5.1

Question 1

What is resource management?

Answer 1

Identifies a businesses needs for resources, obtaining and allocating them, and monitoring their use effectively. Ensures that resources are available in the right quantity, at the right place and at the right time

Question 2

How would you manage physical resources?

Answer 2

Audit on resources required by different functional areas, have different needs
Compare different suppliers in terms of price and quantity, depending on company policy

Question 3

How would you manage IT resources?

Answer 3

Manager should have some knowledge of IT hardware and software to identify and match requirements
Constant monitoring of needs and requirements is essential if the business is to manage effectively

Question 4

What is inventory management?

Answer 4

Process of making sure that a business does not run out of stock or raw materials

Question 5

What methods can be used to carry out inventory management?

Answer 5

Stock control charts
Electronic point of sale (EPOS) data
radio-frequency identification

Question 6

What is electronic point of sale data?

Answer 6

Combines data gathered by different electronic methods
Records sale levels, update stock levels and pricing info
Provides critical info and data about a product, which can allow the business to introduce promotional decisions through spending habits and help with stock control

Question 7

What is a stock control chart?

Answer 7

Monitors stock levels

Question 8

What is radio-frequency identification?

Answer 8

Small electronic device for tracking objects
RFID tags attached to stock on production line or in store so location can be tracked if in range of reader
RFID tags programmed to hold detailed info about products
Inform decisions regarding order quantities and order frequencies and choice of supplier