article | Human Resource Development

Running Head: KEY CONCEPT 0
Key Concepts
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KEY CONCEPT 1
Human Resource Development (HRD)
In the organization, HRD is to focus on knowledge, skills, ability and other talents
improvement in employees. It is to improve the effectiveness of organization, individual or
group by incorporating the use of organization, training and career development efforts due to
change in the external environment. For instance, Toyota HRD to improve the skills
constantly and removes the dependence on machines by providing training (MHLW-
Commissioned Projects, 2013).
Rate of Return on Investment (ROI)
ROI is based on investment to calculate the gain or loss produced relating to the
amount of invested money. It denotes percentage and useful in making financial decisions of
an individual. It is helpful in comparing profitability or efficiency of the company for various
investments (Saleh, Yu, Leslie, & Seydel, 2017). For instance, calculation of ROI for
marketing campaign by marketing professional with division of campaign’s revenue of
multiple companies or professionals.
Demographic Factors
Demographic factors includes characteristics consists of sex, income, age, education,
job, birth rate, marital status, family size, religion, death rate, and marriage age in every
individual of the population (Ibrahim & Mas’ud, 2016). For instance, retailers creating
marketing strategies on the basis of demographic factors including age, income of potential
customers, gender, and marital status shows interest in purchasing their products.
Educational Statistics
Statistics is about numerical facts which provide knowledge helpful in scientific
collection, analysis, presentation and interpretation. Evaluation and measurement are an
important part of teaching learning process related to efficient decision-making. Educational
statistics is helpful for teachers to compare the suitability of single technique with another, to
know individual differences of the students, predicting future and maintenance of student
attendance (Espelage, 2015). For instance, providing description to teachers related to
student’s performance and technical knowledge for interpreting the data as well.

KEY CONCEPT 2
Ethical Practice
Ethical Practices is used to operate businesses ethically by providing responsibilities
to individual for avoiding actions consists of relying on exploitation for successful operations
at the marketplace. It provides transparency and job opportunities, protecting consumers’
privacy; fairness to stakeholders consists of employees, consumers and suppliers, and
ecologically sustainable practices (Kramer, 2019). For instance, ethical practices are needed
at the time of issues relating to environmental sustainability, respecting human rights, fair
treatment and wages, and transparency while communicating.
Data Analysis
Data Analysis is the process to evaluate data using statistical and analytical tools for
useful information and solution while making decisions in business discovery (Galetto,
2016). For instance, to solve the business problem of a government contractor experiencing
higher costs and not able to submit competitive contract proposals take the corrective
measures by analysing data (Dillard, 2019).
Megatrends
Megatrends are the sustained, global and macro-economic forces of development
impacting business, society, individual lives, economy and cultures for future growth with an
increase in innovation of change. For instance, megatrends include women empowerment,
urbanization, reverse brain drain, SMART city, rise of middle class and generation Y, cloud
computing etc. (Charlie Helps, 2016).
Outcomes
Outcomes are something that monitors as a consequence or result, statements
experiencing mobility describing in the activities focused on learning. It is an activity,
situation or process existing at the end of any issue. For instance, identification and
description of economic, political, social and religious uses of art in Italy during the
Recovery, defending and evaluating responses with various art historical issues and more
(Erasmusnet Staff, 2018).