Forecasting applied to the workplace.The purpose of this assignment is to begin applying HR forecasting through using both HRdemand forecasting techniques and methods and HR supply forecasting...

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Forecasting applied to the workplace.

The purpose of this assignment is to begin applying HR forecasting through using both HR




demand forecasting techniques and methods and HR supply forecasting techniques and




methods to determine internal and external supply.




This is an individual or pair assignment. You may complete the assignment on your own or in a




group of two (yourself and one other individual). If you are completing as a pair, only one




submission needs to be submitted on Blackboard, and both student names and numbers need




to be clearly written in the document.




The assignment is expected to be properly formatted, with a cover page, Calibri size 12 font,




and proper APA citations for all work referenced. Style, formatting, grammar, and spelling will




be included in the grades and may be docked from the overall grade. Submit on Blackboard as a




Word document along with an Excel document to showcase all mathematics. The length of the




completed document will be one to three pages, not including the cover page, excel document,




appendices, or references. The excel document cannot have static numbers in any calculation




cell. Static numbers will be the same as a wrong answer. Excel must be used with formulas to




calculate all forecasting projections. Part A and B will not be graded if it is not completed in




excel. Part C should be completed in the word document described above. Information




calculated in the excel should be referenced in the word.




Rubric:




Section




Score




Grade




Part A: HR Demand




6




Part B: HR Supply




4




Part C: Q1




4




Part C: Q2




2




Part C: Q3




8




Structure of Paper




1




Total




25




Overview




For this assignment you are acting as the HR manager for Nala Co., a horse blanket




manufacturing company which sells its products to various retailers throughout North America.




Customer demand for horse blankets has been quite steady over the past several years and this




is not expected to change. You have been provided with sales projections and have been tasked




to forecast the labour demand and supply requirements of the organization for the next three




years. Any assumptions used to analyze in Part C can be stated, but you must also include




information provided within this assignment.



ADMN3270 – HR Planning Individual/Pair Assignment (10%) Forecasting applied to the workplace. The purpose of this assignment is to begin applying HR forecasting through using both HR demand forecasting techniques and methods and HR supply forecasting techniques and methods to determine internal and external supply. This is an individual or pair assignment. You may complete the assignment on your own or in a group of two (yourself and one other individual). If you are completing as a pair, only one submission needs to be submitted on Blackboard, and both student names and numbers need to be clearly written in the document. The assignment is expected to be properly formatted, with a cover page, Calibri size 12 font, and proper APA citations for all work referenced. Style, formatting, grammar, and spelling will be included in the grades and may be docked from the overall grade. Submit on Blackboard as a Word document along with an Excel document to showcase all mathematics. The length of the completed document will be one to three pages, not including the cover page, excel document, appendices, or references. The excel document cannot have static numbers in any calculation cell. Static numbers will be the same as a wrong answer. Excel must be used with formulas to calculate all forecasting projections. Part A and B will not be graded if it is not completed in excel. Part C should be completed in the word document described above. Information calculated in the excel should be referenced in the word. Rubric: Section Score Grade Part A: HR Demand 6 Part B: HR Supply 4 Part C: Q1 4 Part C: Q2 2 Part C: Q3 8 Structure of Paper 1 Total 25 Overview For this assignment you are acting as the HR manager for Nala Co., a horse blanket manufacturing company which sells its products to various retailers throughout North America. Customer demand for horse blankets has been quite steady over the past several years and this is not expected to change. You have been provided with sales projections and have been tasked to forecast the labour demand and supply requirements of the organization for the next three years. Any assumptions used to analyze in Part C can be stated, but you must also include information provided within this assignment. Instructions: Ratio Analysis Year Sales (Thousands $) HR Demand (# of EEs) ERR 2019 2,800 155 2020 3,050 171 2021 3,195 166 2022 3,300 177 2023 3,500 2024 3,600 2025 3,850 1. Calculate the Employment Requirement Ratio (ERR) for the known years 2019-2022 2. Calculate the forecasted HR Demand for 2023-2025 using the 2022 ERR and the previously provided forecasted sales. 3. The sales team is given new information and asks you to complete another set of projections with a new sales forecast. They would like you to calculate the new set of HR Demand projections using the average ERR for 2019-2022. Year Sales (Thousands $) 2023 3,750 2024 4,200 2025 4,450 Part B: Excel Supply Forecasting Complete the following in an excel file: Data Table: Transition Probability Matrix Start of Year End of Year Job A Job B Job C Job D Exit Job A 80% 10% 5% 0% 5% Job B 10% 70% 0% 10% 10% Job C 0% 0% 90% 5% 5% Job D 0% 0% 0% 90% 10% Plant: Kovu Job Employee Numbers Job A 200 Job B 70 Job C 60 Job D 100 You are provided with the transition probability matrix for all the horse manufacturing plants and their jobs. For ease of calculations, the jobs are coded as follows: Job A = Industrial Tailor; Job B = General Laborer and Packaging; Job C = Site Supervisors; and Job D = Site Cleaner and Maintenance. 1. For employee data provided for Plant Kovu, forecast the supply for Job A, B, C, and D at year end. Plant: Kiara Job Employee Numbers Job A 1,478 Job B 886 Job C 592 Job D 1,017 2. Management also provides you with the employee data for Plant Kiara. Using the same transition probability matrix, forecast the supply for Jobs A, B, C and D at year end in the second plant as well. Part C: Analysing the Data Complete the following in a word file: 1. Nala Co. decided to use a quantitative method for forecasting demand. Do you agree with that decision? Why? Your answer should include a comparison between quantitative and qualitative methods. 2. What conclusions can you draw from both demand analysis that were conducted? 3. What is the Markov Analysis telling you in terms of supply for plant Kovu and Kiara? Are there any areas of concern? What are the external hiring needs? Additional grading criteria to consider: 1. Assignment requires an excel file for Part A and B and a word file for Part C. 2. Excel file must include formulas in all calculated cells for marks to be awarded. 3. Assignment submission requires a title page with all student names and student numbers. 4. Assignment submission must be in APA citation format with a reference page and in-text citations as used on the word file. 5. Assignment submission will be reviewed for overall grammar and spelling.
Answered Same DayOct 10, 2023

