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RESOURCE MANAGEMENT

Contents 1. What is Resource Management? ……………………………………………………………………….. 2 TASK 1 …………………………………………………………………………………………………………………… 2 1.1 Differing Resource Requirements of Organizations …………………………………………….. 2

1.1.1 Business1: Different Resource Requirements for Agricultural Business “Stems” ……………………………………………………………………………………………………………………………. 2

• Land Resources …………………………………………………………………………………………… 2

• Water Resources ………………………………………………………………………………………….. 2

• Physical Resources ………………………………………………………………………………………. 3 1.1.2 Business 2: Different Resource Requirements for an Engineering Business……. 3 1.1.3 Business 3: Different Resource Requirement for a Service Organization “ …….. 3

1.2 Key Requirements in Resource Management in Different Organizations …………….. 4 TASK 2 …………………………………………………………………………………………………………………… 5 2. Effective Use of Physical Resources ………………………………………………………………….. 5

2.1 How the use of physical resources is monitored and managed ……………………… 5 2.2 Impact of Resource Wastage …………………………………………………………………………… 6 2.2 Assessment of the Costs of High Profile Technological Failures …………………… 6 2.3 Use of Ethical and Sustainable Resources ……………………………………………………….. 7

3rd Task …………………………………………………………………………………………………………………… 7 3.1 Need for Human Resource Planning In the Workplace ……………………………………. 7 3.2 Motivating People at Workplace …………………………………………………………………….. 8 3.3 How to Improve Performance of Employees ……………………………………………………. 8 3.4 Effectiveness of Rewards Systems …………………………………………………………………… 9

4th Task …………………………………………………………………………………………………………………. 10 4.1 Use of Physical Resources against Performance Measures and Procedures …….. 10 4.2 Analyze data on employee performance ………………………………………………………… 10 4.3 Report on the effective use of human and physical resources …………………………. 10 4.4 Make recommendations to improve efficiency ……………………………………………….. 10

References …………………………………………………………………………………………………………….. 11

1. What is Resource Management?

Resource management can be defined as the appropriate use and utilization of resources of

businesses when needed and where needed. Resource management includes all resources

including human resources, financial resources, physical resources and information technology

resources. The term “resource management” is broadly used to refer managing effectively

human resource in particular (Bachar, 2017).

TASK 1

1.1 Differing Resource Requirements of Organizations 1.1.1 Business1: Different Resource Requirements for Agricultural Business “Stems”

In an organization there is a need to manage and utilize all available resources to perform

its operations effectively. Proper utilization of the resources include managing tangible and

intangible resources. Tangible resources include assets, such as land, inventory and human

resources and intangible resources include time and information technology etc. In case of

an agricultural business such as “Stems”, it is part of primary sector of the UAE economy.

Being part of primary sector of the economy, effective management of the resources is very

important for the company to make small contribution in overall economic growth of the

country.

• Land Resources

The company uses natural resources such as land 0f 50 Acres where it grows its more than

20 crops. Land is very important and basic resource for any organization but for agricultural

purpose the maintenance of land is of much importance to combat land degradation. A part

of land is used to farming while other part is used for a picnic point, toilets and a snack

shop for customers. This is how “Stems” is using its land resource.

• Water Resources

The company has its own reservoir to provide water for irrigation. Investment in the

development of

• Physical Resources

The next important physical resource this agricultural business uses are drains, filters and

troughs. These are used to manage water resources well. The company is using troughs to

reduce crop damage. Drains and filters are used to carry water to the crops.

1.1.2 Business 2: Different Resource Requirements for an Engineering Business

An engineering business comes in secondary sector of economy. This business makes light

weigh panel systems as finished goods to be used in ships, plains, cars etc. This business

has land resource where it has its factory for manufacturing. The company uses Aluminum

as raw product to make panel systems. The company has total 15 people as human resource

including 10 as factory staff, 3 administration employees and 2 business partners that also

handle sales of the product. The company has another important resource to manage that is

technology to produce lightweight panels from aluminum. Human resource management

of this business includes managing hiring and training of the factory staff. As secondary

sector of the economy is mainly composed of mechanical engineering and it plays

important role in overall GDP of the country, therefore, proper utilization of human

resources and materials is very important for manufacturing business.

1.1.3 Business 3: Different Resource Requirement for a Service Organization “

The service business falls in the tertiary sector of economy. In this case the third business

is a call center working 24/7. This call center requires about 100 people as human resource

to be managed properly and effectively. The staff is fully responsible to provide effective

services therefore, training of the staff is of core importance. In human resource

management of a call center after hiring skilled persons, training of the employees is most

important part. The second most important resource to be managed in a call center is

Technical Resource. The business is heavily dependent on technology call script software,

web based technology to manage client data base, voice response system and call recording.

