Resource Management Study Guide Questions

 T a s k   1

What is Resource Management?

Resource management refers to the effective process that takes place in any business, as it utilizes diverse business resources such as human resources, assets, facilities, equipment and much more. But always trying to use them in the most efficient and effective way to provide the best product and/or service.

ü  Planning

ü  Scheduling

ü  Future allocation

Resource management uses the available resources to be used in the appropriate project, trying to have and maintain the time and cost of the project, because it is very important to use the budget carefully and therefore to improve the profitability in an optimal way.

At the same time, resource management plans the utilization of the skills of the human resources/workers and as a result: a good and improved remuneration of all the work done before.

Mention what is the importance of Resource Management in business.

Resource Management is able to assist and contribute in all lines of work of the organization.

Minimize project resource costs significantly	The right resource for the right project =  on-time, in-form and on-budget delivery. Resource managers have a big job at this point, they have the decision of the distribution of resources to all projects, the most convenient is to do it in a uniform way to control costs. On the other hand, resource managers can use cost effective global resources but with low cost locations, this in addition to the local resources results in a cost reduction for the project.
Improving effective/billable resource utilization	Human resources, the workers of a company may be carrying out a project in non-billable or strategic jobs, but with the help of the software that managers currently have, it is possible to change them to a billable, adequate and strategic project.
Bridge the capacity vs. demand gap proactively	When managing the resources of a project, it is possible to have an overview of what resources will be required from time to time. With this, the manager can visualize where there are excesses or shortages and put in place an action plan that balances the resources that are available with the demands.
Use scarce resources effectively in a matrix organization	In managing resources, one of the direct results is that it brings effective communication and effective sharing of resources in a matrix organization. An excellent option to implement is the shared services model, as it helps teams and projects in different locations.
Monitor and improve organization health index	Regular monitoring of employees, keeping an eye on their skills and professional and personal performance is beneficial to motivate them in a positive way, resulting in an organization with greater added value.

 

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

o   Resource scheduling

Resource scheduling has the task of identifying and assigning resources during a certain period of time to different areas of a project, whether they are billable or not.

In addition, a direct effect is also the utilization of competent resources on the right project, resulting in completing the work on time and within the previously planned budget.

 

o   Resource utilization

Resource utilization is able to correctly and optimally measure the amount of time spent per worker on a project.

This represents a very important performance indicator as it influences the final results that have an impact on the company.

Managers move resources in the best possible way.

Utilization can be measured in terms of:

·         Overall resource utilization

·         Billable utilization

·         Strategic utilization

·         Non-billable utilization

 

o    Resource forecasting

Resource forecasting helps each manager in this area to know what direction the resources will take: if they are used, in what form, how much time, which ones are used and which ones are not.

With this, it can be leveraged:

·         Mobilize resources for billable tasks.

·         Good management

·         Have the necessary resources for the project

 

o   Resource and capacity planning

Planning is a comprehensive process of planning, forecasting, allocating and utilizing human and material resources in a smart and effective manner.

In addition, through a manager's ability to do such activities, it helps to maximize the correct utilization of the resources employed in a project, as well as to promote the delivery of the project on time.

 

o   Business intelligence and reports

Thanks to new technologies, the resource management area is able to obtain information, data, metrics and numbers from various reliable sources, which are of great help to managers when making decisions and monitoring the resource environment.

 

What are the advantages of resource management?

Thanks to resource management, companies are able to improve their projects, reduce costs, improve project quality, and employ responsible, committed, energetic and productive people.

This optimal management of resources fosters the satisfaction and relief that the client needs in the business environment.

In addition to providing transparency and correct communication throughout the process.

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

Communication skills	Resource managers are mediators of the resource management process, so it is very important that these people have high and functional communication skills, as this will facilitate the sharing of information on roles and responsibilities of the resources to be used and, of course, the communication between the team in charge of the resource management process.
Conflict resolution	The job of a resource manager is to mediate, to set the right course of action and to make sure that everyone on the team is on the same page, and to keep the work moving forward, as sometimes there can be discrepancies.
Domain knowledge	A resource manager must have knowledge about the area in which he/she will be working, since the main task of this manager is to allocate resources effectively, if he/she does not know about the materials to be distributed, it will be very difficult.
Proactive planning	A resource manager and manager must make appropriate decisions in advance about how resources will be allocated. By doing so, the project will be delivered on time and on budget, satisfying demand.
Negotiation skills	The resource manager can present many difficulties when allocating resources, sometimes they must negotiate with the project owner to convince of better alternatives or options for the job in question.
Risk management	Risks are inevitable over the lifetime of a project, so a resource manager must be able to have an alternative plan in case of problems, perfecting his or her skills in managing surprise risks so that they do not affect the project being worked on.