Maximising Resources to Achieve Business Success Assignment Help

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Qualification - ATHE Level 3 Diploma in Business and Management

Unit Name - Maximising Resources to Achieve Business Success

Unit Level - Level 3

Unit code - M/508/3606

Unit Credit - 20

Assignment Title - Maximising Resources to Achieve Business Success

Learning Outcome 1: Understand the importance of resources to business success

Answer: Resources are fundamental to the existence and success of any business, acting as the building blocks that enable an organisation to create value, deliver products or services, and achieve its strategic objectives. These resources can be broadly categorized into several types: financial (e.g., capital, cash flow, credit), human (e.g., employees, their skills, knowledge, experience), physical (e.g., machinery, equipment, buildings, raw materials), technological (e.g., software, IT infrastructure, patents), and intangible (e.g., brand reputation, intellectual property, customer relationships). The efficient and effective management of these resources is crucial. Adequate financial resources ensure liquidity and fund operations and investments. Skilled human resources drive innovation and productivity. Appropriate physical and technological resources enable production and service delivery. Intangible resources build competitive advantage and customer loyalty. Without the right mix and optimal utilization of these resources, a business cannot operate, innovate, or compete effectively, making their strategic importance paramount for sustained success.

Learning Outcome 2: Know how organisations monitor the use of resources

Answer: Organisations employ various methods and systems to monitor the use of their resources, ensuring efficiency, accountability, and the achievement of objectives. Financial resources are typically monitored through budgeting, financial statements (like income statements and balance sheets), cash flow analysis, and regular reconciliation processes, which track income, expenditure, assets, and liabilities. Human resources are monitored through performance management systems, attendance records, training effectiveness evaluations, and HR analytics that track metrics like employee turnover, productivity, and training costs. Physical resources are monitored through inventory management systems (e.g., Enterprise Resource Planning - ERP systems), asset tracking, maintenance schedules, and waste reduction initiatives. Technological resources are monitored via IT system usage logs, software licenses tracking, network performance monitoring, and cybersecurity audits. Many organisations also use key performance indicators (KPIs) and dashboards to provide real-time insights into resource consumption and efficiency across all departments, enabling timely adjustments and improvements. Regular audits, both internal and external, also play a vital role in ensuring compliance and identifying areas for optimisation.

Learning Outcome 3: Know about new technologies used in organisations

Answer: Organisations are increasingly adopting a range of new technologies to enhance efficiency, innovation, and competitiveness. One prominent area is Artificial Intelligence (AI) and Machine Learning (ML), used for data analysis, automation of repetitive tasks, predictive analytics (e.g., sales forecasting, customer behaviour), and personalized customer experiences. Cloud Computing has become ubiquitous, offering scalable and flexible IT infrastructure, data storage, and software applications accessible anywhere, reducing the need for expensive on-premise hardware. Big Data Analytics tools allow organisations to process and derive insights from vast and complex datasets, leading to better decision-making in areas like marketing, operations, and product development. The Internet of Things (IoT) connects physical devices, vehicles, home appliances, and other items embedded with sensors, software, and other technologies, enabling data exchange and automation for improved asset tracking, supply chain management, and smart facilities. Robotic Process Automation (RPA) automates rule-based, repetitive tasks, freeing human employees for more complex and creative work. Furthermore, Blockchain technology is gaining traction for secure and transparent record-keeping, particularly in supply chain management and financial transactions. These technologies are transforming business processes, fostering innovation, and creating new business models.

Learning Outcome 4: Understand the process of project management and how it contributes to the efficient use of resources

Answer:  Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. It typically involves distinct phases: Initiation (defining the project and its objectives), Planning (creating a detailed roadmap including scope, timeline, budget, and resource allocation), Execution (carrying out the planned activities), Monitoring and Controlling (tracking progress, managing risks, and ensuring the project stays on track), and Closure (finalizing all activities and formally closing the project). Project management significantly contributes to the efficient use of resources by providing a structured framework. Through meticulous planning, resources (human, financial, material) are identified, allocated, and scheduled precisely, minimizing waste and ensuring their availability when needed. Regular monitoring and control allow project managers to identify and address resource bottlenecks, cost overruns, or underutilization early, enabling corrective actions. By defining clear objectives and scope, project management prevents scope creep, which often leads to resource drain. Risk management within projects helps in anticipating potential issues that could tie up resources, allowing for proactive mitigation strategies. This structured approach ensures that resources are deployed strategically, utilized optimally, and contribute directly to achieving desired outcomes within defined constraints.