Managing information technology resource is essential for the success of a call center

business.

1.2 Key Requirements in Resource Management in Different

Organizations

The proper utilization and allocation of resources is at heart of resource management in

all three types of businesses mention above. Resources must be utilized at maximum

capability and costs must be used at minimum and as a result productivity must be

enhanced (Bowen, 2009). All the three businesses require basic key elements to manage

the resources effectively. These key elements are as follows:

• Resource Planning

Determining what resources are required and how much are required and how to use the

resources effectively comes in resource planning for all the three businesses including

agriculture, engineering and call center business.

• Resource Breakdown

Making a breakdown of all resources into small subgroups and making of work

breakdown structure is another important key element for resource management in all

three types of businesses.

• Resource Assignment Matrix

Resource breakdown leads to the work breakdown and resource management is done

usually through charts and graphs. Allocation of resources in appropriate way is the key

to success in resource management in all businesses (Andrey, 2011).

• Resource Over allocation

If more work needs to be done then comes resource over allocation. This leads to use

manage time resource more effectively and also spending of more financial resources.

These are some of the basic key elements in managing resources in all three types of

business. Resource management in organizations require sensible use of financial

resources, intellectual resources and information technology resources. Managing capital,

managing day-to-day operations effectively, monitoring performance regularly are some

very crucial key factors in effective resource management of all businesses (Oakland and

Porter, 2003).

TASK 2

2. Effective Use of Physical Resources

Physical resources of a company are the essential part of the company and without

effective use of these resources daily business operations cannot be performed well. This

is the reason due to which effective use of physical resources is very important and as a

researcher of the company I need to make sure that physical resources are managed and

utilized appropriately. First I need to identify what physical resources are needed and how

to monitor and manage those resources.

2.1 How the use of physical resources is monitored and managed Being hired as researcher in department of Environment, Food and Rural affairs in UK; I

shall make effort to manage the physical resources effectively. This part of the analysis

includes planning to make use of the available physical resources efficiently, obtaining

physical resources, ensuring that the suitable supplies are available and proper monitor

plan for physical resource. Physical resources include any tangible resources that need to

carry out business operations successfully such as machinery, building, inventory,

equipment, computer software, raw materials, tools etc.

2.1.1 Effective planning to the use of physical resources: As a researcher, first step in any

resource management is proper planning of the resources. This may involve looking into

past resource usage of that business and also new trends and developments which can

affect the business. Finally, my plans must be parallel with that organization’s objectives

and with the legal laws of the firm.

2.1.2 Procurement of physical resources: This step involves estimations of costs of

obtaining resources and potential benefits along with make requirements to the relevant

people. There is a need to make sure that all physical resources needed are plenty to assist

all business activities.

2.1.3 Ensuring the availability of resources: This step involves what resources are needed

from which source or suppliers. Finding the suppliers of my resources and negotiating

with those suppliers is my next step as a researcher. Record keeping is important while

dealing with suppliers of any of your resources. Ensuring timely delivery of the resources

is of essential in this step of managing physical resources.

2.1.4 Monitoring: After getting resources from suppliers, the next and final step is to have

check on the appropriate use of the resources. As a researcher, I need to make sure the

efficient use of resources and ensure that use of resources has no adverse impact on

environment. Monitoring of the utilization of resources is necessary to make sure that

business operations run smoothly (Zikmund, Babin,Carr, and Griffin, 2013).

2.2 Impact of Resource Wastage It is unavoidable that the economic activities in which resource usage leads to some extent

of resource wastage. As a researcher, it is essential for me at the resource planning level

to do cost benefit analysis of the resources which involves optimization of financial

resources at lower cost and at minimal of wastage of the resources. Impact of environment

is usually not considered while planning and doing cost-benefit analysis. In the

agricultural business the physical resources are water, land, troughs and other cultivation

tools. The wastage of water should be minimized. In the second business of engineering,

the resources are raw materials used to manufacture light weight panels and there must be

an appropriate way to minimize the waste during manufacturing process. In the last

business of call center, there are technical tools that are used to run the business

operations. Irrespective of the nature of business, resource wastage always has negative

impact on performance of the business. As a researcher it is my responsibility to analyze

the ways to reduce resource wastages and finding proper ways of disposing off or

recycling of the waste to enhance the productivity and efficiency of the business. In case

of service business technical errors must be reduced and also timely response to calls is

essential.

2.3 Assessment of the Costs of High Profile Technological Failures In this era of information technology, most part of the businesses is based on it. Finance

to marketing every department and its functionality is largely based on technology.

