Question

Course: FAMILY RESOURCE MANAGEMENT

Discuss the resources available to a family, with practical examples to support each argument. Discuss how the principles of resource allocation influence how these resources are allocated in the family..

*NB: Not more than 6 pages*

Answer 1

Resources can be defined as anything we use to achieve what we want (our goals). In other words, they are the materials and human attributes which satisfy our wants.

Types of Resources
1. Human Resources

2. Non-human resources

1. Human Resources: These are the ca-pacities and characteristics of an indi-vidual. These can be used only by the person who possesses them. They have the high potential to achieve what we want and many a times may not be cul-tivated or made available. Most of the time, families underestimate these re-sources and are unaware of them.

i.   Knowledge: It is important to be aware of things to be able to achieve what we want. If we want to buy a T.V. we need to know what features to look for, brands available. This will help in buying a better quality product.

ii.   Time: It is constant for everyone, 24 hours a day. The way a person man-ages and uses her time is her per-sonal choice. A student may finish all the work before going to play; another may waste his time watch-ing television or talking on the cell phone.

iii.   Energy: This is both mental and physical power of a person. To achieve goals, one needs to plan, organise and finally implement the plans. This would require both mental and physical energy.

iv.   Abilities and skill: These are inher-ited and acquired. These may include skills like cooking, decorat-ing, gardening. Each individual has particular abilities with which he/ she can achieve his/her goals. These skills can also be developed by sys-tematic learning and practice.

v.   Attitude: These are opinions or feel-ings a person has towards a thing which may hinder or help in achiev-ing his goals. A positive attitude may help a person achieve what he wants whereas a negative attitude may hin-der her in achieving what she wants.

2. Non-human Resources: These are tools and assets that families have at their dis-posal to achieve what they want. These are available for everyone to use. A per-son works hard and earns money to be used by him and his family. He/she may buy material goods or land from this money and may build a house on this land. Community facilities like banks, post offices, parks, and library. These are tangible and are more identifiable.

a. Money: It is the pivotal resource which can be exchanged to buy material things, commodities and services. It can also be used for future use and thus gives a sense of security to the family.

b. Material goods: These include durable goods or perishable goods used and owned by a family in their everyday use. Land, house, furniture and vehicle are examples. These help to make life easier and more comfortable for all family members. Durable goods like land can also help families to earn or save money. If vegetables are grown on land, the family can save money on buying vegetables or sell these vegetables to earn money.

c. Community facilities: These are those facilities which are common for all members of a community. Parks, libraries, post office, police and fire protection, banks, hospi-tals, transport facilities, roads, rail-ways, electricity, water supply, mar-kets, community centres and ration shops are examples of community facilities. All families can avail these facilities without directly paying for them but indirectly pay-ing for them through taxes

Characteristics of Resources-:

· Resources are useful: Resources can be used to fulfill our needs and wants.

· Resources are limited in supply: Every resource is limited in supply, to get maximum

benefit, we must make efforts to conserve them.

· Resources have alternate uses

· Resources are inter-related

Ways of Maximizing Satisfaction

While using resources, we have to ensure that we utilize them in such a way that we get maximum benefit from their use. This way we will be able to get maximum satisfaction. The different ways by which we can achieve this are listed below.

- Identify all the available resources.

- Make use of only the right amount of resources.

- Substitute the less expensive resources for the more expensive ones.

- Develop the habits that can enhance the use of resources.

- Cultivate practices to increase the availability of resources.

- Learn to share resources so that you do not deprive others of their use.

Family Resource Allocation

Resource allocation is the process of assigning and managing assets in a manner that supports an organization's strategic goals.

Allocation helps you to:

· - reach your goals,

· - achieve what you want,

· - utilize your resources properly,

· - make your life more systematic,

· - avoid wastage of resources,

· - increase efficiency in work situations,

· - achieve a better standard of life.

Steps in the allocation Process

· Planning

· Organising

· Controlling

· Evaluating

1. First you have to think about what to do and how it is to be done, that is, you do the planning.

2.Then you assemble the resources and assign the responsibilities. In other words,you are organizing.

3.After that you perform the actual task, i.e., you put your plans to action or you are controlling your activities so that it is according to your plans.

4.Once the task is over, you check to see whether everything went according to your plan or not. In other words, you are evaluating.