Market-Based Information for Decision Support in Human Resource Development

Abstract

Common methods for obtaining and organizing information for evaluating human resource development (HRD) decisions, such as surveys, focus groups, Delphi processes, and discussion at business meetings, can be relatively costly, ad hoc, and difficult to apply. In this article, a review is presented of relatively inexpensive, continuous, and easy-to-apply innovations in information aggregation for examining futures of ideas that are drawn from principles and mechanisms of commodity futures markets. A description is given of how futures markets for ideas have strong applicability to strategic, tactical, and operational decisions about the development, diffusion, and implementation of HRD products and services. Examples are offered for how idea futures markets could support HRD decisions about sales forecasting, product efficacy, project management, environmental scanning, and identification of expertise.