Business Resources Assignment Help

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Qualification - Edexcel BTEC Level 3 Nationals specification in Business

Unit Name - Business Resources

Unit Level - Level 3

Unit Number - Unit 2

Unit code - D/502/5409

Unit Credit - 10

Assignment Title - Resources in Action

Learning Outcome 1: Know how human resources are managed

Answer: Human resource management (HRM) encompasses the comprehensive processes and strategies an organisation employs to effectively manage its workforce. This includes a wide array of activities, beginning with workforce planning, which involves forecasting the organisation's future staffing needs and identifying any skills gaps. Recruitment and selection are crucial for attracting and hiring suitable candidates, often involving job analysis, advertising, interviewing, and selection testing. Once employees are on board, HR is responsible for induction and training, ensuring new hires are integrated smoothly and existing staff continuously develop their skills. Performance management systems, including appraisals and feedback mechanisms, are vital for monitoring employee performance, setting objectives, and identifying areas for improvement. Remuneration and reward systems, which cover salaries, benefits, and incentives, are designed to attract, motivate, and retain employees. Employee relations, including handling grievances, disciplinary procedures, and fostering a positive work environment, are also key. Finally, HR plays a significant role in managing employee welfare, health, and safety, ensuring compliance with labor laws, and facilitating redundancy or dismissal processes when necessary. The overall aim of effective HRM is to align the workforce with the strategic goals of the business, maximising employee productivity and satisfaction while ensuring legal and ethical compliance.

Learning Outcome 2: Know the purpose of managing physical and technological resources

Answer: The effective management of physical and technological resources is fundamental to the operational efficiency, productivity, and competitiveness of any business. Physical resources encompass tangible assets such as buildings, machinery, equipment, vehicles, and inventory. The purpose of managing these resources includes optimising their utilisation to minimise waste and maximise output, ensuring their maintenance and repair to extend their lifespan and prevent breakdowns, and managing inventory levels to avoid stockouts or excessive holding costs. Strategic decisions regarding the acquisition, deployment, and disposal of physical assets directly impact a business's capacity and cost structure. Technological resources, on the other hand, include IT infrastructure, software, communication systems, and data management tools. The management of these resources aims to enhance operational processes, facilitate communication, improve data security, and enable innovation. This involves selecting appropriate technologies, ensuring their integration and compatibility, providing user training and support, and regularly updating or upgrading systems to maintain a competitive edge. Ultimately, the purposeful management of both physical and technological resources ensures that a business has the necessary tools and infrastructure to operate effectively, deliver its products or services, and achieve its strategic objectives.

Learning Outcome 3: Know how to access sources of finance

Answer: Businesses require finance for various purposes, including start-up costs, expansion, working capital, and investment in assets. Accessing appropriate sources of finance is critical for a business's survival and growth. Sources of finance can be broadly categorised as internal or external, and short-term or long-term. Internal sources include retained profits (profits reinvested back into the business), sale of assets (selling off unused or old assets), and owner's capital (personal funds injected by the owner). External sources are more varied and include debt finance and equity finance. Debt finance involves borrowing money that must be repaid with interest; common examples include bank loans (term loans for specific periods), overdrafts (flexible borrowing up to an agreed limit), mortgages (loans secured against property), and debentures (long-term loans often secured against company assets). Equity finance involves selling a share of ownership in the business; this can be through venture capital (investment from firms specialising in high-growth businesses), share issues (selling shares to the public or private investors), or crowdfunding (raising small amounts of money from a large number of people, often online). Other sources include government grants (non-repayable funds for specific purposes), trade credit (delaying payment to suppliers), and leasing (renting assets instead of buying them). The choice of finance source depends on factors such as the amount required, the repayment capacity, the level of risk, and the desired level of control.

Learning Outcome 4: Be able to interpret financial statements.

Answer: Interpreting financial statements is a crucial skill for understanding the financial health and performance of a business. The three primary financial statements are the Statement of Comprehensive Income (Profit and Loss Account), the Statement of Financial Position (Balance Sheet), and the Statement of Cash Flows. The Statement of Comprehensive Income shows a company's revenues, costs, and profits over a period (e.g., a quarter or a year). Key figures to interpret include revenue (sales), gross profit (revenue minus cost of goods sold), operating profit (gross profit minus operating expenses), and net profit (profit after all expenses, including taxes and interest). This statement reveals the business's profitability and operational efficiency. The Statement of Financial Position provides a snapshot of a company's assets, liabilities, and equity at a specific point in time. Assets (what the company owns) are categorised as current (easily converted to cash) or non-current (long-term assets like property). Liabilities (what the company owes) are also categorised as current (due within one year) or non-current (due after one year). Equity represents the owners' stake in the business. Interpreting this statement helps assess a company's liquidity (ability to meet short-term obligations), solvency (ability to meet long-term obligations), and financial structure. The Statement of Cash Flows details the cash generated and used by a company over a period, categorised into operating, investing, and financing activities. This statement is vital for understanding a company's ability to generate cash from its operations, its investment activities, and how it finances its operations. By analysing these statements, often using financial ratios (e.g., profitability, liquidity, efficiency, and gearing ratios), stakeholders can assess a business's past performance, current financial position, and future prospects.

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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

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Case Scenario
Understanding how resources are managed is one of the keys to assessing how well the organisation is performing. In this unit, you will learn how the employees within their selected organisation are managed and how their performance is monitored. You will also learn about the range of physical and technological resources that their selected organisation utilises and how its resources are managed to maximise the performance of the business.

You will also learn how to make broad judgements on the financial performance of a business by looking at and considering those key items.

You will learn about the main accounting ratios that are used to interpret how well a business is performing and how to apply those ratios to given sets of financial statements. You will also learn how to analyse the results and make detailed judgements on the financial health of the business. Finally, you will learn about the possible limitations of those accounting ratios in providing a totally reliable picture of the financial position of a business.

In order to complete the tasks below, you need to select an appropriate organisation. You need to carry research into the organisation's resources.

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Assessment Part 1

In this task, you will focus on the human and non financial resources of your selected organisation. You will need to understand and explain the benefits of managing human resources in the selected organisation.
i) Describe the recruitment documentation used in the organisation P1
ii) Describe the main employability, personal and communication skills required when applying for a specific job roleP2
iii) Describe the main physical and technological resources required in the operation of the organisation P3
iv) Explain how the management of human, physical and technological resources can improve the performance of the organisation M1
v) Assess the importance of employability, and personal skills in the recruitment and retention of staff of organisation M2

Assessment Part 2

Managing financial resources is also very important to an organisation's success.

i) Describe sources of internal and external finance for your selected business P4
ii) Illustrate the use of budgets as a means of exercising financial control of the selected company P6
iii) Analyse the reasons why costs need to be controlled to budget M4
iv) Evaluate how managing resources and controlling budget costs can improve the performance of a business D1

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Assessment Part 3

You also need to fully understand the mechanisms put in place in managing finance. In order to do the following tasks, you need to carry out suitable research into the financial procedures of your chosen organisation.

i) Interpret the contents of a trading and profit and loss account and balance sheet for a selected company P5
ii) Illustrate the financial state of a given business P7
iii) interpret the contents of a trading and profit and loss account and balance sheet for a selected company explaining how accounting ratios can be used to monitor the financial performance of the organisation M3
iv) Evaluate the adequacy of accounting ratios as a means of monitoring the state of the business in a selected organisation, using examples D2
v) Evaluate the problems they have identified from unmonitored costs and budgets D3

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