APPLICATION OF MARKOV CHAINS IN HUMAN RESOURCES MANAGEMENT IN OSUN STATE PUBLIC SECTOR
The purpose of this paper is to evaluate labour forecast and planning based on Markov chain model. The paper made use of improved Gray Markov model and collected data from information collected from a tertiary institution in Osun State, Nigeria. Markov chain was applied to predict the staff requirement between 2016 and 2019. The result revealed that Markov chain can be used to predict and forecast labour requirements which are very useful in labour planning. The study recommend the use of Markov chain model because it is able to forecast adequately the labour requirements and labour movement upward and downward the ladder of an organization. Keywords: Markov chain, planning, forecast, model, gambler’s ruin, human resource, management, strategic.