A14. Resource Management

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 Resource Management study guide questions.

  1. What is Resource Management?  

It is the process that ensures the effective and efficient utilization of the company's business resources such as financial, human, material, natural resources, etc. 

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

Some of the benefits for the organization are:

  • Cost reduction: A specific number of employees, people and budget are assigned to each area depending on their needs. 

  • Effective use of resources: it avoids waste of materials and excess of workers in certain work areas.

  • Motivation: when employees see that their manager performs his job with maximum commitment, it motivates them to do the same.

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

  • Resource scheduling: Identify and assign resources to work areas at the time they are needed. 

  • Resource utilization: It measures the time that employees use the assigned resources to complete their tasks, which will be reflected in the company's results.

  • Resource forecasting: It is the analytical work that managers do before a project begins to identify what resources will be needed and the total amount that is planned to be used.

  • Resource and capacity planning: It is the integration of resource planning, allocation and forecasting as well as identifying whether the productive force will be able to satisfy demand. 

  • Business intelligence and reports: It is the analysis of data on the status of resources during and at the end of their use that helps managers make decisions about them. 

  1. What are the advantages of resource management? 

When resource management is efficient, the company obtains better results, producing the necessary quantity to satisfy market demand at minimum costs and the analysis of results allows them to continue making decisions that benefit everyone. 

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

  • Communication skills: It is the ability to transmit orders from administrators to employees in a clear way so that they understand what is expected of their work. 

  • Conflict resolution: Sometimes the resource manager will have to intervene in conflicts caused by confusion in the work environment and to clarify and prioritize the expected objectives. 

  • Domain knowledge: It is about having knowledge in the areas in which the resources are being used in order to be able to be a support in assigning the appropriate resources. 

  • Proactive planning: Make decisions that contribute to the project being completed on schedule and that the allocated budget is sufficient.

  • Negotiation skills: Managers must have the ability to achieve what is best for the project by convincing the owners to provide the necessary resources. 

  • Risk management: The idea is to foresee the risks that may arise during the development of the project so that if they do occur, the employees can overcome them or have alternatives so that the project remains viable.

Mayra Dallana Hernández Corona.
Reference
Mansinghka, A., & Negi, S. (2021, October 6). What is Resource Management and its Importance? SAVIOM. Retrieved December 29, 2021, from https://www.saviom.com/blog/what-is-resource-management/

Comments

  1. Rafael ÁvilaDecember 29, 2021 at 5:24 PM

    It is very important and useful to have a resource manager, I think this topic makes us understand how organizations require different positions to operate successfully

    ReplyDelete
  2. Carlos AlameaDecember 29, 2021 at 6:28 PM


    It seems that the topic was clearly understood for you and I liked the way you summarized the concepts

    ReplyDelete
  3. Judith G. CardonaDecember 29, 2021 at 8:09 PM

    I agree that the main advantage of RM relies in the profits that we can make as an organization, very well said!

    ReplyDelete

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