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Project Management
QUESTION
As a project manager, part of your responsibility will be identifying resources that you have available and those resources that you may need in addition to what is currently available. Once you know what physical and human resources you have at your disposal, you then use the PM tools introduced in the lesson to allocate and schedule them. In thinking about your project, what resources might you anticipate being the most concerning to secure and/or manage?
| Subject | Project Management | Pages | 3 | Style | APA |
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Answer
Managing Project Resources
The process of managing and planning projects follows a rational and unceasing cycle which should be all completed. One of the processes of planning and managing projects is appropriate management of resources. According to the study conducted by Larson and Gray (2017), proper management of resources is an important factor of ensuring that a project is not only successfully completed but is also done within the timeframe. While there are several resources to be managed which include tools, capital, labor, materials, and design reports, there are specific resources which should be prioritized as they are the major indicator of the success of the project. This paper, therefore, highlights some of the resources that are the most concerning to secure or manage.
The first resource which should be managed is the capital. Capital in project management is the money available to buy tools, materials, and also pay for certain services such as labor. According to Larson and Gray (2017), it is the most critical resource which must be well managed. Capital management is under capital budgeting that is the firm’s formal procedure used to evaluate potential investments or expenditures that are substantial in amount (Larson & Gray, 2017). It includes the decision to devote the current funds for disposition, addition, replacement of fixed assets or modification. When poorly managed, other resources such as tools and materials may not reach the project on time hence may jeopardize progress of the project. In the end, the project may fail completely or may be completed after the deadline.
Another important resource that must be carefully managed is labor. According to (), labor is a vital factor of production. A good manager and a creative workforce characteristically lead to project accomplishments, while insufficient or poor supervision, joined with an under-performing workforce are recipes for financial disasters. Basically, it is the human resource who are tasked with different roles in order to complete the project. The size of labor depends on the size, capital, and the deadline of the project. In some projects, project manager can use of a large labor size in order for the project to be completed within the shortest period possible. According to Kendrick (2015), it is the role of project manager to determine the size of labor depending on the resources and the deadline of the task.
Another important resource which should be effectively managed in a project is time. According to Kendrick (2015), time management is fundamentally the capability to plan and organize the time spent on events in a day. The results of good time management are productivity and increased effectiveness. It is a significant aspect of project management and includes skills such as setting goals, planning, and prioritizing for a healthier performance. With an operative time management, the progress of the project moves as planned.
In conclusion, the process of managing and planning projects follows a rational and unceasing cycle. However, proper management of the resources forms an important indicator of failure or success of the project. While there are several resources such as tools, capital, labor, materials, and design reports, there are specific resources which should be prioritized. The most important resources which should be carefully managed by the project manager are capital, labor, and time.
References
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Kendrick, T. (2015). Identifying and managing project risk: essential tools for failure-proofing your project. Amacom. Larson, E. W., & Gray, C. F. (2017). Project management: The managerial process. McGraw-Hill Education.
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