This MS Excel file is a self-contained case study exploring how structuring the # of available positions can be helpful or destructive to a company for a given candidate pool.
Recommended for every intelligent hiring manager!
SPOILERS: Under my assumptions, creative firms need only offer 1 position, while standard-intensive firms need to offer more than 1 position in order to reduce mismatch costs.
- Create a Monte Carlo simulation when marginal probabilities (priors) change upon certain triggers (e.g. when you get hired, you get a 10% bonus to the probability of being the top candidate in a future job).
- Reinforcing Bayesian inferences to find that the “experienced” candidates you hire may not be what they seem.
These 2 issues listed above grant you a distinct challenge which you might not find in many other MS Excel learning offerings.
- A basic understanding of Conditional Probabilities (e.g. Multiplicative Identity and Bayes’ Theorem)
- A basic understanding of IF and OR functions
- A good sense of humor!