Answer To: Forecasting applied to the workplace.The purpose of this assignment is to begin applying HR...

Banasree answered on Oct 11 2023
17 Votes
Page | 2
Part A
1.Ans
    Ratio Analysis
    Year
    Sales (Thousands $)
    HR Demand (# of EEs)
    ERR
    2019
    2800
    155
    0.055
    2020
    3050
    171
    0.056
    2021
    3195
    166
    0.052
    2022
    3300
    177
    0.054
2.Ans.
    Ratio Analysis
    Year
    Sales (Thousands $)
    HR Demand (# of EEs)
    ERR
    2019
    2800
    155
    0.055
    2020
    3050
    171
    0.056
    2021
    31
95
    166
    0.052
    2022
    3300
    177
    0.054
    2023
    3500
    188
    
    2024
    3600
    193
    
    2025
    3850
    207
    
3.Ans
    Ratio Analysis
    
    
    Year
    Sales (Thousands $)
    HR Demand (# of EEs)
    ERR
    
    
    2019
    2800
    155
    0.055
    
    
    2020
    3050
    171
    0.056
    
    
    2021
    3195
    166
    0.052
    
    
    2022
    3300
    177
    0.054
    0.054
    Avg
    2023
    3750
    203
    
    
    
    2024
    4200
    228
    
    
    
    2025
    4450
    241
    
    
    
Part B:
1.Ans.
    Plant: Kovu
    Job
    Employee Numbers
    Job A
    200
    Job B
    70
    Job C
    60
    Job D
    100
    Transition Probability Matrix
    
    Start Of Year
    End Of Year
    Expected Supply at Year End
     
    Job A
    Job B
    Job C
    Job D
    Exit
    
    Job A
    80%
    10%
    5%
    0%
    5%
    170
    Job B
    10%
    70%
    0%
    10%
    10%
    79
    Job C
    0%
    0%
    90%
    5%
    5%
    59
    Job D
    0%
    0%
    0%
    90%
    10%
    97
2.Ans.
    Plant: Kiara
    Job
    Employee Numbers
    Job A
    1478
    Job B
    886
    Job C
    592
    Job D
    1017
    Transition Probability Matrix
    
    Start Of Year
    End Of Year
    Expected Supply at Year End
     
    Job A
    Job B
    Job C
    Job D
    Exit
    
    Job A
    80%
    10%
    5%
    0%
    5%
    1300.6
    Job B
    10%
    70%
    0%
    10%
    10%
    869.7
    Job C
    0%
    0%
    90%
    5%
    5%
    583.65
    Job D
    0%
    0%
    0%
    90%
    10%
    1003.9
Part C:
1.Ans.
A decision by a Nala Co. to implement a quantitative method for demand forecasting will be a reasonable choice, but it is important to consider the context and comparative advantages of quantitative methods and qualitative methods for informed research. Quantitative forecasting methods heavy depends on the historical data, statistical models, and statistical methods to make research predictions (Rajesh, 2019)). They are especially useful when dealing with data-driven projects, static demand models, and historical sales data. Here are some reasons why quantitative methods might be reasonable.
i. Quantitative method: This method relies on robust data, perfect for the research objective and minimizing human bias and subjectivity. For the Nala Co which sells horse blankets to various retailers, historical sales data and models are essential to accurately forecast future needs (Jiang, 2019).
ii. Precision and Accuracy: Quantitative measurement methods can provide more accurate accounting for forecasts, making them better in-line with the organizations that need specific information to plan production, inventory, and personnel needs. This accuracy is important for a manufacturing company like Nala Co., which needs to use resources more efficiently.
iii. Time series analysis: Statistical methods such as time series analysis, moving averages, and exponential smoothing can effectively capture trends and seasonal patterns in historical sales data, which can enable the Nala Co. to drive permanent change in demand forecast.
iv. Forecasting tools: There are many software and tools available for quantitative forecasting, which can automate the process and provide faster and more reliable results. This can save the gutter company time and resources. Such as SPSS, SAS, Tableau etc.
v. Measurable performance: Quantitative methods allow you to measure the accuracy of research data forecasts and continue to refine the predicted models....
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