4. Probability
Basic Concepts of Probability
Struggling with Statistics for Business?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following is a benefit of applying statistical methods to HR forecasting?
A
It eliminates the need for any human judgment in decision-making.
B
It increases the objectivity and accuracy of workforce predictions.
C
It guarantees that all future HR needs will be met exactly.
D
It reduces the amount of data required for workforce planning.
Verified step by step guidance1
Step 1: Understand the context of the problem. The question is asking about the benefits of applying statistical methods to HR forecasting, which is a process used to predict future workforce needs based on data and trends.
Step 2: Analyze the options provided. The first option suggests eliminating human judgment, which is not accurate because statistical methods complement human judgment rather than replace it. The second option mentions increasing objectivity and accuracy, which aligns with the purpose of statistical methods. The third option guarantees future HR needs, which is unrealistic as forecasting involves predictions, not certainties. The fourth option suggests reducing data requirements, which is incorrect because statistical methods often require substantial data for accurate predictions.
Step 3: Focus on the correct answer. Statistical methods are designed to enhance decision-making by providing objective, data-driven insights, which increases the accuracy and reliability of workforce predictions.
Step 4: Reflect on why the other options are incorrect. Eliminating human judgment is impractical, guaranteeing future needs is unrealistic, and reducing data requirements contradicts the nature of statistical analysis.
Step 5: Conclude that the correct benefit of applying statistical methods to HR forecasting is that it increases the objectivity and accuracy of workforce predictions.
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