Using the Resource-Based View of the Organization, Explain How People

question 21

Essay

Using the resource-based view of the organization, explain how people are a valuable resource. Provide an example to justify your answer.

---

Definitions:

Business Transaction

An economic event or activity that changes an entity's financial statements, involving the exchange of goods, services, or funds between two or more parties.

Shortage Cost

Costs incurred from not having enough inventory or resources to meet demand, leading to potential lost sales.

Storage Costs

Expenses incurred for storing goods or materials until they are used or sold, which can impact a company's overall profitability.

Insurance Cost

Insurance cost is the expense incurred in purchasing insurance policies, offering protection against potential financial losses.