Resource Management

 Daniel Chavez Martinez

 

Task 1 Resource Management study guide questions.

 

1.     What is Resource Management?

 

It is a process of efficiently and effectively using various types of business resources. These resources can be human resources, assets, facilities, equipment, etc.

 

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

 

Resource management plays an important role in improving the profitability and sustainability of enterprises because it significantly reduce project resource costs and allocate the right resources to the right projects so that they can complete the delivery within time and budget.

 

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

   

Resource scheduling - It involves identifying resources in a specific period and assigning them to different project tasks and helps to deploy competent resources to the right work to complete the project within budget and time.

 

Resource utilization – It mesures the time spent by employees on different project tasks compared to their availability and is also a key performance indicator in the modern business environment because it directly affects the company's bottom line.

 

Resource forecasting - It helps managers predict the level of resource utilization in advance, and foresee the resources that may eventually appear on the bench. In addition, they can also know the capacity required for the pipeline project in advance.

 

Resource and capacity planning - Resource planning is the most effective and intelligent comprehensive process of planning, forecasting, allocating and utilizing labor. Resource capacity planning is a task of analyzing and bridging the gap between capacity and demand before the curve. These two components are essential to ensure that no project vacancies are not filled or excess capacity is wasted.

 

Business intelligence and reports - Business intelligence gives noteworthy experiences by performing broad information investigation utilizing continuous information, individualized reports, and dashboards on significant asset the board measurements are created. These reports reinforce the director’s dynamic capacities and permit them to screen the general asset health index.

 

4.     What are the advantages of resource management?

 

·       Provides you with an overview of everyone and everything involved in your project

·       Enables utilization planning.

·       Makes the planning and management process more transparent.

·       Helps you see problems before they start.

·       Gives you control over your project.

 

 

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

 

Communication skills - are the ability to send messages that are properly an entirely received and understood by the target audience. 

 

Conflict resolution - It is a settlement of dispute through negotiation, persuasion, arbitration or any other action suitable for the settlement.

It is a means of finding a solution to a disagreement, argument and opposition.

 

Domain knowledge - It’s the knowledge of a specific, specialized discipline, profession, or activity, in contrast to general knowledge, it is used to describe the knowledge of specialists or experts in a particular field. 

 

Proactive planning - It’s taking the initiative to plan in advance, schedule important events and prepare for success it also optimizes business or department efficiency and protects against very costly events.

 

Negotiation skills – These are meaningful to secure better agreements in our personal and business lives. Negotiating skills include methods of: communicating, persuading and influencing, planning, strategizing and employing tactics, techniques, tools, systems, processes, and teamwork.

 

Risk management - It’s the attempt to control, as much as possible, future outcomes by acting proactively rather than reactively and offers the potential to reduce both the possibility of a risk occurring and its potential impact.