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Resource planning and management is one of the most crucial factor that support an organisation to operates its business effectively and achieving market success. Effective planning support in managing the resources that further help an organisation to achieve its objectives effectively. The Richardson Mews provide residential care services through maintaining a specialist team of consultant clinical psychologist, psychiatrist, occupational therapists, speech and language therapist to the people of age between 17-65. Now it want to expand its operation by setting up a new branch of child care home. This report is divided into two section where first part includes an explanation of resource planning for managing the resources (Alfano and et. al., Telecom Italia SpA, 20124). Second part includes a detail description about the sources of fund that can be used to generate fund and financial risk that can be identified during performance of operations.
It refers to the strategy or plan formulated for ensuring that required resources are available for the underlying project. Resource planning help in identifying and arranging the resource required for a particular project that further support in minimizing the wastage and ensure optimum utilisation of resources. Richardson Mews provide residential care package to adults between age of 17-65 with a multidisciplinary support team expertises in various health and social care sectors. After achieving years of progress and recognition, The Richardson Mews has decided to expand its business by diversifying its operations to child care services.
For operating health and social care home effectively it is very essential for Richardson Mews to set up its child care home at a place which support them in providing better services. The environment of care home must safe, secure and peaceful as it reflect a level of compassion and vigilance for patients (Anderson and et. al., 2012). This environment can be develop by learning about the various issues that can be arises and may harm the children as well as by determining the causes behind those errors. It support care home in developing a system of care which make errors less common and less harmful at their occurrence.
Apart from this physical environment in which care home resides also affects the way it operates. So, Richardson Mews must ensures that the child care home must be set up over a place which is more peaceful and have all the equipments that are required for providing better care to children. It must involve proper lighting arrangements within the special care ward to provide effective treatment to children. Apart from this it must also includes all the physical equipment as well as resources that are required to provide a better care to patients (Austin and Pinkleton, 2015). These equipments should be clean and proper hygiene must be managed in order to provide better care.
Effective planning is a very essential for the success of project as it help in determining the direction to work and activities required to perform. It also support in prioritising the work as per their requirement which in turn will reduce the cost and chance of error. Following are steps that are include in effective planning:
What we are trying to do
Richardson Mews has decided to expand its operations by diversifying its services in new section. Current care home is providing services to people between the age of 17- 65 related to physiotherapy, occupational therapy, speech and language therapy etc. Now, it want to its operation by providing child care services for orphans.
How we are going to do it
For the expansion of its child care services Richardson Mews care home has decided to develop a new building where special care will be provided to orphan children related to their health and education. This childcare home will provide all the essential care that a child require for growing up healthier. Apart from this it also includes several instruments and other resources which provide children an environment where they can learn, explore new things and can perform several activities related to sports and other area of interest. This support them in developing a better life (Coombs, 2014).
What we will need in order to achieve it
In order to expand their services it is very essential for Richardson Mews care home to formulate an action plan which help in determining the resources required and actions that must be taken for successful accomplishment of project. Following are the resources required for this expansion plan:
Financial resources:- For the execution of its expansion plan, Richardson Mews care home require huge fund for purchasing building, hiring new staff and other items that are required for providing care to children. Apart from this it also require fund for appointing workers that work toward preparing the premises as per the requirement of child care home.
Human resource:- In order to operates child care home, Richardson Mews required to hire new staff for handling this department (Desouza and Flanery, 2013). It includes people from medical background that a have an experience in special care as well as other health care practices related to child. Apart from this it also required to hire technical experts for handling the machinery and medical instruments.
Physical resources:- Richardson Mews care home requires building for starting up the child care home and resources like bed, chairs, toys and play ground related resources.
Technological resources:- In order to mange operations of child care home, Richardson Mews care home also require some technical resources. This includes computer and other healthcare related instruments that are required to for performing child care services.
These all are the resources that are required by Richardson Mews care home for setting up and operating its operations related to child care. But it also require take permission from government for setting up their childcare home. In addition to this it also require take licence for providing health and other related service to children.
