Assignment 14

 Name: María Daniela Rodríguez Naranjo

NUA: 231468

Task 1 Resource Management study guide questions. 

1.What is Resource Management?  

It is a process that consists of planning a company’s resources. A planning of monetary resources, employees, areas and even technology is carried out. Try to assign to each activity or program the necessary and sufficient resources so that it is carried out in the correct way, reducing as much as possible the problems. Seeks ways to use resources effectively taking advantage of what it has. Management of the resources necessary for the development of activities.

“Resource management is the practice of planning, scheduling, and allocating people, money, and technology to a project or program” 

Planview. What is Resource management and why is it important?. Retrieved https://www.planview.com/resources/guide/resource-management-software/resource-management-leverage-people-budgets/. December 29, 2021

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

Managing resources is important because managers see what is needed or what is not needed. For example, for an event they assign the staff that is needed, avoiding overstaffing. 

Managing resources increases the company’s development. Having control of resources guarantees that they will not be wasted and they will be used when necessary, avoiding losses, not only economic, but also avoiding staff turnover. It is important because it allows employees to work in the right way, avoiding overloading the work, assigning them tasks that do not correspond to them. 

It is also important because it allows to know what resources are available to allocate to each activity, to analyze which is more important to provide the resources. 

“Understanding true capacity to do work, recognizing that not all time can be utilized”

Planview. What is Resource management and why is it important?. Retrieved https://www.planview.com/resources/guide/resource-management-software/resource-management-leverage-people-budgets/. December 29, 2021

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

• Resource scheduling: allocation of resources required for the different activities during a given period of time

• Resource utilization: is the time used by employees for the execution of tasks with the different resources assigned to them.

• Resource forecasting: is to foresee the future of the resources that are being used, what may happen to them in the future

• Resource and capacity planning: involves the planning and allocation of resources. It allows the manager to know the capacity that resources have to be used.

• Business intelligence and reports: is an analysis of data, in a war it serves to observe the performance of the resources and to know the state in which they are in

Mansinghka, A & Negi, S (2021). What is resource management and its importance. Retrieved from https://www.saviom.com/blog/what-is-resource-management/. December 29, 2021

4.What are the advantages of resource management? 

• Optimal utilization of resources: enable the work to be effective and the company to be competitive

• Avoid unforeseen challenges and conflicts: knowing the resources that the company has will help to reduce future problems, as well as knowing the risks involved.

• Improve project delivery: helps to have better planning and will allow it to be carried out without errors. Helps to know the costs and try to reduce them. 

Panchal, M (2021). The benefits & importance of resource management. Retrieved from https://guide.quickscrum.com/the-benefits-importance-of-resource-management/. December 29, 2021.

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

• Being well-organized: a manager must have a time control, an organization such as documentation in place. He/she must know where everything is in case he/she needs it in the future. 

• Negotiation: must know the different ways of negotiation, not to be closed to only one thing, have the ability to achieve commercial relationships

• Problem-solving and conflict management: to meet at a neutral point in order to resolve internal conflicts, to get employees to work together and put aside their differences, to create a good working environment.

• Communication skills: good communication ensures the company’s progress, a manager must know ow to communicate clearly, know how to convey a message and be able to communicate with managers and employees

• Multitasking: a manager must be able to be aware of different tasks, resolve doubts and at the same time be able to plan ahead. 

London business training and consulting (2019).Top 10 essential skills every human resource manager needs to have. Retrieved from https://www.lbtc.co.uk/human-resources-blog/top-10-essential-skills-every-human-resource-manager-needs-to-have/. December 29, 2021