STOCHASTIC MODEL FOR ESTIMATING THE EXPECTED TIME TO RECRUITMENT BASED ON LINDLY DISTRIBUTION
Keywords:
Expected Time, Variance, Threshold, Lindley Distribution.Abstract
The recruitment of persons in every organization is very important because the survival of the organization very much depends upon the availability of the manpower. The depletion of manpower in any organization may be due to the policy decisions taken by the management. To make up the loss of manpower, recruitments cannot be done after every decision making epoch. It is due to the fact that recruitment involves cost, time and manpower. So when the cumulative depletion of manpower due to successive decisions exceeds the threshold level, recruitment is necessary. The threshhold level of manpower depletion which can be managed is assumed to be a random variable. In this paper, a stochastic model is developed to find the expected time recruitment under the assumption that the threshold level follows Lindly Distribution. Numerical illustrations are also provided.
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