Archive for September, 2009
There are many production resources such as material resources. These are the tangible, physical resources which are used for production. In industry, producers use steel, cement, glass, machines and equipment. in agriculture, farmers use fertilizers, seeds, machines, tools and pesticides. In schools, they use books, chairs, rooms,laboratories and other physical facilities.
Financial resources are funds. Business organizations need these for various purposes. With sufficient funds, business organizations can implement their projects.
Human resources are the most important resources. It is the people who plan and implement business activities. In view of the great importance of people, progressive corporations stress human resources development through education and training of their employees.
informational resources are correct and complete information is vital to the success of any business organization. Without information, it is impossible to formulate good plans and programs. Especially in decision making, facts are very important. The entrepreneur must know the needs of his customers. the strategies of his business rivals, technological developments, and business policies of the government.