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What is the use of Macro and Micro Forecasting Database?

What is the use of Macro and Micro Forecasting Database?


1 Answer

Data Base for Macro Forecasting:

Data coverage includes GDP, employment, prices, interest rates, banking, credit quality, construction, industry, and demographics. All series are updated monthly with a quarterly periodicity. Comparable data on the following is helpful:

Population statistics is the use of statistics to analyze characteristics or changes to a population. It is related to social demography. Population statistics can analyze anything from global demographic changes to local small scale changes. For example, an analysis of global change shows that population growth has slowed, infant mortality rates have declined and there have been small increase in the age.

Data on economic parameters are time-based and requires input’s, outputs, capital, investments, wages, savings, consumption’s etc.

Information on technologies is a general term that describes any technology that
helps to produce, manipulate, store, communicate, and/or disseminate information presumably, when speaking of.

Data Base for Micro Forecasting:

Information Technology (IT) as a whole, it is noted that the use of computers and information are associated. Today, the term Information Technology has ballooned to encompass many aspects of computing and technology, and the term has become very recognizable.

Personal Data Module is the identification particulars, educational particulars, educational qualifications, privileges if any, as military trainings etc.

Recruitment Module is to help HR manage a core function within Human Resources. This module forces a new job request to go through a strict workflow before HR can finally begin trying to find candidates to fill the role. The main benefit for HR is that a job request must have certain information from the manager before being submitted. If the information is not good enough then it can be rejected and sent back to the requestor with comments as to why the information is not good enough.

Job Experience Module is basically about the placement history, grade promotions, significant contributions etc.

Performance Appraisal Module allows employees to complete a development need assessment. They can pinpoint areas in which they need further development for their current job or for another job. Provides an extensive list of resources employees can use to develop in certain areas. Resources include training courses, books, computer-based training, videos, on-the-job activities, etc. Companies can also add their own internal resources to the database.

Training and Development Module is basically evaluation of at each level followed by individual assessment.

Miscellaneous Module is record of benefits received and information related to health status etc.

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March 1, 2019