Operations and Human Resource Management Assignment

Operations and Human Resource Management - Assignment Example Working effectively with agencies is, therefore, a key consideration for institutions that require their services. A comprehensive analysis of Proposals should, therefore, be done where the institution’s aim will be to identify the best agency to provide for its requirements. The incompetence of agencies will have consequential negative effects on the institutions that hire them and therefore scrutiny is crucial. The component aspects of a good agency range from their credibility to their ability and efficiency. An efficient agency begins with good management. Those in the positions of managers should be conscious of the fact that they are dealing with demanding employees as well as corporate organizations. It is therefore important for them to lay down clear objectives and goals that play the role of guiding the stakeholders as well as striking a balance among their interests. It then leads down to the ability of employees and their motivation to ensuring they give their all towards the attainment of the laid down foals and objectives (Caldwell, 2007). The other aspect is that of risk management. In the agency, an organization is faced with many risks and challenges. The best way to manage these risks is by insuring themselves against any feasible causes that may lead to losses. The other credible way is risk sharing. Agencies may spread their risks with other partners in the same industry such that in the occurrence of losses, they will not bear the whole burden. The other very important activity is budget development and management activity. Just like any other organization, an agency needs to properly plan for its finances. This is best done through the formulation of a budget. A budget stipulates ways in which finances are to be earned and also how they are to be spent (Grey, 1999). A deficit in  the budget may be translated as insolvency of the business which is quite a risky position to beat. A surplus, on the other hand, would mean that the organization is well placed financially and is actually making profits. The budget, therefore, is an important tool for agencies since it is able to evaluate just how much the agency should spend and in what activities.