Types of Resources and Management
1. Physical Resources:
c. Machines (including facilities and energy)
2. Conceptual Resources:
The task of the manger is to manage these resources in order to use them in the most effective way. the first four resource types are tangible, they exist physically therefore called physical resources. The fifth resource, information is intangible, therefore called conceptual resource. Manager uses conceptual resources to manage physical resources.
Management of Resources:
Resources are acquired and assembled to be available for use when needed very often the assembly process entails converting raw material refined firm, such as training an employee are constructing a piece of machine. Once these resources have been assembled, the manager strives to maximize there use. He minimizes their ideal time and keeps them functioning at peak efficiency. Finally, the manger replaces these resources at an critical time before they become inefficient or obsolete.