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Evaluation of Human Resources, Physical Resources and Financial Resources

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Introduction

Unit 2 - D1 Evaluation of Human Resources: Businesses have to control their resources closely, this is because Human resources are needed in the business and is also monitored because if some staff are not doing their work correctly then they are likely to be replaced with someone that is better. If the business is to expand then the business needs to employ staff with certain ability that will benefit their business. The Human resources can improve the businesses performance in many ways. There are two main processes which are looked at when managing human resources. The most important is to employ the correct people for the job, people that will carry out the job role correctly. Then the correct resources have to be provided for them so that they can carry this process out to the best of their standards. Treating these employees with care and sensitivity is important. They are not like physical or technological resources; humans need to be dealt in certain ways, as they are protected by legislations and laws. In some businesses, there will be a constant change of different demand of products that the customers wish to purchase, for this reason the staff will have to be trained for any of these occasions. This is how they improve there human resources. They also look at how many skills the employee has when they are searching for new employees. They will check whether that person can be used in more then one job position of that store, how many skills they consist of. ...read more.

Middle

Cascading training is the process in which training is passed on throughout the workforce, so that a backup is available when another individual is needed. Software is used in businesses a lot, and the businesses spend a lot of money on software for its business. Specially made software is sometimes very important to businesses; the reason for this is because it is a piece of software that is specifically designed for a business. Software that isn't specially made, but owned by people is also used, and to use these businesses must pay a fee for the software license so that they can distribute it to all of their stores. When companies buy these licenses, they usually get a discount due to the amount of computers that they wish to install the software onto. Some companies run the software on more computers they claim to be, and in these cases they are breaking the law, although this can work both ways, as the companies can charge too much. Software reviews can save a vast amount of money for the company, to see which computers need new software and which don't. Using legislation to protect the technological resources of the company is very important although it is always hard to tell whether people have taken your idea, it is always hard to find the perpetrators. Patents and Copyrights are different area's which fall under intellectual property law. Patents are protection for inventions, new or improved. Evaluation of Physical Resources: When looking at the physical resources of business, businesses should look at the procedures that it undertakes to carry out its activities. ...read more.

Conclusion

Within these external environments businesses can identify external resources. Technological advances, for instance, are operated external resources. By knowing what is available to businesses in the external environment, decision makers can analyse risk potential and understand how their business can be progressed or slowed down by external resources. Monitoring Budget Costs: At the beginning of a businesses year, the business will start to start formulate a budget which is their objective to forecast what their profit will be at the end of the year in the assumption that the budget will remain the same through out. The budget will be monitored quarterly or monthly to see if the profit they projected at the beginning of the year is still realistic. Monitoring their budget will give them the flexibility to adjust their wants, needs and must have so that the projected profit is realisable at the end of the year. Profit is the measure of a business performance. Ideally, the process of budget planning for the next financial year should give everyone in the organisation an opportunity to reflect on what they've achieved, what the external environment is telling them and where they want to go next. In times of recession, businesses will aim to increase revenues or they may maintain them, they could specifically target a certain market, or invest more in a profitable area. Businesses will focus on these specific areas by everyone in the business. Unfortunately, hardly any business gathers the full rewards of focused engagement with the budget process. Too often businesses are facing the future with budgets that are reluctantly thrown together by cost centre managers with other things on their mind. ?? ?? ?? ?? Masnun Taher Unit 2 - D1 ...read more.

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