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The HR department is trying to fill a vacant position for a job with a small talent pool
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 is to be made.
(a) What are the Type I and Type II decision error costs?
(b) Which decision error is more likely to be discovered by the CEO?
(c) How does this affect the HR manager's hiring decisions?
Expert Solution
(a) A Type I error is rejecting an efficient candidate due to wrong calculations and hypothesis by the company. This type of error would lead to costs of letting go an efficient candidate and then the extra time to find another candidate.
A Type II error is hiring an inefficient candidate, which means that the hypothesis of the company is wrong because it led to hiring the wrong person. This type or error would lead to the cost of removing the candidate and going through the recruitment process again with more time and costs.
(b) A CEO usually discovers Type II decision errors made by an HR in most companies. HR might lose a potential opportunity to find a suitable candidate for the job profile.
(c) The HR manager's hiring decisions are impacted due to changing his recruiting plan of action, as well as having to make amendments in terms of his budgets.
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