Resource Management - Revision history

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User at 18:35, 2 March 2020

2020-03-02T18:35:36Z

User: Resource Management is the process of using a company's resources in the most efficient way possible. These resources can include tangible resources such as goods and equipment, financial resources, and labor resources such as employees.

2019-01-04T23:14:37Z

Resource Management is the process of using a company's resources in the most efficient way possible. These resources can include tangible resources such as goods and equipment, financial resources, and labor resources such as employees.

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-Business Dictionary defines '''Resource Management''' as "the process of using a company's resources in the most efficient way possible. These resources can include tangible resources such as goods and equipment, financial resources, and labor resources such as employees. Resource management can include ideas such as making sure one has enough physical resources for one's business, but not an overabundance so that products won't get used, or making sure that people are assigned to tasks that will keep them busy and not have too much downtime.<ref>[http://www.businessdictionary.com/definition/resource-management.html Definition of Resource Management -Business Dictionary]</ref>
+'''Resource Management''' is the process of using a company's resources in the most efficient way possible. These resources can include tangible resources such as goods and equipment, financial resources, and labor resources such as employees. Resource management can include ideas such as making sure one has enough physical resources for one's business, but not an overabundance so that products won't get used, or making sure that people are assigned to tasks that will keep them busy and not have too much downtime.<ref>[http://www.businessdictionary.com/definition/resource-management.html Definition of Resource Management -Business Dictionary]</ref>
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 *Review workload allocation: The team’s workload is another metric you’re going to need to keep close. If all the work is being laid on the shoulders of only a few team members, while the others are idle, then you’re going to need to reallocate your resources. Another way of looking at this is leveling your resources by ensuring that they are equally distributed across your team. Checking on workload is a daily part of keeping your resources well-allocated.
 *Get resource reports to monitor productivity: When you’re watching your resources in real-time, and the project’s success is on the line, then you’re going to need to make decisions swiftly. Use your reporting feature of your project management tool to produce reports on resource allocation, as well as task progress by individual. It’s important to monitor resources regularly with deep dives into data to measure productivity KPIs like output and actual effort.

