• Monetary resources are the funds needed to start, operate, and expand an organization. These resources include money on hand and in reserves in financial institutions, investments by owners, and various forms of credit. • Informational technology is the use of computers for storing, sending, and retrieving information. It is a critical resource needed for efficiency and accuracy in an organization. Delegation Management oversees employees to ensure work is completed efficiently and effectively. Efficiency means to use resources to get a job done with minimal waste of time and effort. Effectiveness means the intended goals or objectives are achieved. When management is efficient and effective, productivity increases. Productivity is a measure of output accomplished by an employee in a specific amount of time. Efficient management is not, however, the manager completing all the work without delegating some responsibilities to employees. Effective managers accomplish work through delegation of tasks to employees. To delegate means to assign authority to someone else to carry out a task. Authority is power to carry out a task and make decisions. Delegation, when done correctly, is an effective practice. When employees are trained and competent to make specific decisions, a manager’s time can be spent managing rather than performing tasks that can be completed by an employee. Organizational Resources Capital resources Informational technology Human resources Monetary resources Raw materials [Credits for Shutterstock images from left to right] Macrovector/Shutterstock.com Macrovector/Shutterstock.com Macrovector/Shutterstock.com Lucia Fox/Shutterstock.com Voin_Sveta/Shutterstock.com Goodheart-Willcox Publisher Figure 1-1 Organizational resources include capital resources, raw materials, human resources, monetary resources, and informational technology. Employability Skills Soft Skills Soft skills are the skills used to communicate and work well with others. They are considered essential employability skills, which are skills that help an individual find a job, perform well in the workplace, and gain success in a job or career. Soft skills are also known as people skills or interpersonal skills. Copyright Goodheart-Willcox Co., Inc. Chapter 1 Management 7