Talking about costs spending on technological process and information technology

equipment, the costs are much higher and any technical failure can cause huge loss to the

companies and also affecting its profitability. Many of the businesses are working online

and have huge network globally and any failure in the networking system or loss of data

files maintained can lead to immense loss to the business (Luo &Warkentin , 2005).

In order to lessen technological issues there is a need to provide effective training of the

employees so that they can use technology effectively. Information technology is an

integral part of the businesses and businesses maintain global networking systems to

operate their business globally and to connect with their global customers, therefore, any

data security fail can be too disastrous. The worldwide cost of information technology

failure is more than $6 trillion (Krigsman, 2012).

2.4 Use of Ethical and Sustainable Resources Ethics are important part of business which means what is the right way to do things.

There should be no compromise on ethics. The ethics include moral values, standards,

rules and regulations to follow. The ethics of business also includes integrity, and

excellence of its operations. Ethical way of using resources means using any resource in

appropriate way with less wastage and harm to the environment.

Task 3

3.1 Need for Human Resource Planning In the Workplace Managing human resource is at heart of the effective resource management of an

organization. Regardless of the size and type of business, managing human resource is

the crucial and most important part. Planning of human resource involves analyzing the

current situation of the human resource and then forecasting the future need of skilled

labor force to meet challenges.

In the agricultural business discussed above, training of staff is essential to enhance farm

production. In the business of engineering, the skilled labor is indispensable than any other

resource used in manufacturing. Without skilled and trained labor including engineers,

managers and other labor the company cannot meet goals. Therefore, planning of human

resource in the workplace is necessary. Similarly, in the call center business, it is even

more crucial to manage human resource effectively because they are the ones who can

deliver services and make business productive as there is no tangible product to lure

customers.

3.2 Motivating People at Workplace Researchers argued that a motivated and empowered workforce is far more productive

than those of unmotivated employees. When employees feel motivated they are more

likely to work effectively for the achievement of organizational goals. Moreover,

motivated workforce being more effective and productive, consistently become

competitive and meet high performance standards. In today’s highly competitive business

environment, analyzing ways to motivate employees is an important concern for the

management. There are various motivational theories that have been presented in the past

by scholars and researchers to motivate employees (Tyler and Jackson, 2014). Being a

researcher outline following ways to motivate workforce:

• Policies that play role in well-being of employees.

• Delegation of authority and employee participation in some of the decision-

making of the company.

• Providing clear opportunities towards career advancement to all employees

• Friendly and collaborative work environment play important role in motivating

employees.

• Equal employment opportunity policies and non-discriminant behavior of

managers towards employees.

• Fair compensation and reward system is essential when it comes to develop a

motivated workforce.

• Training of employees to improve skills and capabilities

• Performance appraisals and promotions

• Two way communication and taking feedback of employees is essential

3.3 How to Improve Performance of Employees As mentioned above that motivation is directly linked with the performance. A motivated

workforce can perform beyond expectations, meet challenges and face cut throat

competition with success (Foot & Hook, 2002). First the management need to analyze

what factors lead to performance decline and how the performance can be improved. Lack

of training, tools and techniques can be the major reason of performance decline.

Following are some steps that can be taken to motivate employees and to improve their

performance:

• Open communication and taking employees’ feedback on performance failure is

important

• Setting challenging but realistic goals and managing proper reward system on

meeting challenges is important.

• Making employees’ part of some decision-making process

• Maintaining work-life balance and not overburden employees

• Training of employees is essential to enhance performance

• Creating friendly work environment so that every employee feel connected to the

workplace.

• Developing an environment of trust and coordination among employees

• Encouraging new ideas by employees and promote creativity

• Providing assistance whenever employees face work related problems

• Developing proper incentive and reward system

• Training on stress management

3.4 Effectiveness of Rewards Systems An efficient reward system help organization to have motivated workforce that can

perform at its best and help in employee retention. Paying rewards to employees shows to

employees that organization value them and enhance their morale of working even better

in future. Developing an effective reward system tend to attract and retain employees and

retention of competitive and skilled workforce is essential for the organization to be

competitive. Having appropriate reward system leads to enhance motivation and increase

in performance in future by employees and boost commitment of employees towards the

achievement of organizational goals. Earning loyalty of employees and retaining

competent employees are the key factors for a successful business organization and these

can be earned only be establishing an appropriate reward system against performance

(Wagner,Petera and Menšík, 2014).

Task 4 4.1 Use of Physical Resources against Performance Measures and Procedures

These are the following steps that as a researcher I will take:

• Regular monitoring and evaluation of the use of physical resources

• Measuring performance in terms of planned versus actual output

• Make sure the proper utilization of physical resources

• Taking corrective measures in case of performance deviation

• Less possible wastage is essential in usage of physical resources

• Record keeping of physical resources is must

4.2 Analyze data on employee performance How employees perform is also related with how resources are used in the business.

