To do this, the HR department first collected data for 2010 and 2011 to construct a transition probability matrix, as well as the number of employees for 2012 in each job category. It then wanted to use the matrix to forecast availabilities for 2013. The following data were gathered:
Based on the above data:
1.Describe the internal labor market of the company in terms of job stability (staying in same job), promotion paths and rates, transfer paths and rates, demotion paths and rates, and turnover (exit) rates.
2. Forecast the numbers available in each job category in 2013.
3. Indicate potential limitations to your forecasts.