Critically analyses the role of Resources Manager in Our Business Plan Essay

Critically analyses the role of Resources Manager in Our Business Plan - Essay Example nt of the gym and even their staffs is to provide a customer friendly atmosphere so as to retain their customer base as well acquire new ones through reference of these customers. The business plan of this gym takes into consideration the diverse culture base and different opinions and ideas of people. The plan even encompasses promoting more of environmental awareness and offers services such that it can help the community as well as protects the nature. The businesses aims at providing efficient gym services to all community members at a much cheaper rate and even expand its business operations outside the region where it plans to operate currently. The mission of the gym is to provide services as well as products that can improve upon the level of mental relaxation and also physical fitness of their client base so as to promote a positive living in the region which is already facing obesity and various health issues. The plan aims at acquiring various sources of funds and handling all its resources effectively so that it can provide the best quality services as it not only provides gym services but also provides healthy food and yoga classes for its clients. As a resource manager there are several duties that need to be performed effectively so that all of the resources are well aligned with the business operations. There are various categories of duties firstly is to analyze whether the financial resources that are needed for the business is in sufficient capacity and if it is there then to take proactive measures so that there is availability of additional funds whenever there is a turmoil in the business. The second function is of HR planning to ensure that all of the HR activities such recruitment, retention, training programs, performance appraisal etc., are aligned to the goal of the company and the best of staff members are a part of the team so that quality services can be offered to the customers. The next function is that of design and acquisition of

Opportunity cost Essay Example | Topics and Well Written Essays - 1000 words - 1

Opportunity cost - Essay Example The word cost in the context of economic production is defined as the opportunity cost of producing any good or service. It is considered to be the value that the factors of production or the resources could have generated if they were utilized for the next best use. In other words the opportunity cost is the sacrifice of the next best alternative that is made by consumption or production of a good or service. Thus when the resources are limited an individual has to make choices between the different alternatives. Accordingly by choosing one alternative he gives up the opportunity for enjoying the other remaining alternatives that he has not opted for. This is known as the opportunity cost of consumption or production. Hence it is the most important element in the context of economic that helps in the determination of the choice between the scare resource and the efficient allocation of the resources. Hence the opportunity cost is not only the money value that is given up for one par ticular choice but also the time costs and the psychological costs that are paid for the non-consumption of a product or service. This can be explained with the following example. A person having $10 may decide either to buy a book or an ice cream. If the person buys a book he would have to give up his opportunity to buy the ice cream and enjoy it. On the other hand if he buys an ice cream he gives up the opportunity to read the book. In both the cases the person has to pay an opportunity cost for choosing one option over the other (Samuelson 17). The concept of opportunity cost is used mostly in the context of production decisions. The main factors of production include capital and labor. Suppose a person works in a factory and he earns $10 per day. On the other hand he could have worked in his own farm and could have earned $ 7 a day and could have enjoyed labor for a longer time. Therefore by