EFFECTIVE RESOURCE BUDGETING AS A TOOL FOR PROJECT MANAGEMENT (A CASE STUDY OF THE COCA-COLA COMPANY)
Background of the study
Increasing competition is continually pushing businesses towards more efficient processes, and slimmer margins. Highly capitalized industries have to ensure that their resources are used most effectively. Yet at the same time, businesses must adjust to rapidly changing customer requirements and supply chain conditions. The key to achieving operational excellence, therefore, is in the effective and flexible management of resources, and this means optimizing and scheduling people, processes, vehicles, equipment, and materials so that utilization is maximized while business goals are met.
Rowden (1995) define resources management as the process of using a company’sresources in the most efficient way possible. These resources can includetangible resources such as goods and equipment, financial resources, and labor resources such as employees. Resourcemanagementcan include ideas such as making sure one has enough physical resources for one’s business, but not an overabundance so that products won’t get used, or making sure that people are assigned to tasks that will keep them busy and not have too much downtime.
The wealth of any organization is to a very great extent determined by its human resources. The place and value of human effort as a resource for any organizational productivity, efficiency and effectiveness in operation cannot be over emphasized. This capacity building developing and maintaining well trained, skilled experienced and quality human resources that will carry out the various task of the organization becomes an issue of importance.
One of the major constraints to organizational development is lack of adequate and effective managed human resources. It was not surprising therefore when the third national Development Plan of the Osuji 1975 – 1981 as aptly documented by Zahradeen (1980) echoed that successful implementation of a development plan either at organizational level, or national Level depends not only on the availability of financial and other capital input, but more importantly on the adequacy of well trained, and managed human resource in various occupation.