Coordinate business resources
Q1. Importance of identifying resources. A resource can be defined as any virtual or physical entity that is of limited availability. It is very important for the resource requirements to be clearly identified before the ordering is done. That ensures that one is properly prepared to make the ordering and they are sure of how the payments will be made. It ensures that there are no delays when it comes to the payments and the storage of the ordered items. It also ensures that the business gets to effectively run since one gets to determine what they require and also how they will get to obtain their requirements. Work groups and individuals can ensure that they get to spend according to the available budget by proper planning and also ensuring that the projects they create get to consider the available budget and resources as well.
Q2. Acquiring physical resources and services. Organizations can ensure that the resources are acquired by purchasing the required resources and also putting them in record. They can check for the quality of the resources before purchasing them and that ensures that they get to buy products that are of good quality. The resources should then be allocated to the areas where they are required thus ensuring that the teams have the resources that they need for them to operate. The teams should also have the opportunity to give feedback regarding the resources thus the organizations get to know whether they need to improve. With that, the resources are used in the right way and only the quality resources are purchased. That also ensures that the resources are acquired appropriately.
Q3. Monitoring resources use. It is very important to monitor the resources that have been used against the resources that have been planned since it ensures that there is no wastage of the resources. That also helps in ensuring that wastage is monitored thus the people are cautious when using the resources. It also ensures that the resources are used in the right way. That also trains the people not to be extravagant. Resources should also be monitored in the right way in order to ensure that one gets to know of the places where there needs to be some improvements. That is because when resources are monitored, one gets to know where the resources were not enough and some of the areas that require improvement. With that, an organization gets to develop since the available resources are used in the right way.
Q4. Maintaining records. There are a number of reasons why it is important for organizations to keep records regarding their resource and equipment purchase. One of them is that they help in providing financial data thus one operates efficiently. Good records ensure that one gets to identify all the liabilities, assets, expenses, and income. Another reason is that the records are very important when the current financial statements are being prepared thus one gets to know of the projection of cash flow and the income statement. Good records are also very important since it helps in ensuring that the assets are not misused or even taken by the employees since they are in record. That also updates someone on what they have on hand thus they get to know of the areas that require more. One also gets to know the money that they owe for utilities and equipment.
Why it is essential for resource requirements to be determined in accordance with plans. Organizations should ensure that they get to determine the requirements of the resources according to the plans. That is because it ensures that only the required resources are acquired. It also ensures that the organizations do not waste a lot of money acquiring resources that will not be of use to their plans.
How opportunities can be given to individuals and groups to contribute to the identification of resource requirements. Individuals and groups should be given the opportunity to identify the resources that are required since one gets to have a better understanding of that group. It also helps one to realize what the people really need and by that one gets to know what is really needed by the people.
How recommendations on resource requirements should be presented. The recommendations regarding the resources that are required can be presented in writing where one writes down what is required and the use of the resources. However, one can also tell it to the management or to other people face to face.
How resource expenditure can be contained to a realistic budget. It is possible to contain the resource expenditure so that it can make a budget that is realistic. That can be done by ensuring that only the required resources are included in the budget. Therefore, there will be no extra expenses since the resources that are not really needed are not included in the budget.
How resource can be made as efficient as possible. Resources can be made efficient by ensuring that they are used in the right way thus they get to go for a long period of time. Keeping a record of the resources also ensures that they are efficient since it ensures that they are not misused or misplaced thus they are used for a long time.
How resources and services can be acquired. There are various ways through which resources can be acquired. In most cases, organizations might not have enough capital thus they have to look for ways through which they get to acquire the resources and services. They can acquire through loans, personal appropriations, incomes, gifts, and contracts with donors. It can also be done through private investment and income endowment.
Why resources must be checked to ensure quality and to ensure that they match what was requisitioned. It is important to check the quality of the resources since it ensures that the best quality is purchased. Resources are meant to be used for a long time thus the best quality should be purchased thus ensuring that they get to last for a long time.
The importance of allocating resources promptly. Resources should be promptly allocated to ensure that they are allocated to the right areas where they are required. That also ensures that they are allocated at the right time thus ensuring that there are no delays caused.
Why resource planning should be monitored for effectiveness. It is important to monitor the planning of the resources since it ensures that the resources are effectively planned. It also ensures that the budget for the resources is realistic. It also ensures that every required resource is planned for and that helps in reducing wastage in a way.
Why monitoring methods must allow for timely and accurate reporting. It is important for the monitoring methods to allow accurate and timely reporting in order to ensure that corrections are made early enough if they are there. It also ensures that the planning is done properly sine the time allocated was enough.
The importance of continual improvement of resource management systems. The systems of resource management have to improve continually. That ensures that the organization develops and that it gets to use the best resources. The organization also gets to grow in a situation where the resources keep on improving.
Why keeping accurate records of equipment and resource purchases is important. Keeping accurate records is very important since it shows the resources that are available. It also helps in showing the resources that have not yet been acquired. It is also very important when accounting or what has been used in the organization.
Considerations in relation to the provision of relevant legislation from all forms of government that may affect aspects of business operations. The anti-discrimination legislation ensures that no person in the organization gets to be discriminated against. Ethical principles are also required in organizations since it ensures that people get to behave in the right way while they are in the organization and that also ensures that they are able to use the resources that are available in the organization in the right way. There are laws that govern the right way for organizations to perform. They have practice codes that are to be followed by the organizations and they help a lot in ensuring that the organizations get to operate in the right way. The legislation ensures that the personal information of individuals is not misused by the organizations by providing privacy laws. Environmental issues ensure that the organization does dot pollute the environment in any way. There are also legislative laws that ensure that organizations provide a healthy environment for their employees and they also offer medical insurance to the employees especially if they get injured in the organization.