Resource Smoothing Research Paper

RESOURCE MANAGEMENT

INTRODUCTION

Resource management means, it is the efficient and effective way of deployment and allocation of an organization’s resources when and where they are needed. The resources that include in resource management are financial resources, inventory, human skills, production resources, or information technology. Resource management also includes planning, allocating and scheduling of resources to tasks, which also include manpower, different machines, money and other materials. Resource management also has an impact on schedules and budgets as well as resource leveling and smoothing. Resource management also helps to manage the resources of an organisation in most efficient way.

Forecasts should be reasonable. Resource leveling, as it should relates to inventory, is the resource management technique that is aimed at keeping the stock of the resources on hand level, reducing both excess inventories and shortages. In case of project management, resource leveling means scheduling decisions, which are driven by resource management concerns, such as the limited resource availability. As opposed to leveling, resource smoothing may not delay the project completion date, only particular activities within their

This technique is basically used for creating a road map for a project and pinpointing resources along the way. For example, each person or employee involved in the project will be pinpointed along the way and the resources are accounted for along with the road map. The schedule will have a start date and end date, and also corresponding resource information that is needed.

Resource Breakdown Structure

• The resource breakdown structure technique for resource management is used as an important resource. In the beginning of the project, a supervisor or any team member for that matter, will list out the resources in order of their importance, their abundance and their uses and will also explain the important of each resource.

RESOURCE ALLOCATION

Resource allocation is the process of assigning the available resources to its various uses. In the economy resources can be allocated by various means, such as markets or central planning. In case of project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the availability of resources and the project time.

Contents

1) ECNOMICS

2) STRATEGIC PLANNING

3) ALGORITHMS