Question

Nonquantitative methods to forecast the future need for employees, usually based on the knowledge of a pool of experts in a subject or an industry, is called ______ in human resource forecasting.

Answer 1

Nonquantitative methods to forecast the future need for employees, usually based on the knowledge of a pool of experts in a subject or an industry, is called QUALITAIVE FORECASTING in human resource forecasting.

Explanation:

• Qualitative forecasting is an estimation methodology that uses expert judgment, rather than numerical analysis. This type of forecasting relies upon the knowledge of highly experienced employees and consultants to provide insights into future outcomes.
• It is a statistical technique to make predictions about the future which uses numerical measures and prior effects to predict future events. These techniques are based on models of mathematics and in nature are mostly objective. They are highly dependent on mathematical calculations.
• Qualitative forecasting is useful when there is ambiguous or inadequate data.
• Qualitative forecasting is most useful in situations where it is suspected that future results will depart markedly from results in prior periods, and which therefore cannot be predicted by quantitative means.