Task 1 Resource Management study guide questions. 

1.What is Resource Management?  

Resource management is centered around optimization and efficiency. When you know what you need to make a project successful, you can effectively understand how to plan resources in an efficient way. To some companies, optimum efficiency is so important that they hire someone solely devoted to resource management.

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

Helps us to ensure that internal and external resources are used effectively on time and to budget.

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

1.Resource scheduling: Is a process used by teams to organize and structure their employees so the tasks they need to complete are scheduled based on availability and capability. Using this process, team leaders can allocate and assign

2. Resource utilization: This one describes the percentage of an employee's available time that is used for tasks and as well as how productive each team member is. Resource Managers can proactively mobilize resources from non-billable to billable/ strategic tasks and maximize their billable utilization.

Utilization can be measured in terms of :

• Overall resource utilization

• Billable utilization

• Strategic utilization

• Non-billable utilization

3. Resource forecasting: this is predicting your future resource requirements. Project managers will use forecasting to ensure that their upcoming projects are adequately staffed.

Leveraging this information, one can

Mobilize the resources to billable tasks from non-billable or BAU activities.

Ensure effective bench management

Bridge the capacity and demand gap

4. Resource and capacity planning: capacity planning is the practice of planning or determining production capacity and workforce needs to make sure your supply chain is equipped to meet demand. So resource capacity planning is the process of defining the amount of work that is able to be done by resources at a company, determining the tasks and projects that can be completed by said resources, and matching work to be done with available resources to meet current and future demands.

5. Business intelligence and reports: is broadly defined as the process of using a BI tool to prepare and analyze data to find and share actionable insights.Using real-time data, individualized reports, and dashboards on important resource management metrics are generated

4.What are the advantages of resource management? 

It has many benefits but the most importants are: gives you control over your project, provides you with an overview of everyone and everything involved in your project, enables utilization planning, helps you see problems before they start and makes the planning and management process more transparent.

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

1. Communication skills: are the abilities you use when giving and receiving different kinds of information. If we want to have good communication we need to apply these 5  communication skills . It will enable them to explain the roles and responsibilities to the resources better while also making reasoning with the project managers seamless.

• Listening

• Straight talking

• Non-verbal communication

• Stress management 

• Emotion control.

2. Conflict resolution: Is the process by which two or more parties engaged in a disagreement, dispute, or debate reach an agreement resolving it. Several skills are needed for you to resolve conflicts in the workplace effectively.The steps to resolve the problem peacefully and effectively are:

• Define the problem

• Come together and communicate

• Establish relationships

• Develop an action plan

• Gain commitment

• Provide feedback.

3. Domain knowledge: Domain knowledge is knowledge of a specific and specialized discipline or field, in contrast to general knowledge or domain independent knowledge.They include skills such as communicating, problem-solving, curiosity, patience, flexibility, purpose, persistence, resilience, courage, and creating.

4. Proactive planning: Involves designing a desired future and then inventing ways to create that future state. Not only is the future a preferred state, but the organization can actively control the outcome.They should be quick-witted to make calculated decisions about implementing the right resourcing treatments.

5. Negotiation skills: It is a process by which compromise or agreement is reached while avoiding argument and dispute. Negotiation skills can be of great benefit in resolving any differences that arise between you and others.

6. Risk management: Is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.