Resource management is at the core of business success. It is the the allocation of resources to achieve corporate objectives. But, what does process involve? How is executed?© BrainMass Inc. brainmass.com June 4, 2020, 5:31 am ad1c9bdddf
At its essence, Resource Management is the organization-wide process to efficiently and effectively allocate the organization's resources (or assets) to maximize achievement of metrics or goals. For business this means profit maximization. For non-profit organizations this maximization of benefits related to interest groups they serve.
These resources include physical resources such as technology, plant and equipment, and employees Resource management can include intangible assets such as intellectual property, patents, copyrights, knowledge management and what is in the hearts and minds of employees also as tacit knowledge.
The approach in this analysis will be on how corporations intend to maximize shareholder value and employ the Resource Management process. In this case Resource Management will be defined as the Corporate Stragic Planning Process. This process at its highest level is described as process to define—
WHERE is the organization now?
WHERE does it want to be in the future?
HOW will it get there?
While simple in concept, this process, in the case of a company with billions of dollars in assets, involves a massive Resource Management effort to ensure that these assets are allocated in a manner that results the maximum returns for shareholders while simultaneous benefiting other stakeholders such as the community, environment observers employees and even suppliers. This is indeed a lofty goal that is regrettably satisfied by too few corporations. However, for the purposes of this paper, the focus will need to focus on shareholders.
Strategic Planning has a long history as a key matter in corporate senior management discussions. However, due to the increasing complexity of the business landscape, its importance is now greatly magnified. The management consulting company Bain indicates:
"Strategic Planning is a comprehensive process for determining what a business should become and how it can best achieve that goal. It appraises the full potential of a business and explicitly
links the business's objectives to the actions and resources required to achieve them. Strategic Planning offers a systematic process to ask and answer the most critical questions confronting
a management team—especially large, irrevocable resource commitment decisions." (Bain, 2013)
Strategic planning is identified as important for non-profit organizations and NGOs. The primary value is that it ...
Over 1300 words explain the concept of resource management and its relation to business success, how it is executed, and what is involved in the process.