Learning Outcome 5: Understand how organisations work towards ‘best practice'

Answer:  Organisations work towards 'best practice' by continuously striving to identify, adopt, and implement the most effective and efficient methods, procedures, and techniques for carrying out business activities. This pursuit is not a one-time event but an ongoing process of learning, adaptation, and improvement. Key steps involve benchmarking, where an organisation compares its processes and performance metrics against those of leading companies within its industry or even across different industries, to identify gaps and areas for improvement. They also engage in continuous improvement methodologies like Lean, Six Sigma, Total Quality Management (TQM), or Agile, which focus on eliminating waste, reducing defects, and enhancing efficiency. Knowledge sharing and internal collaboration are crucial, allowing employees to share successful approaches and learn from each other. Organisations invest in research and development (R&D) to innovate and discover new, better ways of doing things, and they actively monitor industry trends and technological advancements. Furthermore, a strong learning culture where feedback is encouraged, mistakes are viewed as learning opportunities, and employees are empowered to suggest improvements is vital. The aim is to optimize processes, improve quality, reduce costs, enhance customer satisfaction, and gain a competitive edge by consistently adopting and refining superior ways of operating.

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Case Scenario

In preparation for the next stage in your career you have applied for a temporary contract in the Resources Department of INTEL which is a business that manufactures audio visual equipment. The business is a large, multinational organisation with divisions in several countries and there is always competition for the employment opportunities advertised, as the business has a good reputation and the salaries are very attractive. You are keen to do well, learn from the experience and you believe that it will improve your prospects and your future career development.

Assessment Task 1

Following your initial enquiry you have received a letter from the HR Department at INTEL which asks you to send a document that:
1. Describes the new technologies available to organisations and explains how they are used.
Extension activities:
In order to gain a Merit grade you should extend the contents of the document by:
• Explaining how new technologies are impacting on organisations.

In order to gain a Distinction grade you should further extend the contents of the document by:
• Assessing the risks faced by organisations if they do not protect their technology.

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Assessment Task 2

Congratulations your application has been successful! You have now been asked to attend for an interview and the letter states that you need to prepare a presentation which will be part of the selection process. You must supplement your presentation with accompanying notes and you decide to include examples of actual businesses to show the panel that you understand the importance of resources to business success.
The presentation and notes must include explanations of the following:
1. The resources needed by organisations in different business sectors of the economy.
2. How and why resources must be monitored
3. What is meant by benchmarking and how this is used by organisations to monitor resources.
4. What is meant by performance indicators and how they are used by organisations to monitor human resources.
Extension activities:
In order to gain a Merit grade you should provide a handout for the panel which:
• Explains best practice in terms of resource monitoring and usage.
• Explains the impact of a shortfall in resources on business performance
In order to gain a Distinction grade you should extend the contents of the handout by:
• Assessing resource monitoring in an organisation and recommending further developments and/or corrective action. You must know this organisation well so that this section of the handout contains specific and accurate information.

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Assessment Task 3
You know that at the interview there will be questions on project management and you decide to make some detailed notes in preparation for this part of the selection process. In the notes you must:
1. Identify and explain the key skills needed by a successful project manager
2. Describe the Three Stage-Project Cycle
3. Explain why it is important to identify and rank a project's critical factors
4. Explain the tools used for managing projects
5. Explain the purpose and importance of project evaluation and review.
Extension activities:
In order to gain a Merit grade you must:
• use the case study provided in Appendix 1 and produce a project plan which shows how you will monitor resources for all stages of project management.

Assessment Task 4
In the letter from the HR Department at INTEL there is a request for you to send a document prior to the interview so that the panel can use this as a basis for some questions on how organisations work towards best practice. The document must:
1. explain the terms ‘excellence' and ‘quality' and the impact of these concepts on organisations.
2. describe tools and techniques that are used by organisations to ensure the quality of their products and services.
Extension activities:
In order to gain a Distinction grade you must:
• Evaluate the quality systems within an organisation and make recommendations for improvement
You will need to use an organisation you know well, for example where you are employed, where you work in a voluntary capacity or where you are studying. This will help to ensure the evaluation is accurate, detailed and specific and the recommendations are realistic.

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