Resources Managed in Business - Review

What are the primary types of resources managed in business?

• Human, financial, physical, technological, information

• Human, natural, environmental, social, cultural

• Financial, environmental, social, cultural, technological

• Physical, social, cultural, natural, human

What is a key distinction between internal and external resources?

• Internal resources are cheaper than external resources

• Internal resources are owned by the company, external are sourced from outside

• External resources are more reliable than internal resources

• External resources are always more efficient than internal resources

Which of the following is an example of an internal resource?

• Raw materials from suppliers

• Company-owned IT infrastructure

• Consulting expertise

• Market research data

What is a characteristic of internal resources?

• They require reliance on external parties

• They offer variable costs based on usage

• They provide greater control over quality and efficiency

• They are always cheaper than external resources

Which of the following is a focus of managing internal resources?

• Reducing costs by outsourcing

• Developing employee skills

• Hiring external consultants

• Sourcing raw materials from suppliers

What is a characteristic of external resources?

• They are always owned by the company

• They require additional coordination and communication

• They have higher fixed costs

• They are easier to integrate into existing operations

Which of the following is an example of managing external resources?

• Training employees

• Optimizing inventory levels

• Hiring a marketing consultant

• Managing internal data systems

What is a potential cost structure difference between internal and external resources?

• Internal resources have lower fixed costs

• External resources always have higher fixed costs

• Internal resources may involve higher fixed costs

• External resources never offer variable costs

What is an example of a technological resource?

• Company buildings

• Employee skills

• Software systems

• Raw materials

What is a benefit of integrating internal resources?

• It requires less monitoring

• It is always cheaper

• It is often smoother

• It requires more external expertise