Decision Error Costs
The HR department is trying to fill a vacant position for a job with a small talent pool. Valid applications arrive every week or so, and the applicants all seem to bring different levels of expertise. For each applicant, the HR manager gathers information by trying to verify various claims on resumes, but some doubt about fit always lingers when a decision to hire or not to hire is made.
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PLEASE DO NOT RELY ON WIKIPEDIA, INVESTOPEDIA OR ANY OTHER PEDIA AS A REFERENCE AT ANYTIME IN THIS COURSE.
Part 2: Comment, respond, and give your opinion on the below post. Min of 100 words.
A type one error is when someone assumes that something is true, but in fact it turns out to be false. A type two error is one that someone assumes is false, but it turns out to be true. I think that a type one error is something that will could come back to bite the hiring manager. If a hiring manager makes a choice to hire someone and it doesn’t turn out to be a good fit, then that is something that the CEO or others within the organization could frown upon. I think that would have more noticeable consequences than if they turn down someone who, could have been a better fit for the job than the individual they hired. Sometimes it can be hard to tell if you regret not hiring someone, but the one that a hiring manager will truly regret is if they make a choice based on the information they have, and their estimations prove false.
Part 3: Comment, respond, and give your opinion on the below post. Min of 100 words.
Error cost that can be associated with the hiring of type 1 can be losing money from that particular department due to having the wrong person in that department making the wrong decisions this can also be a factor in type 2 due to missing out a person who is qualified for the job but them not getting the position. I think the decision error that can be picked up faster by the ceo will be hiring type 1 because a ceo will realize that his/her company is going downhill with the wrong person making the wrong decisions for their company. This will affect HR hiring decisions because they may be pushed into a different direction in their hiring style or trained on new hiring techniques.