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All the resources have three basic characteristics as identified by the senior management specialist. But in each case one must have information available about the potential of all available resources to be able to tap them effectively. Then only one could be able to conserve and judiciously use the resources. There are three important characteristics of all resources.
i.All resources are useful:
The definition of resource itself is indicative of this character. All resource have utility, which means they have the want satisfying power. The value or usefulness of any given element is recognized in relation to a specific goal.
Example: Money may be most valuable resources while purchasing a commodity. It may be a useless resource to pass an examination.
ii.All resources are limited:
All resource are scarce and some are more scarce. If all resources were in abundance, management would have been unnecessary. The challenge for management lies in the scarcity of resources and still being able to achieve the goal. The limits of each resource must be assessed in relation to the specific goals to be achieved. The limitation on the resources may be both quantitative and qualitative. The quantitative limitations can be accurate
Ex: time, money etc.
Though the resources like energy, intelligence can be quantified they cannot be assessed as measurable resources. Money can differ from other resources, which means that it is limited, but at the same time it can be procured through the investment of human resource. The quality differences in resources cannot be measured, but can be easily identified.
iii. All resources are interrelated:
people often may have to use a ‘resource mix’ or combination of different resources to achieve the family goals. This combination or mix of resources differs from individual to individual and family to family. Decisions cannot be taken up with use of one or two resources among the several available resources in isolation to achieve the goals. But by simultaneous usage of all the resources available (Ex: time and energy) the goals can be achieved. Hence use of resources is always an interrelated process. It is the integration of all the required resources, which is an important step in determining whether or not a goal will be attained. However, in identification of resources, alternatives can be worked out to be able to substitute or replace any resource if the need arises.
iv. Resources are Accessible:
Resources are those assets, which are accessible for use. Skills of children become family resource only when children are available to help the homemaker. Resources are accessible in varying qualities or quantities. Some are easy to measure and others are difficult. Accessibility of material resources is easy to measure but some other human resources, though accessible, are difficult to measure. For example if a friend goes to the college in a car and gives another friend lift regularly, even friend's car can be considered resource. On the other hand, emotional support and courage are difficult to access, unless demanded though always they are part of human beings.
v. Resources are Interchangeable:
All resources to a certain extent can be substituted for or interchanged with another resource. In the cases of their scarce availability, or simply for saving money, time, energy or environment, one resource can be used in the place of the other. A material resource can be interchanged with another material resource to save money or energy or even environment. For example if the cost of coffee beans goes up, it can be substituted with tea leaves to save that extra money spent on buying coffee.
A material resource can also be substituted by human resource in case latter is scarce or visa versa. For example if a home manager has little time or energy resource to do household work but has the money resource, she can hire paid help to do the work thus exchanging material (money) resource for human (energy) resource. Reversing the use of these two resources in another situation is also possible. For example, if a' home manager has the talent of being a good cook, she can earn material (money) resource in exchange of her human (energy) resource by supplying food for sale. Therefore, it is seen that it is possible to interchange one resource for another resource depending upon their availability, need and situation.
vi. Management Process can be Applied to all Resources:
In general, families need to be aware of the potential availability 0 resources within the family. Sometimes a homemaker may fail to recognise the human resource available in the family which could be utilized instead of using only the scarce resources like money, her time or energy. Lack of resources may make them feel uncomfortable and poor.
By management we have to narrow this gap by:
- getting more resources
- making our resources more productive and
- changing our standards
All resources are manageable to some extent. Their quantity, quality, flow and their use can be regulated to certain degree. Thoughtful planning, organisation, control and evaluation can help a person in selecting the right resource at the time when that resource is in most demand and when it can get the best results. For example, careful choice of savings and investments for the higher education of one's child require a long term planning on how and how much money should be saved every month, besides organising the family efforts, control of money expenditure and evaluation of their activities. All these efforts will ultimately ensure that there are enough funds to cover for higher education. The task of saving money cannot be achieved by a homemaker without the understanding of process of management.
vii. Quality of Life is Determined by the Use of Resource:
It is clear that goals can be achieved only through the use of resources and their management. Therefore, the optimum distribution of resources determines the degree to which a family is actually Striving towards a particular goal. Maintaining the health of the family members could be done by proper utilization of money and food resources according to the nutritional requirements of the family members. Time, energy and knowledge are also necessary to fulfill these goals.
Proper utilization of material resources like household equipments can lead to better products in food, clothing and house sanitation which are its contributors to better quality of life. Acquiring knowledge and its proper utilization can help one to make decisions for better quality of life.
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