For effectively setting up and operating the child care home it is very essential for Richardson Mews to provide best services to its user which provide benefit to both care home as well as users. In order to provide effective service, Richardson Mews must hire high skilled and professional nursing staffs (Ehrler and et. al., SAP SE, 2012). A high skilled workforce will support in providing a better health care and treatment to children that will promote in providing a healthy life. This help in providing a better and healthier life to children by providing the health care which they required. In addition to this it also contribute toward enhancing the image of Richardson Mews care home which further support them in expanding their operations effectively. As by providing quality services Richardson Mews will be able to assure that the care home have the capability to provide child care related services effectively. This in turn will support them in future expansion in other geographical areas.
For achieving success in expansion plan, Richardson Mews is require certain skills and capabilities in order to perform operations effectively. It includes skills related to resource management and budgeting which support Richardson Mews in accomplishing the expansion plan within the required time and through effective utilisation of resources. Being a manager following are the skills that area required:
Resource management skills:- It is very essential to plan, organise and manage the resources effectively for ensuring that operations can be performed as per the required schedule without nay delay (Halpern and et. al., 2012). Following are the skills that are required by a manger for resource management:
Communication skills:- It is one of the most crucial skills that a manger require for performing operations effectively. As they have to communicate with worker about the task that are required to perform and in which direction. Further they also have to interact with people who are responsible for performing operations within care home as they have to identify whether the work is performing as per plan or not.
Negotiation skills:- Manager also have to deal with various types of negotiation in order to avoid the chances of conflicts. As while managing the subordinated various issues may arises that may affect the environment of care home which are required to be solve through negotiation between staff members. Because for operating child care home, it is very essential to create an environment of peace and mutual cooperation.
Problem solving:- As Richardson Mews expanding its services into a new area, so there are changes that various problems may be faced by them. So being a manager it is very essential to predict the problem that may arises while performing operations and have the ability to solve those issues. For this a manager must have a skill to identify the different measures that can be taken in order to solve those issues.
Budgeting skills:- It refers to the conscious decision making related to the allocation of money so that the expenditure does not exceed the income (Hunter, 2012). Budgeting is most essential skills that a manger must have as it support them in effectively managing the financial resources. It also support Richardson Mews in balancing the fund which is required for its expansion plan. Further it also support in balancing the expenses and income in a way that ensure Richardson Mews has money and resources which are required every task which need to done. In addition to this it also support Richardson Mews in creating a budget plan that help in arranging the fund as per the resources and task required to be done.
Resources are consider as the central of management process, so in order to manage the operation of child care home effectively, it is very essential to manage the resources effectively in order to accomplish the objective behind it. For the management of resources, Richardson Mews must try to balance the demand with supply by analysing the resources that are available for providing services on a timely manner. Richardson Mews care home must try to predict the demand for services that may arises in near by future and resources that are available to them for determining the alternatives that support in fulfilling the demand. As Richardson Mews is newly setting up the child care home, hence it has limited sources to operate its functions which may fails to maintain a balance between demand and supply (Kil and et. al., 2012). Because the demand may exceed the capacity of supply which results in failure to attain the goals and objectives.
Therefore, being a manager it is very essential to manage the available resources of the care home so that with the limited supply also objectives can be achieved and demand of user can be fulfilled. For this an effective plan must be formulated after forecasting the future demand. This help in allocating the resources as per the requirement of services and rearranging them for providing treatment to other patients.
So, in order to perform operations effectively it is very essential for Richardson Mews to manage its all financial resources so that supply can be meet with demand. This will support them in arranging the other required instrument as well as equipments that are required for providing services according to the demand that get increased. Hence, for operating its function in new sector Richardson Mews required to generate fund for arranging all the required resources. Following points describe about the various sources through which fund can be arranged for particular duration:
Short term:- It refers to the fund which are required for a time which is not more then one year. By arranging short term fund, Richardson Mews will be able arrange basic required resources for child care home (Miller, Hauer and Werner, 2015). These may includes furniture, nursing staff and food arrangement for the children. These type of fund can be arrange through loan from commercial bank, factoring, bank overdraft etc.
Medium term:- It refers to the sources of finance which are available for three to five year which is generally used for the purchasing of fixed asset. By getting medium term loan Richardson Mews will be able to purchase instruments that are require to provide a better care and services to patients at child care home (Pacione and et. al., 2013). These sort of fund can be arrange through charity, bank loans, trade credit etc.
