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MGMT 3028-Resource Management | Cost Effectiveness

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Macquarie University

   

RESOURCE MANAGEMENT (MGMT 3028)

   

Added on  2020-03-04

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The document will discuss the process of resource planning and cost-effectiveness. The document also discusses how to evaluate and measure resource planning and how to implement the strategies for dealing with expenditure over budget.

MGMT 3028-Resource Management | Cost Effectiveness

   

Macquarie University

   

RESOURCE MANAGEMENT (MGMT 3028)

   Added on 2020-03-04

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Running head: RESOURCE MANAGEMENT 1Resource ManagementStudent’s NameInstitutionDate
MGMT 3028-Resource  Management | Cost Effectiveness_1
RESOURCE MANAGEMENT 2Cost Effectiveness and Resource AllocationCost effectiveness is one of the main aims of firms; it is imperative for the management to consider if it is part and parcel of the resource allocation. The first step is to apply the standardization in cost management. Standardization of cost management is a significant step that ensures that the same standards are used in the process of monitoring the overall costs of the operations. The other step relates to the implementation of activity based costing1 the method is paramount in the identification of the actual costs that are accrued in production, selling and delivering the products and services that the company deals with. Nonetheless, variance analysis also engages the linking of the budgets with cost effectiveness. Variance analysis shades light onthe deviations between the actual costs and the predicted costs. The variance also allows for the comparison of the company’s costs with those that are incurred by other companies in the industry. Through the variance analysis, managers can identify the critical success factors and the weaknesses. With this, the managers can come up with policies that will help them improve their performance. Process of Resource Planning The process of resource planning is vital in the achievement of the objectives of the business. The first step involves defining of the project of the business. The next step is to formulate the strategies and the measures to take. The third step is to implement the strategies and the measures. Lastly, the results can be utilized in adapting and improve the business.2 The process 1Marseille, E.et al., ‘Thresholds for the cost–effectiveness of interventions: alternative approaches’,Bulletin of the World Health Organization,vol. 93, no. 2, 2015. pp. 118-124.2Cassidy, A., A practical guide to information systems strategic planning. CRC press, 2016.
MGMT 3028-Resource  Management | Cost Effectiveness_2

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