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-Business Dictionary defines '''Resource Management''' as "the process of using a company's resources in the most efficient way possible. These resources can include tangible resources such as goods and equipment, financial resources, and labor resources such as employees. Resource management can include ideas such as making sure one has enough physical resources for one's business, but not an overabundance so that products won't get used, or making sure that people are assigned to tasks that will keep them busy and not have too much downtime.<ref>Definition of Resource Management [http://www.businessdictionary.com/definition/resource-management.html Business Dictionary]</ref>
+Business Dictionary defines '''Resource Management''' as "the process of using a company's resources in the most efficient way possible. These resources can include tangible resources such as goods and equipment, financial resources, and labor resources such as employees. Resource management can include ideas such as making sure one has enough physical resources for one's business, but not an overabundance so that products won't get used, or making sure that people are assigned to tasks that will keep them busy and not have too much downtime.<ref>[http://www.businessdictionary.com/definition/resource-management.html Definition of Resource Management -Business Dictionary]</ref>
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 (i) there are employees within our organization with required specific skill set and desired profile required for a project,<br />
 (ii) decide the number and skill sets of new employees to hire, and<br />
-(iii) allocate the workforce to various projects. Within professional services and consulting organizations, the effectiveness of these tools and processes is typically monitored by measuring billable utilization rate.<ref>What is Resource Management? [https://en.wikipedia.org/wiki/Resource_managemen Wikipedia]</ref>
+(iii) allocate the workforce to various projects. Within professional services and consulting organizations, the effectiveness of these tools and processes is typically monitored by measuring billable utilization rate.<ref>[https://en.wikipedia.org/wiki/Resource_managemen What is Resource Management? -Wikipedia]</ref>
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 *Physical space – Is the company’s office or manufacturing space configured so that other resources can be managed for maximum efficiency?
 *Equipment – Does it have the tools needed to do what’s required?
-*Technology – What does the business need to succeed and should financial resources be reallocated to fund what’s missing?<ref>Resource Management as referenced in Project Management and Business Management [https://www.shopify.com/encyclopedia/resource-management Shopify encyclopedia]</ref>
+*Technology – What does the business need to succeed and should financial resources be reallocated to fund what’s missing?<ref>[https://www.shopify.com/encyclopedia/resource-management Resource Management as referenced in Project Management and Business Management -Shopify encyclopedia]</ref>
-'''The Importance of Resource Management'''<ref>Why is Resource Management Important? [http://www.projectmanage.com/managing-resource/ Niaz Makhdum]</ref><br />
+'''The Importance of Resource Management'''<ref>[http://www.projectmanage.com/managing-resource/ Why is Resource Management Important? -Niaz Makhdum]</ref><br />
 Resources can be of different types, such as people, materials, equipment and other supplies. For instance, in a software development project, you will need programmers, software engineers, system analysts, office staffs, as well as a convenient office place, computers with high configuration, internet facilities etc. The project manager must ensure about the availability of these resources. In some cases, the project manager identifies that the project is heading in a wrong direction. Deadline is approaching very fast, available budget is getting exhausted; however more than 50% of project activities are still unfinished. In this moment of severity, the project manager has two options; he has to make arrangements for the appropriate training for the team members to enhance their capabilities, or he needs to hire skilled personnel. Promptness in decision making is largely required in this case for the project manager. Again, choosing right people for the right job is not a very simple task. The project manager must have the capability to determine the appropriate skill level necessary for a particular activity in the project, and also to match people to those skills. To hire the perfect staff, the project manager should make sure to define the roles properly, arrange interview and test the candidates. He should also be careful about the budget, because hiring skilled people may not always be achieved in a cheaper way. The project manager must guarantee that the team members are respected properly. Without getting proper attention, admiration and respect, the team members in a project will not try to give their 100%. Furthermore, the project manager will have to utilize his motivation skills properly. He must encourage his team members to render their best effort, and remunerate them whenever they do something special. He must also try to empower the team members and ensure their participation in all sorts of decision-making process. This will ultimately increase the overall productivity and the project will lead towards success. Ensuring better workplace environment is another important thing that must be carefully taken care of by the project manager. Experiments have suggested that people’s performance and their job satisfaction are seriously affected by the room size, furniture, equipment, temperature and humidity, brightness and quality of light, noise and most often the degree of privacy available. If the project manager fails to ensure good working condition, it may become really costly for the project. Staff turnover will increase, and more money should be spent on recruiting and training of new staffs. There will be the possibility that the project will not be finished in time. The project manager must also ensure the optimal utilization of the available resources. Sometimes it is seen that some members of the project team spend their official time sitting idly, while other members work incessantly and find very little time to relax. The project manager has to set the duties and responsibilities of every member of the team and continuously monitor them. He must also ensure that all the members of the project team are 100% committed to achieve the project goals and objectives. The project manager should also be careful about utilizing non-human resources. He must make sure about the regular supply of materials and equipment required for the project. He must also confirm about the better quality of these resources, which is extremely necessary in a project. The project manager has to communicate well with the project sponsor to make sure about the availability of funds. The sponsor must be knowledgeable about all the potential obstacles, risks and other necessary issues on an on-going basis. This will make sure about the availability of the resources in a timely manner. Lastly it can be mentioned that managing all sorts of resources in a proper manner is absolutely necessary to ensure the overall success of the project. The project manager must give appropriate attention in this regard.
