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Forecasting The Number Of Human Resources In The Organization Using Markov Chains

Author

Listed:
  • Yordan Petkov

    (University of Economics – Varna, Bulgariaп)

Abstract

In modern reality, the human factor and its adequate formation and management is extremely important for the effective functioning of organizations. Along with a number of other factors, rational planning, forecasting and maintaining optimal staff numbers play an essential role. In this regard, the purpose of the report is to present the possibilities of the stochastic model, known in the literature as Markov chains, for predicting the number of employees in different job positions in the organization. The theoretical formulations are supported by numerical example.

Suggested Citation

  • Yordan Petkov, 2024. "Forecasting The Number Of Human Resources In The Organization Using Markov Chains," INTERNATIONAL SCIENTIFIC AND PRACTICAL CONFERENCE "HUMAN RESOURCE MANAGEMENT", University of Economics - Varna, issue 1, pages 80-88.
    • Handle: RePEc:vrn:hrmsnr:y:2024:i:1:p:80-88
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    More about this item

    Keywords

    Human Resources; Forecasting; Markov Chains;
    All these keywords.

    JEL classification:

    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods

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