Evaluate how managing resources and controlling budget costs can improve the performance of a business.
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Introduction
D1: Evaluate how managing resources and controlling budget costs can improve the performance of a business. In this assignment I have to evaluate how the management of resources can and controlling budget costs can improve the performance of a business. Tesco can have less information problems. Ratios are not definitive measures for a large organization like Tesco. If Ratios are interpreted carefully problems can be solved. They can provide clues to the company?s performance or financial situation. But on their own, they cannot show whether performance is good or bad. If ratios have some quantitative information an informed analysis can be made which will help a lot. This can improve the performance of Tesco. It can motivate Tesco to move on and make success as they would know the exact state of Tesco as if they are making profit with their sales or they are facing loss. The information should be updated in financial statement. The figures in a set of accounts should be up to date, they should tell exactly how a company is doing and so this would give a proper indication of the company?s current financial position. ...read more.
Middle
Tesco should only have the stock which is required to them at that time. For example if Tesco has ordered too much breads, they cannot keep them for long as it will rote and their date will expire which would put Tesco into loss. If Tesco manages this properly their business can make profit and do very well. The resources being managed properly can help business to overcome an unforeseen circumstance for example circumstances like flooding and earthquake. If the business has to go through some sort of unforeseen circumstance the business can come over it. This shows that the business is very successful and knows very well, how to manage its resources and the costs according to the budget. Tesco needs to control it stock properly like when they get a new stock they should put that to the back and move the old ones to the front so they can be sold first. They need to get rid of the things when their date is over and they cannot be used no more. ...read more.
Conclusion
The physical resources help improve the performance of Tesco. This shows how well established the business is. If Tesco has good building and large building that will show how big the business is along with that if it has good emergency provision that means the business has concern with the health and safety features this brings more customers along that means that more customers will visit Tesco. Security and it equipment show that Tesco is well brought up that is why they got these facilities. These facilities are only along with the high business as this shows Tesco is high class businesses which help Tesco even do better. Technological resources can improve the performance of Tesco. Technological resources such as computer software's and privacy of this software and the privacy of data can improve the work in Tesco. This can prevent from the loss of data and can keep the data of Tesco private which means Tesco can produce better if there data is prevented. All these human, technological and physical resources of Tesco can help Tesco do better and can help Tesco improve in their business activity which can lead to the business making profit. ...read more.
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