ASSIGNMENT 14: Resource Management 

NAME: Cinthia Segura Pérez

NUA: 117494


1.     What is Resource Management?

Resource management is responsible for ensuring the optimal use of the resources allocated to a project, as well as planning what type of resources will be needed, in what quantity, and what will be cost. All this to ensure good profitability in the project.

 

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

Resource management ensures the profitability and sustainability of a company. Some important aspects are:

·       Minimize project resource costs significantly

Managing resources allows you to analyze many suppliers regardless of where they are in the world so that you can search for those whose cost is cheaper and thus save resources.

·       Improving effective/billable resource utilization

Allows to carry out greater control of how resources are being used.

·       Bridge the capacity vs. demand gap proactively

They analyze the behavior of demand to adjust production through a demand forecast, thus avoiding a shortage. In the same way, this allows them to create an action plan in the event of possible imbalances.

·       Use scarce resources effectively in a matrix organization

When you have a limited number of resources, they can be managed to assign them to other projects and thus be more efficient.

·       Monitor and improve organization health index

It is important for the company to promote the professional development of workers to ensure their commitment and productivity, as well as to monitor their performance.

 

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

·       Resource scheduling

It allows you to keep track of resources by identifying them and assigning them to future projects. This serves to avoid mishaps.

·       Resource utilization

 

It is a performance indicator that allows to measure and compare the time that workers dedicate to their work and the degree of difficulty of the work.

·       Resource forecasting

It helps to calculate the number of resources that will be necessary for the development of the projects

·       Resource and capacity planning

Determine what the job vacancies will be according to the complexity of the project to optimize the work without danger of lack of personnel or layoffs.

·       Business intelligence and reports

Reports have generated that detail the status of the company's activities, to have an overview of how it is working and how resources are performing. All this is obtained through business intelligence through data analysis.

 

4.     What are the advantages of resource management?

It allows to have control of the resources that a company needs to avoid waste or lack of resources that can generate extra costs so that the company becomes more efficient.

 

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

·       Communication skills

A resource manager needs to communicate to share information with the company, as well as communicate with suppliers, so this is a skill that they must have developed.

·       Conflict resolution

Often, a resource manager will have conflicts related to the prioritization, acceptance, and denial of projects, so it should be very important to have effective communication to be able to publicize the prioritization criteria so that everyone can work correctly.

·       Domain knowledge

A course administrator must master the necessary knowledge of the area and sector in which he is working.

·       Proactive planning

Resource managers must be resourceful in creating project development plans that meet the time, form, and budget.

·       Negotiation skills

Because the administration of resources is very complex, there are situations in which the RM must negotiate opportunities for the company, with the aim of not increasing costs, so this skill is essential.

·       Risk management

Resource managers must anticipate risk situations with advance plans to know how to act when one occurs, as risk is unavoidable, and they must always be prepared for the unexpected.

 

Bibliography

Anuradha Mansinghka, S. N. (6 de Octubre de 2021). What is Resource Management and its Importance? Obtenido de Saviom: https://www.saviom.com/blog/what-is-resource-management/

 

Comentarios

  1. David Exiga29 de diciembre de 2021 a las 7:38 p.m.

    I agree with your answer about the advantages of resource management, i'll just add that it also improves the company competitiveness.

    ResponderBorrar
  2. Judith G. Cardona29 de diciembre de 2021 a las 8:01 p.m.

    You provided a very thorough explanation of why RM is essential in a company and all the consequences (good or bad) it can have on a business when it is incorporated. So because of this I have to say I agree with everything that was said and that I was happy to read such a good research.

    ResponderBorrar

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