The three major elements that are essential to the management of a corporation and serve as corporate resources are "people, materials, and money". Most recently, "information" has been added as a fourth element.
- People
From a corporate perspective, the term "people" refers to employees (human resources). People are the most important resource for all corporate activities. Enhancing human resources by imparting each employee with the corporate philosophy and objective, and training them in a manner that is consistent with there values can lead to increased profits.
- Materials
From a corporate perspective, the term "materials" refers to products and merchandise. In the manufacturing industry, it also refers to production facilities. Although seemingly unrelated, the service industry is also dependent on a variety of materials such as computers, printers, and copy machines to facilitate corporate activities.
Some materials are essential and others are non-essential. It is important to clearly identify those materials that are essential and non-essential to the corporate activities of a corporation.
- Money
From a corporate perspective, the term "money" refers to funds. Money is required to purchase and make materials, and secure people. Money is an essential resource to fund the execution of corporate activities.
- Information
From a corporate perspective, the term "information" refers to documents and data that enable a corporation to make correct decisions and remain competitive. The effective use of information can lead to improved productivity, added value, innovative ideas for activities planning, and other positive results.
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