Question

Ron, an HR manager at Franton Inc., is preparing for a 5 percent increase in the production labor force next year. To do this, he needs to determine what the current number of production employees is and how the number is likely to change by the end of the year. To help with this analysis, Ron should use a _____.

Answer 1

Answer:

The correct answer is Transitional Matrix.

Explanation:

In mathematics, a stochastic matrix (also called probability matrix, transition matrix, substitution matrix or Markov matrix) is a matrix used to describe the transitions in a Markov chain. It has found use in probability theory, statistics and linear algebra, as well as computer science. There are several definitions and types of stochastic matrix:

• A right stochastic matrix is ​​a square matrix each of whose rows is formed by non-negative real numbers, adding each row 1.
• A left stochastic matrix is ​​a square matrix each of whose columns is formed by non-negative real numbers, adding each column 1.
• A double stochastic matrix is ​​a square matrix where all values ​​are positive, plus all rows and columns add up to 1.

In the same way, a stochastic vector can be defined as a vector whose elements are formed by positive real numbers that add up to 1. Thus, each row (or column) of a stochastic matrix is ​​a probability vector, also called stochastic vectors.