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Use of human resource management to create a competitive advantage
Human resource management
Use of human resource management to create a competitive advantage
Human resource management is the process of controlling and coordinating the workforce in a firm in a bid to streamline their efforts towards achievement of the firm’s goals. Human resource is the firm’s most important asset as it controls and coordinates the other inanimate assets. The company’s human resource executive can manipulate their workforce and hence gain an advantage over the other firms in the market (Barney and Patrick, 2003, 243). This can be achieved only if the human resource department executives put into consideration a number of factors as explained below.
The most important thing in gaining a competitive advantage over other firms is adding the company’s value and maximizing on its resources. The human resource executives can achieve this by cutting on their extraneous expenditure to increase the net revenue that accrues to the company. Some of the unnecessary workforce should be laid off to increase on revenue (Barnet and Patrick, 2003, 354). The Human resource managers should also identify and nurture the rare characteristics and qualities among the workforce. This creates uniqueness in the firm and places it above competing firms. The firm should also develop characteristics among the workforce that are not easily imitable by other firms. This ensures that the company is exceptional and unique to other firms even in the market. The blend of the three measures places the firm ahead of other firms.
HEA: Long term and residential care
Working mechanisms of hospices
Hospices are special kind of healthcare facilities that offers palliative care services to patients who mainly suffer from terminal illnesses. Hospices do not only attend to the patient’s physiological health but also to their emotional and spiritual needs (Joanne, 200, 69). Hospices in most countries are constructed as a charity project to cater for the needs of the disadvantaged and the terminally ill persons in the society.
Hospices are mainly located near other healthcare facilities. They are located this close to enable emergency utilization of the other medical care facilities where need is. They offer both in-patient and out-patient services to the patients. They also offer home-based care to the weakly patients. Hospices mainly depend on donations for finances (Joanne, 2007, 72). Some hospices are run by the government and hence receive a funding from the annual budgets. Hospices mainly face financial problems due to the nature of the clients. This depicts a major management problem.
Palliative care is a specialized scope of healthcare that involves and focuses on relieving and preventing the suffering in patients. Palliative medicine is administered to the patients who are undergoing treatment. Palliative care encompasses; the physical, spiritual and emotional concerns of the patient (Joanne, 2007, 72). The approach involves medical practitioners from different arenas.
BUS: Business strategy and policy
The MacDonald’s and Wendy’s are both chain fast food restaurants. Before visiting the two restaurants I was of the stereotype that their strategies and level of service is similar. However, I found this to be totally different on visiting their premises during business hours. Despite the two selling similar sized burgers with an identical taste and have a similar cost, there is a slight but notable disparity between the two fast food giants (Kottler and Keller, 2004, 375). The two in a bid to attract more customers have differentiated themselves in terms of the service delivery to their customers. Each of them has strived to achieve unique service delivery criteria with an aim of luring more customers.
Works cited
Barney, J. On becoming a strategic partner. New York: Springer LTD. 2003.
Joanne, L. palliative care: sick to death and not going to take it anymore. Berkeley: University of California Press. 2007.
Kottler, P and Keller, K. marketing management. New Jersey: Prentice Hall Pearson. 2004.
Name The New York Times
https://www.nytimes.com/2022/09/26/business/global-economy-oecd-forecast.htmlName: The New York Times
Date: 09/26/2022According to the Organization for Economic Cooperation and Development, the war between Ukraine and Russia has resulted to great impacts on the global economy. Economies around the globe are expected to slow down more than expected according to a new forecast from the OECD. The world economy is slowing down at an alarming rate according to a new forecast from the Organization for Economic Cooperation and Development. The organization released the updated forecast on November 29th, 2015, which predicts that developing economies will contract more than anticipated in 2016 and especially 2018 with only Asia set to avoid this fate slightly in 2017.
According to analysts that spoke with Reuters, countries including Brazil and Argentina could contract by 0.4% over the next three years because of these economic impacts of Ukraine-Russia war. Additionally, China’s GDP growth will also decrease due to financial deleveraging policy applied by authorities.
According to this article Europe is the most vulnerable region where numerous countries face the threat of recession. The most affected countries will be Greece, Portugal, Cyprus, Italy and Spain. In total, the European economy is expected to contract by 0.2% in 2016.
According to this article each year the OECD releases a forecast for the world economy based on its members’ current economic policies and domestic fiscal circumstances. The OECD expects this year’s global growth of 3.3% to decline to 2.9% in 2017. The decline is also due to slower growth in euro area countries and a negative outlook for North America and Japan owing to troubles related with emerging markets.
High price of food and energy have led to increased inflation causing the slowdown of the world economy. The OECD expects the consumer prices to increase by 1.6% this year and next. The OECD also expects unemployment rates to rise around the world, especially in Greece and Portugal where people are expected to become unemployed due to financial crisis and austerity measures.
