The paper “ Advanced Resource Management, Consulting with Relevant Stakeholders, Determining the Nature and Level of Resources” is a good example of an assignment on the management. The advantages and disadvantages of purchasing methods are shown below. Purchasing Option Advantages Disadvantages Electronic trading Unlimited access where buyers can buy from any vendor anywhere in the world at any time Time is saved from the efficiency of online shopping One can get online promotions and deals from special discounts and coupon codes Shipping rates apply despite free flat rate shipping. For example, free shipping applies to clothe goods above $50. The buyer has to wait for the product to be delivered which may delay (Handfield, 2014) Different policies for refund and returns makes the process tedious and frustrating Direct purchasing using supply agreements Transactional costs will be less and search efforts reduced Maintains and develops good relation with suppliers through direct contact (Williams, 2006) A standardized purchased procedure is established High value-high risk goods can be purchased Purchase of services and goods can be purchased when not required Locks out potential suppliers who could offer competitive quotes Direct negotiations One of the fastest and effective methods The supplier is known and qualified Poor transparency and higher prices High risk of favoritism Possibility of obtaining low-quality products Invitations of tenders Suitable for high risk-high value procurement Fair and equitable opportunity for all interested parties The supplier with the lowest bid is considered hence saving the organizations some funds Appropriate for specific services and goods and the procurement circumstance Not cost-effective and may not give the best procurement outcomes High possibility of being manipulated through canvassing Competitive negotiation Well known suppliers are considered Few resources and less time is required Less competition and transparency in the process Danger of favoritism Suppliers get the temptation to inflate the prices of services and goods (Handfield, 2014) Written quotations Procurement lead-times are significantly reduced Selection process time reduced due to limited number of quotations High possibility of response for quotation requests (Williams, 2006) Since procurement entities decide suppliers, there is a potential for irregularities Breaking of requirements leads to abuse of this method Potential firms can be limited despite an abundance of work to be done. Question 2: Consulting with relevant stakeholdersStakeholders are interested parties in a project or an organization undertaking operations.
Key stakeholders determine the level and nature of resources such as raw materials, premises, human resources, supplies and training materials.
Common organizational stakeholders include employees, customers, suppliers, management, institutional regulators, local community, and government actors (Friedman & Miles, 2006). The nature and influence of each stakeholder are assessed to understand their impact on policy, strategy and the product being undertaken. For example, the senior management has command of control of budgets while suppliers control strategic resources such as inputs and services. On the contrary, stakeholders may have an indirect influence owing to their economic, social and political status. For example, local communities influence access to raw materials and thus control access to strategic resources.
According to Friedman and Miles (2006), stakeholders are categorized into three levels; low, middle and higher levels. While the lower level involves informing, therapy and manipulation, the middle level comprises negotiation, consultation and explaining. The highest level consists of stakeholder control, partnership, collaboration, delegated power, and involvement. Consulting some of the stakeholders such as municipalities on suitable construction plans helps to obtain feedback on outcomes, alternatives, and analyses (ACG, 2006). Through consultations, the organization promises the stakeholders that they will remain informed and their concerns and aspirations listened to and acknowledged.
It is important to provide feedback on how the input of stakeholders influences the outcome. Some of the consultative methods of stakeholder engagement include web 2.0 tools, Ultranet, public meetings, surveys, focus groups, and public comments. Consulting widely helps in collective knowledge about management and risk identification. Moreover, it provides an avenue for reducing the likelihood of adverse events or unmet expectations of stakeholders. Question 3: Analyzing information to determine the nature and level of resourcesInformation that is required to be analyzed to meet specific business goals includes staff productivity, raw materials, process efficiency, supplier negotiations and power, supplied services and goods and services or goods purchased by customers.
Specifically, information such as sales targets or revenue collected should be analyzed using data visualization tools and comparisons made to gauge the actual figures from the expected. Quality and quantity are run through a correct checking process to ascertain that requirements are met and that they comply with the required service agreements. For future improvements, these areas are reviewed on issues such as current supply practices, budgetary allocation, the possibility of alternative suppliers and the quality of goods supplied. Guest (2007) observes that information regarding the state of resources can influence organizational requirements.
Inadequate human resource skills compromise the quality and desire for continuous improvement standards and processes. It is important to analyze resource requirements by gathering accurate information, understanding the needs of stakeholders and clearly articulating their requirements. For example, an audit on staffing will inform the right response to be given. Knowing the rate of staff attrition will help to know how human resources will be sourced or recruited and the selection options available such as outsourcing or employment (Ulrich & Lake, 2000).
This means that specific information on staff morale, culture, training standards, natural wastage, remuneration, qualifications, and skills; grade, function, and location need to be gathered.