Answered: Human Resource Planning (HRP) is a…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Human Resource Planning (HRP) is a procedure by which Human Resources are recognised, determined and designed that a company needs in order to achieve both its short-term and long-term demands. There are two types of (HRP): Hard Human Resource Planning and Soft Human Resource Planning.

Compare the advantages and disadvantages of hard and soft human resource planning with suitable examples.

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

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