ASSIGNMENT LC Code: 02536 Roll No: 1302016257

DRIVE SPRING 2014

PROGRAM MBADS (SEM 3/SEM 5) MBAFLEX/ MBAN2 (SEM 3) PGDHRMN (SEM 1)

SUBJECT CODE & NAME MU0010 – MANPOWER PLANNING & RESOURCING

BK ID B1765

CREDIT & MARKS 4 Credits, 60 marks

1 Meaning of forecasting Forecasting is the process in business marketing and web development of determining what the business market that you are engaged in looks like demographically. It can also involve attempting to predict the movements of the existing market going forward so market strategies and business plans can be developed to anticipate and meet the changing demands. Many different forecasting strategies are used, and each market will have specific models that have worked in the past.

Four Types of Forecasting

Persistence Persistence forecasting is based on the concept that current weather conditions can reveal clues to tomorrow's forecast. Meteorologists who rely on this forecasting method predict that current conditions will persist, or continue unchanged. They make observations using thermometers and barometers to assess the weather, then theorize that the next few days will feature similar weather patterns. This forecasting technique works best in areas with predictable weather patterns, such as a tropical zone or an arctic region.

Synoptic Synoptic or analogue forecasting is a method of predicting the weather based on accepted theories and principles of meteorology. This technique requires some skill and training, and incorporates weather maps, radar and satellite images. Forecasters combine these tools with information about atmospheric pressure, air flow and temperatures to

come up with a forecast. Synoptic forecasting served as the primary method of predicting the weather through the 1950s and '60s. It's still used today for short term predictions.Statistical Statistical or climatological forecasting allows meteorologists to make predictions based on historical trends. It assumes consistent weather patterns over time. Forecasters examine historical information about average, high and low temperatures to estimate future temperature ranges. They also examine historical storm records and precipitation amounts and use those as a basis for forecasting. For example, a statistical forecaster may state that the next month will bring rain and cold temperatures because that is considered the normal condition for this area at this time of year.Computer Modeling Computer modeling forecasts represent the most advanced method of predicting the weather. This method relies on mathematical formulas that are designed to model atmospheric and weather conditions. By inputting current weather data, the meteorologist can calculate future conditions. Top weather-related agencies, such as the National Weather Service and National Hurricane Center, rely on this form of forecasting to maximize accuracy.

2 Definition of Human Resource Accounting Human resource accounting is the process of identifying and reporting the investments made in the Human Resources of an Organisation that are presently not accounted for in the conventional accounting practices. In simple terms, it is an extension of the Accounting Principles of matching the costs and revenues and of organising data to communicate relevant information

ObjectivesThe main objective of HR accounting is to assign financial value to human capital and management activities by recording and analyzing these activities in an economic and financial context

To furnish cost value information for making proper and effective management decisions about acquiring, allocating, developing and maintaining human resources in order to achieve cost effective organisational objectives.

To monitor effectively the use of human resources by the management. To have an analysis of the Human Asset, i.e. whether such assets are conserved,

depleted or appreciated.

3 Definition of Talent EngagementTalent Engagement represents the extent to which the workforce identifies with the company, is committed to it and provides discretionary effort so that it can be successful.

Engagement is a key leading indicator for high performance workplaces, improved employee productivity and subsequent turnover.” Talent engagement is the level of commitment and involvement a person has towards his organization and its values.

The importance of talent engagement is that it helpsCreate and sustain world class processesContribute greatly to society at largeLower stress and allows healthier livesAchieve greater work-life balanceAllows more peace on earthIncrease ability to attract new talentIncrease ability to innovate

5 Talent Developments

Necessity of Talent DevelopmentTalent development is necessary in any organization because of the following:

Talent development is necessary to achieve extra ordinary goals. Extraordinary goals require extraordinary talent

Effective talent development in an organization reduces turnover at critical positions, manages succession plans, minimizes business disruptions, and also takes care to reduce the risk of non-compliance and litigation.

Identifying and developing talent are the critical steps in retaining the top talents in an organization. The cost of replacing a valued employee is enormous. Organizations need to promote diversity and design strategies to retain people, reward high performance and provide opportunities for development.

High Performing organizations anticipate the leadership and talent requirement to succeed in the future

This is the only way of improving employee’s productivity through automated and integrated learning management, performance management, and compensation management systems to drive business results.

Factors responsible for achieving Talent Development

Structure – Functional profiles, competency models, and describing paths for growth are the things companies should implement.

Selective Development – Most of the successful organizations carry on a close examination of which are the talent programs and interventions that will be necessary to realize the company strategy.

Process – The total infrastructure for talent development should be such that it is a part of the day-to-day leadership culture.

6 Meaning and objectives of Recruitment

Recruitment is the process of identifying that the organization needs to employ someone up to the point at which application forms for the post have arrived at the organization. The process of finding and hiring the best-qualified candidate (from within or outside of an organization) for a job opening, in a timely and cost effective manner. The recruitment process includes analyzing the requirements of a job, attracting employees to that job, screening and selecting applicants, hiring, and integrating the new employee to the organization.

Recruitment refers to the overall process of attracting, selecting and appointing suitable candidates to one or more jobs within an organization, either permanent or temporary.

Objectives of Recruitment

The objective of the recruitment process is to obtain the number and quality of employees that can be selected in order to help the organization to achieve its goals and objectives.

1. It reviews the list of objectives of the company and tries to achieve them by promoting the company in the minds of public.2. It forecasts how many people will be required in the company.3. It enables the company to advertise itself and attract talented people.4. It provides different opportunities to procure human resource.

Succession Planning

Succession planning is a process whereby an organization ensures that employees are recruited and developed to fill each key role within the company. Through your succession planning process, you recruit superior employees, develop their knowledge, skills, and abilities, and prepare them for advancement or promotion into ever more challenging roles. Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in

the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Taken narrowly, "replacement planning" for key roles is the heart of succession planning.