Statistical models are used for forecasting labor demand because they are good at capturing "once-in-a-lifetime" changes. a) trueb) false

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Cale Mercado

Business

6 February, 22:01

Statistical models are used for forecasting labor demand because they are good at capturing "once-in-a-lifetime" changes. a) trueb) false

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Major · Answer 1

b) false

Explanation:

Statistical models are not used for forecasting labor demand, just because they are good at capturing once in a lifetime changes, however, organization use demand and supply analysis to forecast the labor demand.

Labor demand forecasting is the number of labor required with the required skill set at the given time by the organization. Business are very calculative, while hiring the worker in the organization as it add value and cost both to the organization. Productivity of labor are analized by using marginal analysis for each labor added to produce goods and service.