Task 1 Resouce Management

1.What is Resource Management?  

The process of the usage of business resources efficiently and effectively. It also consists of planning, scheduling, and future allocation of resources efficiently and effectively.

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

Resource management is very important within every organization because this term refers to the application of efficiency in every process. This term also helps a business's profitability and sustainability.

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

-Resource scheduling: identification and allocation of resources for specific periods of time and tasks.

-Resource utilization: measuring the time spent by the employees on a task taking into account the availability of time and resources.

-Resource forecasting: predicting resource utilization levels in advance.

-Resource and capacity planning: the efficient and effective use of the workforce within the organization using tools such as forecasts, plans, etc with the objective of optimizing the utilization of resources and manpower.

-Business intelligence and reports: usage of data analysis to gain strength within decision making metrics.

4.What are the advantages of resource management? 

Every organization should always focus on having resource management. If implemented correctly then every process in the organization will be having a lot of improvements. These improvements consist of, better timing, better usage, plans within the amount of resources available, and the efficient usage of the resources.

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

Every manager should be able to have:

-Communication skills: one part of a manager's job is to assign tasks to its employees. For this to be successful it is very important to choose the right communication channel to communicate with the employees.

-Conflict resolution: every manager faces a lot of conflicts, so it is very important for this person to have this ability.

-Domain knowledge: a manager has to have complete knowledge of every process that happens within his/her line of work.

-Proactive planning: every organization points to a manager for his/her ability to complete tasks and objectives within time and budget so a manager has to plan every critical aspect of a process.

-Negotiation skills: a manager should always have this ability in order for the processes to be accomplished by his/her employees with the skills needed. Negotiation takes place while addressing a task to an employee.

-Risk management: every risk within an organization has to be taken with responsibility. A manager is the person in charge of taking this kinds of risks.