Summarise in your own word your understanding of resources and the need to manage these appropriately - Essay Example

Resources Resources can broadly be defined as supply or source from which benefits are derived or rather produced. Generally resources are knowledge,services, energy, materials, staff, energy or any other factor or asset that can undergo transformation to produce a consumable or usable benefit. Some of the benefits that emanate from resource utilization comprise of increased wealth, satisfaction of wants or needs, appropriate working of a given system as well as improved well being. There are various forms of resources and from a man’s viewpoint a natural resource can be described as anything gotten from the environment so as to gratify a human want or need.

On the other hand, from a wider ecological or biological perception, a resource gratifies the requirements of a given living organism (Bennet, 2014).The idea of resources can be applied in various realms comprising biology, economics, computer science, ecology, human resources and management. In addition, the concept can further be linked to such notions as sustainability, competition, stewardship and conservation. Within the broader human society, on-commercial or commercial factors need resource allocation via resource management (Moser, 2007).

Consequently resources have 3 core features; limited availability, utility as well as potential for consumption or depletion. There have been various categorizations of resources such as abiotic versus biotic, on-renewable versus renewable as well as actual versus potential, alongside more sophisticated classification. In economics resources are described as assets or services that are utilized in the production of services and goods that satisfy human wants and needs. Economic can also be broadly described as the discipline that studies how a society is able to manage its scarce resources.

Thus 3 classes of resources are identified in classical economics that comprise capital, labor and land, best known as factors of production.Need for resource managementResources must be managed effectively so as to enhance productivity, improve efficiency, as well as eliminate waste. Businesses and governments world over implement resource management solutions. With the right management solution; governments together with business will assist eradicate common problems related to poor planning of resources.

Through effective standardization of the resource management procedures, governments and businesses can enhance visibility together with control leading to considerable advantages to any undertaking. Some of the core benefits that may result from effective resource management include increased revenue-thus the correct resource management solution basically assists one in easily assessing how well resources are being used on hourly, daily, weekly and monthly basis, together with assisting in ensuring that the most important resources are utilized to the maximum (Bennett,2014).

Proper management of resources will also assist in conflict resolution. Most conflicts arise when resources are not properly managed leading to serious disagreements. Thus for instance, when a government manages its natural resources properly there will be fewer conflicts amongst the various interested stakeholders. On the other hand, in case of a company, proper utilization of Resource Management Software assists the business to acquire real time visibility especially into resource capacity and the capability of the business to deliver on futuristic projects, facilitating efficient management of customer expectations, while at the same time reducing any severe effects on satisfaction of its customers as well as futuristic revenue opportunities.

Finally, it is important to note that management of all types of resources properly is extremely necessary to make sure the overall success of a business entity, project or government (Bowen, 2009).Reference listBennett,H., "5 Key Benefits of Optimizing Your Resource Management Process." Wall street Journal (2014): np.Moser,R. Strategic Purchasing and Supply Management:A Strategy-Based Selection of Suppliers. New York: Springer, 2007.Bowen,R. "Key Elements of resource Management." Bright Hub Management (2009): np.