Time serious analysis

Concept, meaning and definition

- Employment data over a time period are used under this method as the basis for manpower forecast.
- Without considering endogenous and exogenous changes, forecasting errors may increase.
- Following five elements are observed:
o Trend:- fluctuation in level of employment over a time period.
o Cyclical Effects:- change in employment in relation to particular event.
o Seasonality.
o Step:- Sudden change in employment level due to economic environment.
o Random fluctuations.