A resource is a source or supply from which
benefit is produced. Typically resources are materials, energy, services,
staff, knowledge, or other assets that are transformed to produce benefit and
in the process may be consumed or made unavailable. Benefits of resource
utilization may include increased wealth, meeting needs or wants, proper
functioning of a system, or enhanced well being. From a human perspective a natural resource is anything obtained from the environment to satisfy human needs and wants.
Definition
of Economic Resources
Economic
resources are the factors used in
producing goods or providing services. In other words, they are the inputs that
are used to create things or help you provide services. Economic resources can
be divided into human resources, such as labor and management, and nonhuman
resources, such as land, capital goods, financial resources, and technology.
Importance
of Economic Resources
An economy is
a system of institutions and organizations that either help facilitate or are
directly involved in the production and distribution of goods and services.
Economic resources are the inputs we use to produce and distribute goods and
services. The precise proportion of each factor of production will vary from
product to product and from service to service, and the goal is to make the
most effective use of the resources that maximizes output at the least possible
cost. Misapplication or improper use of resources may cause businesses, and even
entire economies, to fail.
Resource Management
Definition : The process of using a company's resources in the most efficient way possible.
These resources can include tangible resources such as goods and equipment, financial resources,
and labor resources such as employees.
Resource management is the efficient and
effective deployment and allocation of an organization’s resources when and
where they are needed. Such resources may include financial resources,
inventory, human skills, production resources, or information technology.
Resource management includes planning, allocating and scheduling of resources
to tasks, which typically include manpower, machines, money and materials.
Resource management has an impact on schedules and budgets as well as resource
leveling and smoothing.
In order to effectively manage resources,
organizations must have data on resource demands forecasted by time period into
the future, the resource configurations that will be required to meet those
demands and the supply of resources, again forecasted into the future.
Forecasts should be as far out as is reasonable. Resource leveling, as it
relates to inventory, is a resource management technique aimed at keeping the
stock of resources on hand level, reducing both excess inventories and
shortages. In project management, resource leveling is scheduling decisions,
which are driven by resource management concerns, such as limited resource
availability. As opposed to leveling, resource smoothing may not delay the
project completion date, only particular activities within their float.
Many organizations use professional services
automation software tools to make resource management tasks more efficient and
effective. The automated tools may include time-sheet software and employee time
tracking software, which calculate skill sets, experience and workload in
selecting the most skilled employee in an organization to handle any specific
project. This enables the organization to forecast future staffing requirements
prior to project implementation.