Resource management

Source: Wikipedia, the free encyclopedia.

In

organizational studies, resource management is the efficient and effective development of an organization's resources when they are needed. Such resources may include the financial resources, inventory, human skills, production resources, or information technology
(IT) and natural resources.

In the realm of

resource management software tools available that automate and assist the process of resource allocation to projects and portfolio resource transparency including supply and demand
of resources.

Corporate resource management process

Large organizations usually have a defined corporate resource management process which mainly guarantees that resources are never over-allocated across multiple projects.[4][5] Peter Drucker wrote of the need to focus resources, abandoning less promising initiatives for every new project taken on, as fragmentation inhibits results.[6]

Techniques

One resource management technique is resource leveling. It aims at smoothing the stock of resources on hand, reducing both excess inventories and shortages.

The required data are: the

demands for various resources, forecast by time period into the future as far as is reasonable, as well as the resources' configurations required in those demands, and the supply
of the resources, again forecast by time period into the future as far as is reasonable.

The goal is to achieve 100% utilization but that is very unlikely, when weighted by important metrics and subject to constraints, for example: meeting a minimum service level, but otherwise minimizing cost. A Project Resource Allocation Matrix (PRAM) is maintained to visualize the resource allocations against various projects.

The principle is to invest in resources as stored capabilities, then unleash the capabilities as demanded.

A dimension of resource development is included in resource management by which investment in resources can be retained by a smaller additional investment to develop a new capability that is demanded, at a lower investment than disposing of the current resource and replacing it with another that has the demanded capability.

In

water resource management. The broad term for this type of resource management is natural resource management
(NRM).

See also

References