most important personal objectives? Are they long term or short term?
Are the objectives verifiable?
Method Advantages Disadvantages
Estimation People in position estimate the number of people the firm will require in the next yr.
Incorporates knowledge of corporate plans in making estimates
May be subjective
Expert opinion Panel of experts forecast HR requirements for particular future business scenarios. For this method, there may be a single expert, or estimates of several experts may be pooled together
Delphi Experts go through several rounds of estimates with no face-to-face meeting
Incorporates future plans & knowledge of experts related to mkt., industry & technical development
Subjective, time consuming & may ignore data
Group brainstorming Face-to-face discussion based on multiple assumptions about future business direction
Generates lot of ideas
Does not lead to conclusion
Nominal group technique
Face-to-face discussion Group exchanges facilitate plans
Subjective which may ignore data
Simple averaging Simple averaging of viewpoints
Diverse view points taken
Extremes views are masked when averaged 17
Method Advantages Disadvantages
Trend analysis & projection
Based on past relationship between a business factor related to employment & employment level itself
Simple long-run trend analysis
Extrapolates past relationship between volume of business activity & employment levels into the future
Recognizes linkage between employment & business activity
Assumes that volume of business activity of firm for forecast period will continue at same rate as previous yrs
Ignores multiplicity of factors influencing employment levels
Regression analysis
Regresses employment needs onto key variables
Data driven
Uses multiple business factors
Difficult to use & apply
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A decision is an act of choice by which an individual or organization selects one position or action from several alternatives
Specific objectives
Identification of problems: diagnosis, analysis
Search for alternatives
Evaluation of alternatives
Choice
Action
Results
Certainty-using deterministic model
Risk (information insufficient) ◦ -Priori probability (tossing coin)
◦ -Empirical probability
◦ -Subjective probability
Uncertainty◦ -maximax criterion
◦ -maximin criterion
◦ -Minimax criterion (minimising regret)
◦ -Insufficient reason criterion 9equal probability is assigned to each event)