-'''Types of Resource Management'''<ref>What are the Different Types of Resource Management [https://simplicable.com/new/resource-management Simplicable]</ref><br />
+'''Types of Resource Management'''<ref>[https://simplicable.com/new/resource-management What are the Different Types of Resource Management -Simplicable]</ref><br />
 Resource Management is a broad category of management as opposed to a discipline in itself. The following are common types of resource management.
 *Human Resources: Managing people including organizational structure, recruiting, onboarding, training & development, performance management, compensation, payroll, benefits, industrial relations and compliance.
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-'''Principles of Resource Management'''<ref>5 Key Principles to Resource Management [https://www.liquidplanner.com/blog/5-key-principles-resource-management/ LiquidPlanner]</ref><br />
+'''Principles of Resource Management'''<ref>[https://www.liquidplanner.com/blog/5-key-principles-resource-management/ 5 Key Principles to Resource Management -LiquidPlanner]</ref><br />
 One of the most important elements of project management is managing the resources that actually do the work. In practice, however, many PMs focus on measuring resources rather than acting as a force multiplier that understands and motivates their team. To help you avoid this mistake, here are five key points to effectively managing resources:
 *Resources are people, too: Resource management is typically discussed with charts and graphs, using terms like Resource Assignment Matrices (RAMs) and optimal utilization. While this mechanical methodology creates an important analytical framework for Portfolio Project Management (PPM), the most important nuance is almost always overlooked: Resources are usually people. In the end, all the histograms in the world won’t actually increase your team’s productivity. The fact that people are ultimately responsible for project success is the most important thing to remember about resource management. Soft skills like communication, leadership and emotional intelligence are necessary to effectively communicate with team members in order to inspire and motivate. Great PMs understand how to combine PPM tools and the people doing the work to create a transparent, collaborative, and productive project environment.
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-'''Elements of Resource Management'''<ref>What are the Key Elements of Resource Management [https://www.brighthubpm.com/resource-management/14438-key-elements-of-resource-management/ Brighthubpm]</ref><br />
+'''Elements of Resource Management'''<ref>[https://www.brighthubpm.com/resource-management/14438-key-elements-of-resource-management/ What are the Key Elements of Resource Management -Brighthubpm]</ref><br />
 Among crucial elements of resource management, the following are the most key:
 *Resource Plan – Every project plan should have a resource plan as its component. The resource plan should contain all aspects of your project from beginning to end that pertain to resources required.
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-'''Resource Management Lifecycle'''<ref>Resource Management Lifecycle [https://www.pcubed.com/bulletins/choosing-ultimate-resource-management-solution Byron Garbutt]</ref><br />
+'''Resource Management Lifecycle'''<ref>[https://www.pcubed.com/bulletins/choosing-ultimate-resource-management-solution Resource Management Lifecycle -Byron Garbutt]</ref><br />
 The lifecycle for resource management can be broken into four key areas:
 *Definition: HR/resource policies, rates, and supporting fiscal periods, as well as the definition and identification of the key components and levels of the organization/resource breakdown structure.
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-'''Effective Resource Management'''<ref>Effective Resource Management and Project Planning [https://project-management.com/effective-resource-management-and-project-planning/ Radhika Chittoor]</ref><br />
+'''Effective Resource Management'''<ref>[https://project-management.com/effective-resource-management-and-project-planning/ Effective Resource Management and Project Planning -Radhika Chittoor]</ref><br />
 For any project to be a success, one cannot undermine the importance of effective resource management. The impact of effective resource management can be seen not only on the profits incurred due to resource optimization and reduced bench time but also in the spirit of positive attitude and motivation it generates in the resources.
 *Have a list of the projects planned for the year at hand.  This helps in forecasting the skills required, the resources needed etc accurately so that it becomes easy to allot and move resources for each of the projects. This not only helps in optimum utilization of resources but can also throw light on the actual project effort, project monitoring etc.
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-'''Resource Management Best Practices'''<ref>Resource Management Best Practices [https://www.projectmanager.com/blog/quick-guide-resource-management Jason Westland]</ref><br />
+'''Resource Management Best Practices'''<ref>[https://www.projectmanager.com/blog/quick-guide-resource-management Resource Management Best Practices -Jason Westland]</ref><br />
 Resource management is heavily linked to your scheduling and management of your project management schedule. These are different but complementary disciplines, and the more holistically you approach managing your resources, the more you’ll be able to act in a timely manner to keep your project moving towards success, on time and within budget. There are four ways you can keep on top of resources workload.
 *Manage work schedule calendars actively: You need to be able to track hourly and daily availability of individual resources, as well as track their planned holidays and vacations. Be sure to take into account global or regional time differences, as well as different global holidays that might differ from your home office holiday calendar.

