Business Environment
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You may have noticed - through work experience or a part-time job - the different types of resources that businesses use to perform effectively. These resources come from four different areas: human, physical, technological and financial. Human resources are anything that relates to people in the business - for example, staff and managers. Physical resources are those that are physically used by the business - for example, land, raw materials, buildings or equipment. Technological resources are those that make use of technology - for example, computers, software or systems. Financial resources are any aspects of the business relating to money, such as money owed to or by the business.
It is essential for any business to control, manage and make the best use of these resources in order to achieve the best possible results. This unit will help you to investigate these resources by looking at how they are managed, what they are used for, how they can be sourced and finally the way in which data can be used to see if they are being used to their full potential. The unit starts by investigating human resources and the way that people are recruited and allocated to different departments and teams. It then goes on to consider the use of technology within the workplace and its many issues and benefits, including legal requirements to protect business ideas. Finance represents a huge area of resource management, and you will learn how financial statements and budgeting are used. You will also find out how to take those financial statements and view trends or changes by applying accounting ratios to compare the performance of a business with others in its market.
Learning outcomes
After completing this unit, you should: 1. 2. 3.
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know how human resources are managed know the purpose of managing physical and technological resources know how to access sources of finance
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You may have noticed - through work experience or a part-time job - the different types of resources that businesses use to perform effectively. These resources come from four different areas: human, physical, technological and financial. Human resources are anything that relates to people in the business - for example, staff and managers. Physical resources are those that are physically used by the business - for example, land, raw materials, buildings or equipment. Technological resources are those that make use of technology - for example, computers, software or systems. Financial resources are any aspects of the business relating to money, such as money owed to or by the business.
It is essential for any business to control, manage and make the best use of these resources in order to achieve the best possible results. This unit will help you to investigate these resources by looking at how they are managed, what they are used for, how they can be sourced and finally the way in which data can be used to see if they are being used to their full potential. The unit starts by investigating human resources and the way that people are recruited and allocated to different departments and teams. It then goes on to consider the use of technology within the workplace and its many issues and benefits, including legal requirements to protect business ideas. Finance represents a huge area of resource management, and you will learn how financial statements and budgeting are used. You will also find out how to take those financial statements and view trends or changes by applying accounting ratios to compare the performance of a business with others in its market.
Learning outcomes
After completing this unit, you should: 1. 2. 3.
.4
know how human resources are managed know the purpose of managing physical and technological resources know how to access sources of finance
h.::> ::lhl,:::> tA inta.rnro:::ot fin::anri::ll ct::.tol"'l'"lontc
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