Aim and purpose
The aim of this unit is to develop learner knowledge of the range of human, physical, technological and financial resources required in an organisation, and how the management of these resources can impact on business performance.
At the core of every organisation are the human, physical, technological and financial resources that enable it to function. This unit will give learners a broad understanding of the importance organisations place on managing their resources efficiently in order to achieve their objectives. It is important that learners are able to relate their understanding of resource management to a real organisation. This will provide an essential link between theory and practice. Understanding how these resources are managed is one of the keys to assessing how well the organisation is performing. The first part of this unit explores the range of human, physical and technological resources for a selected organisation. Learners will investigate the importance of managing these resources efficiently. The contribution that recruiting and retaining suitable staff can make to the organisation’s performance is examined. The importance of managing the organisation’s physical and technological resources efficiently is also explored. For an organisation to survive its finances need to be sound and secure. The second part of the unit explores the sources of financial resources available to organisations. The level of an organisation’s performance can be seen in its financial statements. The unit aims to develop knowledge and understanding of the financial statements and it underpins other financial units in the qualification. This part of the unit focuses on the interpretation and analysis of financial documents in order to highlight the need for the monitoring and control of costs and budgets. It is important that learners appreciate that poor management of resources can have a negative impact on an organisation’s performance.
On completion of this unit a learner should:
1 Know how human resources are managed
2 Know the purpose of managing physical and technological resources
3 Know how to access sources of finance
4 Be able to interpret financial statements.