What are the 6 basic resources of management? (2024)

FAQs

What are resources in management? ›

Resources are finances, staff, physical space, equipment, technology, and time. The goal of resource management is to use the best combination of resources to satisfy requirements while also realizing these same resources are likely in demand elsewhere in the business.

They encompass adequate and stable funding, staffing, facilities and equipment, technology, informational resources, and program materials.

Types of Resource Management

In an organization, one can typically identify and manage five main types of resources – human, financial, inventory and equipment, IT, and time. Each type of resource management has its own set of techniques and strategies that need to be implemented in order to ensure effective use.

Financial Resources, Physical Resources, Intellectual Resources, Human Resources, and Digital Resources are the top five crucial resources that small business owners need to focus on. Gaining access to funding is a significant hurdle for any business owner.

Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well. Natural resources are used to make food, fuel and raw materials for the production of goods.

Here are seven common types of resource management: 1. Human Resource Management: This type of resource management focuses on managing the workforce within an organization. It includes activities such as talent acquisition, performance management, training and development, workforce planning, and employee engagement.

The 6Ms of production – Manpower, Method, Machine, Material, Milieu and Measurement – is a mnemonic representing the characteristic dimensions to consider when brainstorming during “cause and effect” problem-solving sessions. Capture and bin the issues (causes) under the 6M categories.

There are four generally accepted functions of management: planning, organizing, leading and controlling. These functions work together in the creation, execution and realization of organizational goals. The four functions of management can be considered a process where each function builds on the previous function.

Physical assets such as a firm's property, plant, and equipment are considered to be tangible resources, as is cash. Intangible resources are quite difficult to see, touch, or quantify. Intangible resources include, for example, the knowledge and skills of employees, a firm's reputation, and a firm's culture.

These four elements of management resources - people, finance, materials, and information - are interconnected and crucial for the success of any organization.

What is the most important resources in management? ›

The organization needs to manage the financial resources, human resources, stock, production process and (IT) communication process. The three most important resources to be managed are information technology, finance and human resources. For example- The firm needs to manage the budget for every production process.

By effectively managing human resources, financial resources, and material resources, organizations can optimize their performance, achieve their objectives, and sustain long-term success.

4 Key Resources - The four basic kinds of resources used to produce goods and services: land or natural resources, labor or human resources, capital, and entrepreneurship.

Anything that can be used to satisfy a need is a resource. Resources can be found all around us. Examples- air, water, car, train, forest, etc.

In business, the term “resource” refers to anything that can be used to achieve a goal. This includes human resources like employees and managers, financial resources like cash and investments, and physical resources like raw materials, office space, or manufacturing equipment.

A resource is a physical material that humans need and value such as land, air, and water. Resources are characterized as renewable or nonrenewable; a renewable resource can replenish itself at the rate it is used, while a nonrenewable resource has a limited supply.

Resource refers to all the materials available in our environment which are technologically accessible, economically feasible and culturally sustainable and help us to satisfy our needs and wants.