8. Long term vision of what organisation seeks to
do and why does it exist.
Focus is external
9. End results towards which activities are aimed
Good objectives should have SMART features:
S- specific
M-measurable
A- achievable
R-realistic
T-time bound
Management by Objectives (MBO)
10. Strategies are complex plans for bringing
organisations from one position to other in
future period (determined in light of external
environment)
Policies are general statements which provide
guidance in decision making
11. -Series of related tasks
-Establish a method for handling activities
Policies provide direction, procedure tell how
to do
16.
List your five most important personal
objectives? Are they long term or short term?
Are the objectives verifiable?
17. Method
Advantages
Disadvantages
Estimation
People in position estimate the
number of people the firm will
require in the next yr.
Incorporates knowledge of
corporate plans in making
estimates
Expert
opinion
Panel of experts forecast HR requirements for particular future business scenarios.
For this method, there may be a single expert, or estimates of several experts may be
pooled together
Delphi
Experts go through several
rounds of estimates with no
face-to-face meeting
Incorporates future plans
& knowledge of experts
related to mkt., industry &
technical development
Subjective, time
consuming & may
ignore data
Group
brainstor
ming
Face-to-face discussion based
on multiple assumptions about
future business direction
Generates lot of ideas
Does not lead to
conclusion
Nominal
group
technique
Face-to-face discussion
Group exchanges facilitate
plans
Subjective which may
ignore data
Simple
averaging
Simple averaging of viewpoints
Diverse view points taken
Extremes views are
masked when
averaged
May be subjective
17
18. Method
Advantages
Disadvantages
Trend
analysis
&
projectio
n
Based on past relationship between a business factor related to
employment & employment level itself
Simple
long-run
trend
analysis
Extrapolates past
relationship between
volume of business activity
& employment levels into
the future
Recognizes linkage
between employment
& business activity
Assumes that
volume of business
activity of firm for
forecast period will
continue at same
rate as previous yrs
Ignores multiplicity
of factors
influencing
employment levels
Regressi
on
analysis
Regresses employment
needs onto key variables
Data driven
Uses multiple business
factors
Difficult to use &
apply
18
19.
20.
A decision is an act of choice by which an
individual or organisation selects one
position or action from several alternatives
