What is demand modeling?
Demand modeling uses predictive analysis to forecast workforce demand and adapt it to an organization’s goals.
What are the standard techniques for demand modeling in HR?
The common models used by HR professionals for demand modeling are:
1) The Markov model
2) Workload analysis
3) Managerial analysis
4) Nominal group technique
5) Delphi technique
What are the factors that affect demand modeling?
Internal factors that affect demand modeling include:
- An organization’s budget for human capital
- Introduction of a new product or service
- Production levels
- Organizational structure
External factors that affect demand modeling include:
- Local and global competition
- The country’s economic scenario
- New governmental rules and regulations
- Technological advances