StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Summarise in your own word your understanding of resources and the need to manage these appropriately - Essay Example

Cite this document
Summary
Generally resources are knowledge, services, energy, materials, staff, energy or any other factor or asset that can undergo transformation to produce a consumable or usable…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96.4% of users find it useful
Summarise in your own word your understanding of resources and the need to manage these appropriately
Read Text Preview

Extract of sample "Summarise in your own word your understanding of resources and the need to manage these appropriately"

Resources Resources can broadly be defined as supply or source from which benefits are derived or rather produced. Generally resources are knowledge,services, energy, materials, staff, energy or any other factor or asset that can undergo transformation to produce a consumable or usable benefit. Some of the benefits that emanate from resource utilization comprise of increased wealth, satisfaction of wants or needs, appropriate working of a given system as well as improved well being. There are various forms of resources and from a man’s viewpoint a natural resource can be described as anything gotten from the environment so as to gratify a human want or need.

On the other hand, from a wider ecological or biological perception, a resource gratifies the requirements of a given living organism (Bennet, 2014).The idea of resources can be applied in various realms comprising biology, economics, computer science, ecology, human resources and management. In addition, the concept can further be linked to such notions as sustainability, competition, stewardship and conservation. Within the broader human society, on-commercial or commercial factors need resource allocation via resource management (Moser, 2007).

Consequently resources have 3 core features; limited availability, utility as well as potential for consumption or depletion. There have been various categorizations of resources such as abiotic versus biotic, on-renewable versus renewable as well as actual versus potential, alongside more sophisticated classification. In economics resources are described as assets or services that are utilized in the production of services and goods that satisfy human wants and needs. Economic can also be broadly described as the discipline that studies how a society is able to manage its scarce resources.

Thus 3 classes of resources are identified in classical economics that comprise capital, labor and land, best known as factors of production.Need for resource managementResources must be managed effectively so as to enhance productivity, improve efficiency, as well as eliminate waste. Businesses and governments world over implement resource management solutions. With the right management solution; governments together with business will assist eradicate common problems related to poor planning of resources.

Through effective standardization of the resource management procedures, governments and businesses can enhance visibility together with control leading to considerable advantages to any undertaking. Some of the core benefits that may result from effective resource management include increased revenue-thus the correct resource management solution basically assists one in easily assessing how well resources are being used on hourly, daily, weekly and monthly basis, together with assisting in ensuring that the most important resources are utilized to the maximum (Bennett,2014).

Proper management of resources will also assist in conflict resolution. Most conflicts arise when resources are not properly managed leading to serious disagreements. Thus for instance, when a government manages its natural resources properly there will be fewer conflicts amongst the various interested stakeholders. On the other hand, in case of a company, proper utilization of Resource Management Software assists the business to acquire real time visibility especially into resource capacity and the capability of the business to deliver on futuristic projects, facilitating efficient management of customer expectations, while at the same time reducing any severe effects on satisfaction of its customers as well as futuristic revenue opportunities.

Finally, it is important to note that management of all types of resources properly is extremely necessary to make sure the overall success of a business entity, project or government (Bowen, 2009).Reference listBennett,H., "5 Key Benefits of Optimizing Your Resource Management Process." Wall street Journal (2014): np.Moser,R. Strategic Purchasing and Supply Management:A Strategy-Based Selection of Suppliers. New York: Springer, 2007.Bowen,R. "Key Elements of resource Management." Bright Hub Management (2009): np.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Summarise in your own word your understanding of resources and the Essay”, n.d.)
Summarise in your own word your understanding of resources and the Essay. Retrieved from https://studentshare.org/management/1687914-summarise-in-your-own-word-your-understanding-of-resources-and-the-need-to-manage-these-appropriately
(Summarise in Your Own Word Your Understanding of Resources and the Essay)
Summarise in Your Own Word Your Understanding of Resources and the Essay. https://studentshare.org/management/1687914-summarise-in-your-own-word-your-understanding-of-resources-and-the-need-to-manage-these-appropriately.
“Summarise in Your Own Word Your Understanding of Resources and the Essay”, n.d. https://studentshare.org/management/1687914-summarise-in-your-own-word-your-understanding-of-resources-and-the-need-to-manage-these-appropriately.
  • Cited: 0 times

CHECK THESE SAMPLES OF Summarise in your own word your understanding of resources and the need to manage these appropriately

SME's Agains Large Corporations

The research methodology employed in the study will be presented.... This is to present the research methods that have been used in the conduct of teh research this is vital as it informs the readers of the dynamics and approaches that have been used by the researcher as the study was being done....
19 Pages (4750 words) Dissertation

Recommendation for London Business School

This will give readers an understanding of why it is that you are qualified in recommending Gregor.... How do you think the applicant would contribute to: 1) The study group and classroom environment* Gregor has a very good understanding of financial concepts based on his studies and work in the financial environment.... (Also, provide here a sentence or two about your own qualifications… How long have you known the applicant and in what connection?...
3 Pages (750 words) Essay

Personal Development and Careers

Cognitive problem solving involves insight and understanding compared to behaviourist's problem solving method which occurs via trial and error.... Direct experience is sometimes required to gain understanding and change, refine, or create a mental model.... Answer 1 Learning modifies the behaviour through acquiring experience, knowledge or some skill....
11 Pages (2750 words) Assignment

The Five Levels in Hierarchy of Needs by Maslow

hellip; The pyramid then graduates up with a need for safety, a need for love, the need for self esteem, and finally the need for self – actualization.... In other words, the need for food and shelter must be attained before the importance of safety is addressed.... Once an individual feels safe, the need for love would be sought out.... During this stage learning begins to become more organized with classifications and an understanding of causal relationships....
12 Pages (3000 words) Essay

Recruitment and Selection Process

Moreover, the questions should test for communication ability and understanding of oneself and other (Western... RECRUITMENT AND SELECTION PROCESS By Institution 17th, January, 2013 1.... Recruitment And Selection Process I.... Job analysis Post title Teacher School: Salary and grade: Southwood School Main pay scale range 1-6....
5 Pages (1250 words) Essay

The Role of a Modern Industrial Manager

When workers were transferred o factories, replacing small home-based shops, a need to efficiently manage the workforce arose (Pindur et al 1995).... o have a clear understanding of management and the role of an effective manager, one must first take a look at history.... nbsp;  Therefore, understanding the role of an industrial manager would be highly beneficial and could dictate the success of an organization....
7 Pages (1750 words) Essay

Learning Plan: Framework for Decision Making

The competency level should include clear understanding of management concepts and various leadership styles.... You have recently conducted an employee satisfaction survey on benefits provided by your employer.... You have been asked to create a vision for your department.... Something that should be aligned with company's mission and values and can also predict the future and direction of your team and function.... On the first day of joining you get to know that your new star has had a huge argument with an existing star....
7 Pages (1750 words) Essay

Undertake project work

The project requires both financial and intellectual assets in order to undertake appropriately.... this includes an experienced team of researchers, project managers, marketing professionals, market analysts, as well as adequate financial resources to undertake the entire project work appropriately.... Write a brief summary or plan about the project including expected outcomes of the project, timeframes for the project, quality standards of the project and resources needed to complete the project....
12 Pages (3000 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us