WHAT IS THE VALUE OF THE COST POOL
HSA 525 Assignment 2 Cost Behaviors and Allocation
1. WHAT IS THE VALUE OF THE COST POOL?
100,000
2. WHAT IS THE ALLOCATION RATE IF:
A. Patient services revenue is used as the cost driver?
100,000/5,000,000=$0.02 per patient service revenue
B. HOURS OF HOUSKEEPING SERVICES IS USED AS THE COST DRIVER?
$100,000/5000=$20 per housekeeping hr.
3. WHAT IS THE COST-VOLUME-PROFIT (CVP) ANALYSIS AND WHY IS IT USEFUL TO HEALTH SERVICES MANAGERS?
The profit analysis is an analytical technique used to analyze the effect of volume changes on profit. The same procedures can be used to assess the effects of volume changes on cost, so this type of analysis is often called cost-volume-profit(CVP) analysis. Cost-volume profit analysis is a simple but flexible tool for exploring potential profit based on cost strategies and pricing decision while it may not provide detail analysis. Even entities without a profit goal find CVP useful. Government agencies use the analysis to determine the level of service appropriate for projected revenues. Non-profit agencies increasingly stipulating fees for service can explore-fee pricing options; in many cases, the recipients are especially price-sensitive due to income or health concerns (LOUIS C. GAPENSKI, HEALTHCARE FINANCE, FOURTH EDITION, 2008, PP134-135)
CVP analysis allows managers to examine the effects of alternative assumptions regarding costs, volume, and prices. Clearly such information is useful as managers evaluate future courses of action regarding pricing and the introduction of new services(LOUIS C. GAPENSKI, HEALTHCARE FINANCE, FOURTH EDITION,2008, PP134-135).
Managers need to estimate future revenues, costs, and profits to help them plan and monitor operations. They use cost-volume-profit (CVP) analysis to identify the levels of operating activity needed to avoid losses, achieve targeted profits, plan future operations, and monitor organizational performance. Managers also analyze operational risk as they choose an appropriate cost structure (L.BRANNON AND A. MCCABE,”TIME RESTRICTED SALES APPEAL AUGUST/SEPTEMBER 2001, PP 47-53).
4.COMPARE AND CONTRAST THE FOLLOWING THREE METHODS OF DEVELOPING CAPITATION RATES: FEE-FOR-SERVICE APPROACH; COST APPROACH; AND DEMOGRAPHIC APPROACH.
Capitation is a fixed sum per person paid in advance of the coverage period to a healthcare entity in consideration of its providing or arranging to provide, contracted healthcare services to the eligible person for the specified period.
The fee-for-service approach is often used to set the within-system in-patient capitation rate. This method is based on expected utilization and fee-for-service charges rather than underlying costs, although there clearly should be a link between charges and cost. Fee-for-service is a technique that uses utilization forecasts and fee-for-service prices to set premium rates (LOUIS C. GAPENSKI, HEALTHCARE FINANCE, FOURTH EDITION, 2008,PP 44-46).
Fee-for-service methods, doctors, hospital could order as many test as they felt necessary for example doctors and hospital maded a lot of money under this system because they decided the prices charged every visit.
Cost approach is a technique that uses utilization forecasts and underlying costs to set premium rates. Therefore hospital and doctors didn’t make as much money because of set rates.
Demographic approach is a technique that uses population demographics and costs to act premium rates; son therefore depending on your location determines the money you make.
5.WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF CONVENTIONAL BUDGETING VERSES ZERO-BASED BUDGETING?
Conventional budgeting prepare their budgets based on the previous year’s budget. Their department justify only the increases in the expenses required for the current year; they need not have to justify the expenses/budget already approved in the previous year; also the previous year’s expense will have to be made in any case to maintain the regular business level.
Advantages of zero base budgeting is :It question the current budgets expense levels, the effectiveness and efficiency of current processes
Thus, overall cost management control is built in
It focuses on corporate or organizational objectives and within them, the departmental objectives. Thus budget supports their achievements; it supports the overall business very effectively. It drives the department’s plan and so, the planning process starts right away with the formulation of the budgets right at the beginning of the year.
Ultimately focuses on value for money(VFM)
It is based on current market and business realities and therefore, more realistic
Disadvantage of Zero Based Budgeting
1 .More time and effort are required in zero based budgeting as compared to the incremental or conventional budgeting
2. Questioning the current ways of doing business may be threatening to some people within the organization
3. Deciding the departmental objectives within the frame work of organization objectives necessitates top down communication of these objectives with lots of clarity. (Shyam Bhatawdekar’s; website: http://shyam.bhatawdekar.com)
REFERENCES:
LOUIS C. GAPENSKI, HEALTHCARE FINANCE, FOURTH EDITION,2008L.BRANNON AND A. MCCABE,”TIME RESTRICTED SALES APPEAL, AUGUST/SEPTEMBER 2001
SHYAM BHATAWDEKAR-http://shyam.bhatawdekar.com