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Summary BTEC Business Unit 7 Business Decision Making notes
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BTEC Business Unit 7 Business Decision Making notes for exam
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Three types of resources- Human
- Physical
- Financial
Human resources – HR is the division of a business that is charged with finding, screening, recruiting,
and training job applicants, and administering employee-benefit program
Human resources jobs
- Staff requirements for efficiency, do they need more staff/less staff, training requirements
- Wages/salaries
- Full time/part time
- Recruitment process
- Training requirements and cost of training-in house vs External
Physical resources – Any asset of the company and how they are managed, buildings,
cars, machinery, stock
Premises – PESTLE analysis for premises
Rent or buy – is it viable to pay £1500 per month in rent or have a mortgage and own the building
Requirements – is the building what the business needs
Location
Equipment and vehicles
Buy – vehicles, another fixed asset
Rent – any expensive fancy equipment cheaper to rent or equipment that will be outdated in a few
years.
Lease – Forklifts, cherry picker, expensive to buy outright and own it eventually
IT
Hardware – physical,
Software – Created and uploaded
Porter’s five forces when dealing with physical
resources. Do it in a grid in exam
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