Resource Management

Resource Management

1. What is resource management?

   • This is a set of practices and various tools that help in the use of resources such as money, time and people.
     • What are the 5 types of resource management?
       • Type #1: Human resource management (HRM)
         • At this point we see the management of resources that are important for organizations.
           • The authors Chris Rowley and Keith Jackson classify the most important points for us, which are:
             • Employee resourcing
             • Employee rewards
             • Employee development
             • Employee relations
           • The purpose of HRM is to involve employees to help the company, such as
             • Achieve organizational goals
             • Improve revenue growth
             • Boost productivity
             • Enhance customer satisfaction
             • Retain top talent
             • Manage other resources
       • Type #2: Financial resource management (FRM)
         • We will see the cash flow and other assets of a company, these can be:
           • Internal resources
           • External resources
         • The FRM has one of these activities which are:
           • Budgeting
           • Financial planning and forecasting
           • Cost control
           • Bookkeeping and accounting
           • Resource allocation
         • The objective of the FRM is to ensure that the company uses its assets to be profitable and competitive.
       • Type #3: Time resource management (TRM)
         • Here we will see how the tools and strategies are added to have a better use of time.
           • The TRM involves some activities which can be:
             • Goal-setting
             • Task scheduling
             • Streamlining processes
             • Promoting time discipline
             • Adjusting workloads and priorities
             • Tracking time
           • This can benefit people and organizations in reducing procrastination and improving productivity.
       • Type #4: Information resource management (IRM)
         • RM is a complex process involving the planning, developing, controlling, operating, and utilizing of organizational information resources.
           • Here are the aspects of information resource management:
             • Knowledge management
             • Data analytics
             • Data cleansing
             • Maintaining data repositories
             • Data governance
             • Data security and compliance
             • Information infrastructure
       • Type #5: Physical resource management
         • It will help us manage the company's physical files.
           • The main objective of management is to use assets efficiently to achieve desired objectives.
             • Some aspects and activities linked to physical resources are:
               • Acquiring resources
               • Asset maintenance
               • Inventory control
               • Asset tracking
               • Resource optimization
     • What are the stages of resource management?
       • These stages may depend on the complexity of the projects and the type of resources to be managed.
         • Step #1: Identifying resource needs
           • At this point the complexity and feasibility of the project are discussed.
         • Step #2: Assessing and planning resources
           • With the help of the director, the tasks and resource requirements that are needed are defined.
         • Step #3: Allocating resources
           • The manager assigns tasks to individual developers or teams.
         • Step #4: Scheduling resources
           • The administrator will create a schedule for all tasks with the help of a program.
         • Step #5: Monitoring resources
           • The team will project its progress and resources
         • Step #6: Adapting based on feedback
           • How the dialogues between director and developers progress will be fine-tuned with the manager for resource management.
     • Why is resource management important?
       • This is important due to the lack of time and budgets, these must be managed in the best way to achieve progress.
         • This improves productivity and profitability, this will increase production and income.
           • It will ensure that we have a competitive advantage over adversaries and have a better management plan.
             • Increases employee commitment to utilize time and skills and competencies to increase morale and job satisfaction.
     • How to improve resource management?
       • Tip #1: Be proactive and keep an eye on progress
         • An efficient way to manage resources is to create a resource management policy.
           • Another way is to be more proactive in anticipating resources.
       • Tip #2: Foster open communication and coordination
         • At this point, the interested parties should be more involved in the processes, where depending on the project they can be included in teams, departments such as human, finance and purchasing.
           • At this point it makes it easier to share resource needs.
       • Tip #3: Track and monitor resource utilization on a regular basis
         • Regular monitoring must be done to prevent problems that arise with resources.
           • And a strong point is to dedicate time to each task to help more easily identify wasted time and make changes if they become necessary.
       • Tip #4: Train resource managers
         • Skills must be expanded to have better management to have better communications.
           • Investment must be made in training so that organizations can provide job improvements to workers and thus encourage company training.