Main resources

Managersare concerned with the following main resources:

1.Material resources are physical materials and the equip­ment used by an organization to make a product. For example, cars are made on assembly lines. These assembly lines and the buildings that house them are material resources.

2. The most important resources of any organization are its human resources – people. Some firms believe that their em­ployees are their most important assets. To keep employees con­tent, a variety of incentives are used, including higher-than-average pay, flexible working hours, recreational facilities, lengthy paid vacations, cafeterias offering inexpensive meals, etc.

3. Financial resources are the funds the organization uses to meet its obligations to various creditors. A grocery store obtains money from customers and uses a portion of that money to pay the wholesalers from which it buys food. A large bank, borrows and lends money. A college obtains money in the form of tuition, income from its endowments, and federal grants. It uses the mon­ey to pay utility bills, insurance premiums, and professors' sala­ries. Each of these transactions involves financial resources.

4. Finally, many organizations increasingly find they cannot ig­nore information. External environment – including the econo­my, consumer markets, technology, politics, and cultural forces – are all changing so rapidly that an organization that does not adapt, will probably not survive. And, to adapt to change, the organiza­tion must know what is changing and how it is changing. Compa­nies are finding it increasingly important to gather information about their competitors in today's business environment.

It is important to realize that these are only general categories of resources. Within each category are hundreds or thousands of more specific resources, from which management must choose those that can best accomplish its goals. Managers must coordi­nate this complex group of specific resources to produce goods and services.

4. Read the text again and answer the questions that follow (1-5):

1. What main resources are managers concerned with?

2. What incentives are used to keep employees content? Why?

3. How does an organization obtain financial resources?

4. Is external environment including the economy, consumer markets etc. changing rapidly?

5. What must organization do to survive?

5. Suggest the Russian equivalents:

To employ managers; a number (of); a variety (of); management area; the only manager; the owner of a sole proprietorship; levels and areas of management; to achieve the organization's goals; a great skill; human resources; tangible (material) resources; pri­mary goals; employee; assets; recreational facilities; meet obligations; money; obtain money; income; insurance premium; salary; consumer market; survive; ac­complish goals; produce goods and services; grant; endowment; utility bills; borrow and lend money; practical results.

6. Give the English equivalents:

Научные теории; способность руководить людьми; постановка целей; практические результаты; управлять де­ловыми фирмами; нанимать менеджеров; область (сфера) управления; владелец единоличной собственности; доход; оптовик; стимул; длительный оплачива­емый отпуск; занимать деньги; опла­чивать счета предприятий коммунального обслуживания; зарплата; финансовая операция; фонд; приспособиться к изме­нению; конкурент; осуществить цели; акти­вы; побудительный мотив; развивающаяся наука, выработка стратегии, психолог.