ASSIGNMENT 14. Resource Management study guide questions

1.What is Resource Management?

It Is an essential part of any bussines and originated as a discipline after organizations grew and became more intricate. Resource Management it's the process of making use of resources and supplies (such as human capital, facilities, instruments, materials, etc) and planning and scheduling how these assets can be allocated efficiently and effectively.

 

2.Mention what is the importance of Resource Management in business.

It increases a bussines' profitability and permanency.

1. Cost effectiveness: Managers can get resources from another country or location where it's priced lower so that they're able to stay within a budget. Also managers can regulate costs distributing key resources to all projects evenly and not just to one high priority project.

2. Improving effective billiables utilization: managers can foresee the utilization of workforce with the help of softwares and that way resources can be mobilized accordingly.

3. Diminish the gap between capacity and demand: Managers can make use of demand forecasting, a function that tries to predict future sales or customer demands so that they can optimize supply decisions and identify shortages or excesses and implement a plan of action to bridge the capacity vs demand gap.

4. Use scarce resources effectively: Resources that are in short supply can be made available to different projects instead of just utilizing them in one single high priority project, and that's because Resource Management provides clear communication so it facilitates sharing highly skilled resources effectively.

5. Monitor and improve the health index: Managers need to motivate and provide career development opportunities, if not productivity and engagement drop so regular assessment of employee's skills and performances is beneficial because that way they can improve and bring more value to the organization

 

3.What are the Concepts and Components of Resource Management? Define them in detailed.

1. Resource scheduling

Is a process that organizes a team's assests so that the right resources are assignated to the right task and for a specific period of time and that way projects can be finished on time and within budget.

2. Resource Utilization

It measures the percentage of an employee's available time that is used for different projects or tasks.

Utilization can measured with:

1. Overall resource utilization
2. Billable utilization
3. Strategic utilization
4. Non billable utilization

3. Resource forecasting

It's a function that helps managers predict resource utilization leves ahead of time and anticipate what resources are likely to end up not being used, also they can be aware of what the required capacity will be for future projects.

Knowing this information can:

• 1.    Mobilize resources to billable tasks to non billiables.
• 2.    Ensure effective bench management
• 3.    Bridge the capacity and demand gap

4. Resource capacity planning

Is the process of estimating and allocating tasks based on the workforce capacity and skill sets so that it's utilized most efficiently and intelligently.  Doing this is vital so that no project vacancies go unfilled or excess capacity gets wasted.

5. Business intelligence and reports

It's provides actionable information from an extensive data analysis. Reports are generated on resource management and that allows a manager to enhance their decision making abilities.

4.What are the advantages of resource management?

The entire process of planning, defining goals and objectives, scheduling and allocating resources maximizes a company's productivity and can help avoid unforeseen challenges.

If there's poor resource management the project's costs increase, employee performance is reduced due to unrealistic expectations or over allocations, there's high employee turnover because they feel dissatisfied and disengaged, delays in projects deadlines happened because there's no planning behind, and overall client dissatisfaction leading to closing down the business.

 

5. What are the skills that every resource manager should have? Explain each in detail.

·         Communication skills: Resource managers act like mediators so it's essential they have excellent communication skills because that will allow them to explain better to the resources what their roles and responsibilities are and also reason with the project managers.

·         Conflict resolution: it's the job of the manager to intervene when project managers get in problems with each other for requesting the same resources for example, so managers must define clear goals and objectives, set the expectations right and ensure everyone works in harmony.

·         Domain knowledge: it's important a manager has basic knowledge and context of their resources so they know how to allocate them properly.

·         Proactive planning: managers need to be attentive and fast to make calculated decisions so they're able to implement the right resourcing treatments fullfil the project managers' workforce and resources needs so they're able to finish their projects on time and within budget

·         Negotiation skills: managers need to able to compromise and reach agreements because while working on projects they're can be many challenges that need to be settled.

·         Risk management: risks are inevitable when working on projects so managers need to have back up plans so unwarranted situations can be dealt with.

 

 

References:

·         Mansinghka, A., Neg, S. (october 6, 2021). SAVIOM. What is Resource Management and its Importance? https://www.saviom.com/blog/what-is-resource-management/