Characteristics
of Family
Resources
All resources have certain basic
characteristics. All resources are
similar in that they are useful. Some
may be more useful than the other
in a particular management
situation. But there are certain basic
characteristics of these resources.
1. Resources are limited both
qualitatively and quantitatively:
Limitation is one of the main characteristics of
resources. The limitation is quantitative as well
as qualitative. Some resources are more scarce
than others. The challenge of management lies
in the scarcity of resources and still being able
to achieve the family goals, e.g. Time and energy
are limited. Time is a limited resource since no
one can have more than 24 hours per day. We
cannot save time from each day for future use.
2. Resources are Useful:
All resources have utility or want satisfying power
depending upon the goal to be achieved. According to Gross
and Crandall, “the usefulness or value of a given element
may be recognized only in relation to a specific goal.”
Though all resources are useful, they vary according to the
problems to be solved or for different goals, e.g. Money is
the valuable resource for building a house or buying
furniture’s, but knowledge is essential for getting a job or
intellectual ability counts most to do well in examination.
Other resources can support in each management situation
to certain extent which become the secondary resource.
3. Resources are interrelated and
interdependent:
Usually in almost all managerial process, many resources
are used at a time. The resources are interrelated and
interdependent. People often have to use a “resource-
mix” or a combination of resources to achieve the family
goals, e.g. for interior decoration, money, time, energy,
knowledge, skill and other resources are combined
together to purchase furniture and furnishing. Some of
the inherited and gifted furniture’s may be taken for
decoration.
Goods like vegetables and fruits could be produced in
the kitchen garden by the use of time, energy, money
and other material resources required for cultivation.
In management process the interrelated use of
resources in a “resource mix” is more important than
the use of any specific one. The resources are
interrelated as well as interdependent both
qualitatively and quantitatively.
5. One resource may be substituted for another:
One resource may also be substituted for another resource in
solving a problem, e.g. a full time home maker may have
enough time and skill to sew the dresses for her family
members by herself if there are other demands on her time.
She may purchase labour saving equipment which will
shorten the time spent on sewing or cooking or both.
She thus combines her time with another material resource
to achieve her goals. If the same homemaker is working
outside her home. She may not find time for sewing. But
may have more money to give her sewing to a tailor. Here
money is used as a substitute for time.
4. Resources have alternative uses:
All resources have alterative uses. For e.g.
Energy as a resource can be used for doing
household activities and some other work
outside the home. Money has alternative
uses as it has the purchasing power Goods
like vegetables from the kitchen garden
may be used for cooking inside the house or
can be sold in the market to get money.
