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Predictive Analytics of Manpower Estimation using Markov Chain Model: A Real time Case on a Manufacturing Plant in Odisha


Affiliations
1 Professor & HoD, NIST Institute of Science and Technology (Autonomous), Berhampur, Odisha. 761008, India
2 Associate Professor, NSB Academy, Bangalore-560099, India
 

Manpower management is one of the core functional area of any business operations. In practice, right deployment of manpower at right positions in right time is very crucial. People usually join their corporate life in multiple times in a calendar year at various positions. They also move across various levels due to usual corporate HR interventions at different times in a year as well. So, optimization and successful prediction of work-force movement in the verticals by aligning its way to reduce surplus and shortage is key to survival in business. Right prediction of work-force position movements at right time is crucial to every organization success. This article focusses on insight of the optimization of human resources for key success of the organization. Results obtained from this study indicated the model validation when compared to actual data. The study took the data of a large steel making company in the state of Odisha and found this model useful for practice. The results indicated towards some suggestions for the company in employee hiring plans in future. Out of the available models available this ‘Markov Chain’ model application actually intends to show a positive direction towards decision making in managing and controlling the employee base.

Keywords

Predictive Analytics, Manpower Estimation, Markov Chain Model, Manufacturing Plant.
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  • Predictive Analytics of Manpower Estimation using Markov Chain ..... 82 Parikalpana - KIIT Journal of Management [Vol. 19.2, December-2023]

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  • Predictive Analytics of Manpower Estimation using Markov Chain Model: A Real time Case on a Manufacturing Plant in Odisha

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Authors

Ratnakar Mishra
Professor & HoD, NIST Institute of Science and Technology (Autonomous), Berhampur, Odisha. 761008, India
S. Dhanabagiyam
Associate Professor, NSB Academy, Bangalore-560099, India

Abstract


Manpower management is one of the core functional area of any business operations. In practice, right deployment of manpower at right positions in right time is very crucial. People usually join their corporate life in multiple times in a calendar year at various positions. They also move across various levels due to usual corporate HR interventions at different times in a year as well. So, optimization and successful prediction of work-force movement in the verticals by aligning its way to reduce surplus and shortage is key to survival in business. Right prediction of work-force position movements at right time is crucial to every organization success. This article focusses on insight of the optimization of human resources for key success of the organization. Results obtained from this study indicated the model validation when compared to actual data. The study took the data of a large steel making company in the state of Odisha and found this model useful for practice. The results indicated towards some suggestions for the company in employee hiring plans in future. Out of the available models available this ‘Markov Chain’ model application actually intends to show a positive direction towards decision making in managing and controlling the employee base.

Keywords


Predictive Analytics, Manpower Estimation, Markov Chain Model, Manufacturing Plant.

References





DOI: https://doi.org/10.23862/kiit-parikalpana%2F2023%2Fv19%2Fi2%2F223469