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Ensuring that resources of finance are available
. Issues of raising equity or loan capital are 
important here. The amount of resources that the strategy will consume needs to be assessed, 
and the likely cost of those resources established. Cash flow forecasting will also be necessary.
(b) 
Integrating the strategy into budgets
for revenues, operating costs and capital expenditure over a 
period. The budgeting process serves as a planning tool and a means of financial control and 
monitoring. 
(c) 
Establishing the necessary performance measures
, in line with other departments for monitoring 
strategic objectives. 
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CHAPTER 6
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ORGANISATIONAL CULTURE AND COMMITTEES 
 
161 
(d) 
Establishing priorities
if, for example, altered conditions make some aspects of the strategy hard 
to fulfil. 
(e) 
Assisting in the modelling process
. Financial models are simplified representations of the 
business. It is easier to experiment with models, to see the effect of changes in variables, than 
with the business itself.
1.8 Human resources 
Human resource management
 
(HRM) is the process of evaluating an organisation's human resource 
needs, finding people to fill those needs, and getting the best work from each employee by providing the 
right incentives and job environment – with the overall aim of helping achieve organisational goals. 
1.8.1 Scope of human resource management 
Human resource management
(HRM) is concerned with the most effective use of human resources. It 
deals with organisation, staffing levels, motivation, employee relations and employee services. 
Human resource management (HRM) is concerned with a strategic approach to people at work and their 
relationships as they arise in the working environment.