Final answer:
To determine human resource demand, two statistical methods are commonly used: trend analysis, which examines historical employment data, and econometric modeling, which utilizes complex equations involving various economic factors.
Step-by-step explanation:
Two statistical projection methods used to determine human resource demand include trend analysis and econometric modeling. Trend analysis involves examining past employment patterns to predict future needs. This can involve population projection where the prediction of future population growth is used as a basis to estimate the size and type of workforce required. Econometric models, on the other hand, use mathematical equations that consider a variety of economic factors, such as GDP, productivity, and labor market trends, to forecast future employment needs.
These methods are essential in the demand and supply analysis of labor markets, where both the price (salary/wage) and quantity (number of workers or hours worked) of labor are vital metrics. It's important to consider that projected population trends can have significant implications for economic development and labor demand, impacting factors such as the location of industrial centers and the overall quality of life within a country.