Long term:- It refers to the type of fund that are arranged and available for more than ten years and these can be borrowed through sources like share capital, preference share, fund through government, bank loans etc. By arranging fund for long term, Richardson Mews will be purchase the building for setting up its child care home. Apart from this it will also be able to arrange different instruments and equipments that are required for further operations.
Planning shares a direct relation with the management of resources as by formulating a plan one can estimate the resources required to perform a particular task. This help in providing a guidance related to the resources that are required for a particular task along with the time that take by them. By estimating time as well as requirement of resources through effective planning, manager will be able to arrange the resources as per the demand of services. Apart from this it will also be able to finding out the various alternatives through which the demands can be fulfilled in cases when the resources are not available to Richardson Mews.
Effective planning and management of resources plays a crucial role in performance of individual, team and organisation. As by effective management of resources staff members will get all the resources available as per the demand of services (Plouffe and et. al., Oracle International Corp, 2014). This in turn will support in enhancing their skills and capabilities by working with a limited resources which help in building their capabilities to deal with future uncertainties. This help them in performing their operations effectively which further support toward enhancing the image of Richardson Mews among customers. Hence, The Richardson Mews will be benefited with recognition and positive word of mouth publicity that further help in expansion of its operations effectively in various other areas of UK. Apart from this effective management of resources also support in improving the current performance of Richardson Mews that help in attracting the investors as well as charity from various sources. This further support Richardson Mews in arranging fund that help in improving the current services as well as in arrangement of resources so that demand can be matched with supply.
The managers in an organisation have different responsibilities and accountability, for managing its resources. In context to Richardson Mews the manager should prepare daily activities regarding resources and financial information. It responsibility involves managing, supervising and coordinating operations and resources in the care home. They should coordinate task allocation and ensuring better work quality (Renz, 2016). Along with this they are accountable for providing straightforward services in the resources department which involves reconciling and confirming invoices and payments according to the operations and guidelines. They should perform duties like – monitoring resources, assembling information and providing report for a particular project. They are responsible for helping the resource management for programmes or definite area of obligations. They should supervise the group in the organisation regarding their roles. They are also obligated for managing important base for resources.
Budget is prepared for estimating the income and expenses in an organisation. Therefore, it is essential for every organisation to prepare a proper budget plan. But there are some restrictions which have to followed by every organisation at the time of budget preparation.
Wrong assessment of current financial condition may influence the financial condition of organisation.
Financial risk refers to a risk which is related with financing, involving financial transactions such as – company loans in danger of failure. It is the main concern in Richardson Mews among different risks. It occurs by providing money to other business or persons. It is the risk in which a firm is not able to meet its financial obligations (Warrillow and Murphy, 2012). It is mainly a function associated with the related amount of credit which us used by the care home to finance its assets. The financial risk involves four types of risk which are – market risk, liquidity risk, credit risk, and operational risk.
Decision making is a way to decrease uncertainties for attaining a desired result with good outcome on the system. There are various factors which should be considered by managers while making decisions for social care funding (Yoder-Wise, 2014). The issues which occurs in effective decision making process are – timelines, explications of social values, methodological considerations, accountability and engagement of stake holders, interpretations for money value, etc. In Richardson Mews, the managers should consider following factors such as – decision maker characteristics like (diversity, demographics), information like accessibility of explicit knowledge, decision characteristics like (urgency, complexness) politics and legislations, economic factors (financial environment), etc. The care home can be affected by some additional factors also which are – resource levels, unification and participation, size and service mix, culture and strategic emplacement, location and absorptive capability. The mangers, administrators, etc. in health care home should make efforts to make best utilisation of resources in decision making.
It is concluded from the project report that understanding of resource planning is necessary to manage resources in the organisation. Effective planning is very important, in order to achieve the desired objectives. Further, effective resource management and good skills of budgeting make daily operation of any organisation easier. Resources are vital element to the management, as they cannot achieve prescribed goals without resources. The managers perform various roles in accountability and responsibilities in management of resources. Furthermore, financial risk is a big issue in finance management. The managers in care home should consider all factors which affect the decision making process.
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