Task 1 Resource Management study guide questions.

Do not copy and paste the answers. Read the information and express the ideas in your own words or paraphrasing instead of copying. Remember to write complete sentences not isolated words or phrases.

 

1.What is Resource Management?

The process of using different business resources efficiently and effectively. It is focused on the planning, scheduling, and future allocation of resources to right project at the right time and cost. It is a way too improve profitability using the businesses resources.

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

Resource management is an important part of a business, it helps optimize profitability and sustainability.

1.      Minimize project resource cost significantly.

2.      Improving effective/billable resource utilization.

3.      Bridge the capacity vs demand gap proactively.

4.      Use scare resources effectively in a matrix organization.

5.      Monitor and improve organization health index.

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

1. Resource scheduling- This is based around looking for different resources during a specific amount of time and using them for a specific project.

2. Resource utilization- The way on how employees use the resources if they use them correctly and effectively.

3. Resource forecasting- This helps the managers know the resources that they will need for a future project.

4. Resource and capacity planning- It the way of utilizing, planning, forecasting, and allocating the resources in the most efficiently and intelligently way.

5. Business intelligence and reports- Using the metrics and data available from the organization, this helps the manager with its decision-making abilities.

4.What are the advantages of resource management?

·        Better Employee Satisfaction

·        Predictable Patterns for Success

·        Improved Profitability

·        Predictable Project Timeline

·        Effective Use of Resources

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

1. Communication skills- This has to do with what we learned on the first unit. Communication, a way to get a message across a person or more in the most effective way.

2. Conflict resolution- A skill that is one of the most important. The way in which the manager can find a resolution between a conflict in the most effective way.

3. Domain knowledge- The management in charge of a project needs to have some to knowledge of the project that is being worked on.

4. Proactive planning- The manager needs to be proactive in reaching the goals of the project.

5. Negotiation skills- In certain cases there needs to be an extra expense in the project, so they need to have good negotiation skills and get the job done.

6. Risk management- When a project comes to a little problem or has a delay, the manger in charge need to see and fix it. The project needs to keep going.