According to Investopedia, human resource planning is a continuous process striving to achieve the optimum use of human resources or labor. Organizations look to find the best combination of jobs and employees without experiencing manpower shortages or surpluses.Know More
Organizations consider labor to be their most valuable asset. Therefore, Investopedia suggests a human resource plan be flexible enough to adapt in the near future but also be able to meet long-term objectives. Human resource planning is best exemplified by the amount of aging workers in western countries compared to the growing demand for younger and qualified labor in developing countries.
Different ways of human resource planning including competency-based management. This method requires the organization to evaluate the current human resource capacity and assess it against the capacities needed to achieve longer-term goals. Similarly, there are two stages of human resource planning mid- to large-level organizations should follow. Stage one calls for the establishment of a competency architecture and dictionary together with identifying roles and career streams for future needs. Stage two applies stage one objectives, and management is trained to facilitate human resource planning, while labor is constantly monitored for performance. The three key elements of the planning process are forecasting labor demand, analyzing present labor supply and balancing projected demand and supply.Learn more about Business Resources
The main difference between resource allocation, also referred to as resource loading, and resource leveling is that resource loading is the process of allocating resources to planned project activities, while resource leveling is mainly used to relate project requirements with available resources. The leveling process ensures that demand for resources does not exceed available resources at a particular time given the interdependent nature of most project activities.Full Answer >
Business aims or objectives establish goals that companies wish to achieve during a set period of time, which include sales targets, profits, growth predictions and market shares. The targets set by companies help with planning and allow individuals within organizations to break up their tasks in the most efficient manner to help reach a common end goal.Full Answer >
Resource allocation is defined as how things can be distributed. In a business sense, this typically refers to business assets such as cash, goods and services; however, it can also refer to things like time, space and responsibility.Full Answer >
According to Merriam-Webster, a sustainable resource is one which is used or harvested in such a way that it is not depleted or permanently damaged. Agriculture is an example of a sustainable resource. Proper management of agriculture allows it to provide food and other resources to the population indefinitely.Full Answer >