← Older revision		Revision as of 18:35, 2 March 2020
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−	Business Dictionary defines Resource Management as "the process of using a company's resources in the most efficient way possible. These resources can include tangible resources such as goods and equipment, financial resources, and labor resources such as employees. Resource management can include ideas such as making sure one has enough physical resources for one's business, but not an overabundance so that products won't get used, or making sure that people are assigned to tasks that will keep them busy and not have too much downtime.<ref>Definition of Resource Management [http://www.businessdictionary.com/definition/resource-management.html Business Dictionary]</ref>	+	Business Dictionary defines '''Resource Management''' as "the process of using a company's resources in the most efficient way possible. These resources can include tangible resources such as goods and equipment, financial resources, and labor resources such as employees. Resource management can include ideas such as making sure one has enough physical resources for one's [[Business\|business]], but not an overabundance so that [[Product\|products]] won't get used, or making sure that people are assigned to tasks that will keep them busy and not have too much downtime.<ref>Definition of Resource Management [http://www.businessdictionary.com/definition/resource-management.html Business Dictionary]</ref>


−	In the realm of project management, processes, techniques and philosophies as to the best approach for allocating resources have been developed. These include discussions on functional vs. cross-functional resource allocation as well as processes espoused by organizations like the Project Management Institute (PMI) through their [[~~Project_Management_Body_of_Knowledge_~~(~~PMBOK~~)\|Project Management Body of Knowledge (PMBOK)]] methodology of project management. Resource management is a key element to activity resource estimating and project human resource management. Both are essential components of a comprehensive project management plan to execute and monitor a project successfully. As is the case with the larger discipline of project management, there are resource management software tools available that automate and assist the process of resource allocation to projects and portfolio resource transparency including supply and demand of resources. The goal of these tools typically is to ensure that: (i) there are employees within our organization with required specific skill set and desired profile required for a project, (ii) decide the number and skill sets of new employees to hire, and (iii) allocate the workforce to various projects. Within professional services and consulting organizations, the effectiveness of these tools and processes is typically monitored by measuring billable utilization rate.<ref>What is Resource Management? [https://en.wikipedia.org/wiki/Resource_managemen Wikipedia]</ref>	+	In the realm of [[Project Management\|project management]], processes, techniques and philosophies as to the best approach for allocating resources have been developed. These include discussions on functional vs. cross-functional resource allocation as well as processes espoused by organizations like the Project Management Institute (PMI) through their [[Project Management Body of Knowledge (PMBOK®)\|Project Management Body of Knowledge (PMBOK)]] methodology of project management. Resource management is a key element to activity resource estimating and project [[Human Resource Management (HRM)\|human resource management]]. Both are essential components of a comprehensive project management plan to execute and monitor a project successfully. As is the case with the larger discipline of project management, there are resource management software tools available that automate and assist the process of resource allocation to projects and portfolio resource transparency including supply and demand of resources. The goal of these tools typically is to ensure that:<br />
		+	(i) there are employees within our organization with required specific skill set and desired profile required for a project,<br />
		+	(ii) decide the number and skill sets of new employees to hire, and<br />
		+	(iii) allocate the workforce to various projects. Within professional services and consulting organizations, the effectiveness of these tools and processes is typically monitored by measuring billable utilization rate.<ref>What is Resource Management? [https://en.wikipedia.org/wiki/Resource_managemen Wikipedia]</ref>