The main objective of management of resources is to get maximum satisfaction from their use. Hoyt has given four guidelines for achieving maximum satisfaction.
In order to increase the available resources, the family must ascertain its limits and see what is lacking in the total resource mix. This is called identification of resource gap. The resource gap can be identified by identifying where we want to be and where we actually are.
Ex:
Increase in the time availability for a particular activity by hiring labor for other activities.
Increase in money income can be achieved by taking up employment or business during off time.
The alternate use of the given resource should be identified. The alternative use of time for various purposes could be identified and worked out in various management situations. One should ascertain the returns in terms of satisfaction from each of these alternative uses of resources. The possibility of alternative use of resources often allows the substitution of one resource for another which is scarce.
Ex: A women employed may have very little time for house work and spends money to hire a maid servant.
Increasing the utility and expanding appreciation:
A resources has alternate uses, but some specific goods have many possible uses. The selection of such a goods increase the utility.
Ex: sofa cum bed.
A home maker who opts for a sofa cum bed in a small flat can use it for sitting. Sleeping and even storage purposes. Satisfaction increases if one finds new uses or combination of uses for things already owned. The use of multipurpose, space tools etc. could be of great help in increasing the utility.
In management it is important to represent the essential resources in good and correct proportion. For all individuals there should be some balance among interests. Which would provide satisfaction. Work alone and play alone would not make life interesting and satisfying. In achieving balance of choices among alternatives, one must have representation of interests concerning individuals, family and the community, which could be of varying proportions. Hoyt was the author who listed six basic cultural interests which determine one’s consumption of goods and services.
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