Types Of Management Resources
There are two major types of management resources: material resources and human resources. Material resources include financial assets, finished goods, raw materials, technology, machinery, building, and land. Human resources include all personnel in an organization such as field workers, factory workers, supervisors, managers, security staff, and even the CEO.
MATERIAL RESOURCES
Financial Assets
All monetary investments in an organization are known as financial assets. Without these types of management resources, it will be difficult to plan and coordinate other organizational resources. Financial assets can be seen as one of the most important types of management resources.
Raw materials
Production is only possible with raw materials. In essence, without raw materials there will be no production. This entails that the manufacturing or production of goods and services can be possible when there are raw materials available from which the goods can be produced. It is the responsibility of management to take stock and make order for raw materials for that will be used for the production of goods.
Finished goods
Finished stocks are also manageable resources of an organization. It is from the raw materials that goods are produced and turned to finished goods. Finished goods are managed by the marketing and sales unit of the organization.
Technology
As every organization embrace t5ghe use of technology, it is now very important for organizations to effectively manage their technological investments in the organizations. These types of management resources are very important since their proper management can lead to competitive advantage.
Machinery
The acquisition and effective maintenance of an organization’s machinery is critical to the success of the organization. With good management, the company will experience lesser machinery breakdowns leading to improvement of the production process.
Land and buildings
This is one of the most important types of management resources. But the advent of technology and the internet has greatly played down the importance of land and building in an organization. In the past, business organization must have a physical environment where they operate and where their customers can reach them. Today, it is now possible to set up a business without having a real world office.
HUMAN RESOURCES
These types of management resources have to deal with the motivation and coordination of human resources for optimum productivity. It is not enough to have all the financial and material resources without properly harnessing the human resources in the organization. A business unit that has no effective human resource management plan is doomed to fail. This is because other resources cannot work on their own is the personnel do not utilize them. So no matter how financially viable an organization has become, if the organization does not manage its human resources effectively then success will be unreachable. Such is the importance of human resource management. There are several kinds of human resources in an organization and there are different ways to motivate them to work at optimum levels. Apart from motivation, the recruitment and selection process is also a defining factor in the level of success attained in the management of human resources.
