Managing Resources in a Business - Importance, Scope, and Literature Review

MANAGING RESOURCE IN
A BUSINESS

Table of Contents
INTRODUCTION...........................................................................................................................3
Literature review .............................................................................................................................3
CONCLUSION................................................................................................................................6
Recommendations ...........................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Managing a resource in business is the process by business by managing the business
resource in a proper direction. The managing resource of business includes allocation of people,
finance, scheduling of time, materials. Good resource management means utilizing best
resources by using the business resource effectively and efficiently. Resource is an essential part
of business for achieve its goal, resources are staff, physical space, finances, equipment, time and
technology.
Aim and Objective of Managing Resources of a Business
Aims and objective of managing resource of business is improving the profitability of
projects, scheduling the required resources, informing higher decisions, using resources
effectively, understand the best utilized and limited resources (Chams and García-Blandón,
2019).
Literature review
Human Resource Management is defined as, the management of peoples by a business in
the systematic and in right directions is defined as management. According to “Prachi Juneja”,
Resource management includes hiring of people, retention of employees, payroll slips,
performance management and taking care of round off activities to exit from a company.
Managing of resources is also described as the managing the people in the organisation at a
broader prospective which includes management of people in collection of relationship between
organisation management and people (Vossaert and et.al., 2022). This approach focus on
objectives of resource management of people. The management of people are the most important
part of the business in the present world.
Importance of management resource of a business is described as, it is a practice of
HRM to identify throughout all the strategies and goals of organizations. The practice of
management of business is identified in five terms. The five terms include communication of
people, strategic planning, management style, leading example, setting of goals. Organization
may lose if it does not utilize its resources fully in effective manner, thus the organization will
not able to succeed.
Scope of Resource management is extensive and it is wider term. Thus, the scope of
resource management were as follows: