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oa Business Management Review - A Markov chain application to human resources evaluation

Volume 4, Issue 2
  • ISSN : 0856-2253

 

Abstract

Markov Chain Model is an analytical tool for modelling decision problems involving systems where there are transitions between involving systems where there are transitions between the various outcomes of the system. The model assumes that the probability of an event occurring depends on its probability of occurrence in the immediate past. We apply the Markov Chain Model to the problem of human resource valuation in the construction industry for a span of three years. Our interest is to be able to place monetary value on the Company's workforce at any point in time, thus enabling management to appreciate the monetary worth of its staff Besides, the model determines the average time period an employee would stay in a position before moving to the next grade as well as the labour turnover rate in the company for the period under review. Thus, the model predicts employees' promotion, retirement and labour turnover rate and enables management to put up proper plan that will suit the company's financial resources.

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/content/bmr/4/2/AJA08562253_79
1997-07-01
2019-11-14

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