Managing Scarce Resources in Training and Project: I believe, The Economic Cycle impact on resources will be different in different countries due to the Current Globalized Environment

In the chapter, ‘Managing Scarce Resources in Training and Project’, by Goldsmith and Busby is to give an insight on economic and management concepts for managing scarce resources such as people, time and money in training projects. The key question the authors are addressing is – how to manage these scarce resources? To address this question, the authors give information about two significant concepts such as supply and demand and the economic life cycle. These two concepts are based on the business environment or the economic conditions. Demand refers to the need for the training program and supply refers to the available resources. The rise and fall in the economic activity results in the economic cycle (Reiser and Dempesy, 2007, p.125, 127). The main inferences the authors are making in this chapter is that the application of these concepts will help the training manager to make good informed decisions and help to deal with scarcity and inefficiency. However, I believe, the success of a training project is based on the effective co-ordination of these scarce resources in the globalized environment. There are three reasons; I believe, the authors’ assumptions are weak with regard to the impact of Economic Cycle on the resources in a globalized environment. Continue reading Managing Scarce Resources in Training and Project: I believe, The Economic Cycle impact on resources will be different in different countries due to the Current Globalized Environment