Analyzing data on employee performance helps in certain ways

• Measuring actual performance against planned performance

• Analyze and identify when and where performance decline

• Implementation of action plan against performance decline

• Identification of strengths and weaknesses of employees

4.3 Report on the effective use of human and physical resources Human resource is considered to be the greatest asset for an organization and this is the

reason no service can be provided and no products can be made or delivered without the

assistance of human resource. IT and finance resources are essential resources to achieve

company’s goals but these resources also can never be utilized without assistance of

human resource (Marsick and Watkins, 2015). Therefore, in today’s challenging business

environment it is essential to utilize human asset than any other asset.

4.4 Make recommendations to improve efficiency Here are some recommendations to improve efficiency in resource management:

• Using a proper system of accountability

• Creating an encouraging work environment where new ideas are welcomed

• Constructive criticism and open communication between management and

employees

• Setting challenging but realistic goals for performance

• Team work and collaborative task among diverse workforce enhance innovation

• Training of employees at regular intervals

• Providing employees with latest tools and technology to meet the challenges

• Taking feedback regularly and corrective measures when needed.

References • Andrey, 2011. Key elements of Resource Management. Retrieved from

https://www.allfreepapers.com/History-Other/Key-Elements-of-Resource-

Management/2933.html

• Helena Bachar, 2017. So, What Exactly Is Resource Management? Retrieved from

https://www.clarizen.com/so-what-exactly-is-resource-management-2/

• Ichniowski, C., Shaw, K. and Prennushi, G., 1995. The effects of human resource

management practices on productivity (No. w5333). National Bureau of

Economic Research.

• Michael Krigsman, 2012 for Beyond IT Failure. Worldwide Cost of IT failure

(Revisited): $3 trillion. Retrieved from http://www.zdnet.com/article/worldwide-

cost-of-it-failure-revisited-3-trillion/

• Marsick, V.J. and Watkins, K., 2015. Informal and Incidental Learning in the

Workplace (Routledge Revivals). Routledge.

• Ronda Bowen, 2009. Key Elements of Resource Management, Retrieved from

http://www.brighthubpm.com/resource-management/14438-key-elements-of-

resource-management/

• Luo , X. &Warkentin , M., 2005. Assessment of Information Security spending

and costs of failure. pp. 1-6

• Tyler, T.R. and Jackson, J., 2014. Popular legitimacy and the exercise of legal

authority: Motivating compliance, cooperation, and engagement. Psychology,

public policy, and law, 20(1), p.78.

• Wagner, J., Petera, P. and Menšík, M., 2014. Empirical Research into the

Implementation of Rewards Systems in Companies Located in the Czech

Republic. GSTF Journal on Business Review (GBR), 3(2).

• Zikmund, W.G., Babin, B.J., Carr, J.C. and Griffin, M., 2013. Business research

methods. Cengage Learning.

https://www.allfreepapers.com/History-Other/Key-Elements-of-Resource-Management/2933.html
https://www.allfreepapers.com/History-Other/Key-Elements-of-Resource-Management/2933.html
https://www.clarizen.com/so-what-exactly-is-resource-management-2/
http://www.zdnet.com/article/worldwide-cost-of-it-failure-revisited-3-trillion/
http://www.zdnet.com/article/worldwide-cost-of-it-failure-revisited-3-trillion/
http://www.brighthubpm.com/resource-management/14438-key-elements-of-resource-management/
http://www.brighthubpm.com/resource-management/14438-key-elements-of-resource-management/
1. What is Resource Management?
TASK 1
1.1 Differing Resource Requirements of Organizations
1.1.1 Business1: Different Resource Requirements for Agricultural Business “Stems”
 Land Resources
 Water Resources
 Physical Resources
1.1.2 Business 2: Different Resource Requirements for an Engineering Business
1.1.3 Business 3: Different Resource Requirement for a Service Organization “
1.2 Key Requirements in Resource Management in Different Organizations
 Resource Planning
 Resource Breakdown
 Resource Assignment Matrix
 Resource Over allocation
TASK 2
2. Effective Use of Physical Resources
2.1 How the use of physical resources is monitored and managed
2.2 Impact of Resource Wastage
2.3 Assessment of the Costs of High Profile Technological Failures
2.4 Use of Ethical and Sustainable Resources
Task 3
3.1 Need for Human Resource Planning In the Workplace
3.2 Motivating People at Workplace
3.3 How to Improve Performance of Employees
3.4 Effectiveness of Rewards Systems
Task 4
4.1 Use of Physical Resources against Performance Measures and Procedures
4.2 Analyze data on employee performance
4.3 Report on the effective use of human and physical resources
4.4 Make recommendations to improve efficiency
References

 

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