Appreciate the importance of managing project resources, and their effect on project duration. What are the resources and effects?
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Appreciate the importance of managing project resources, and their effect on project duration. What are the resources and effects?
Resource planning is a part of project management in which tasks are allocated to the project team and it also help find resources that are needed for the project, secure them for the project and prevent planning conflicts. Every organization has a goal to reach its objectives with as little effort as possible. Resource planning and its management helps organization to achieve their goals.
Some of the key benefits of resource planning in project management are as follows: -
- More reliable planning- It is best to do planning beforehand to avoid conflicts, if the required resources can be identified early these conflicts can be avoided. Proper planning prevents poor production. To generate great reliability the organization must calculate and plan the availability of all the resources and people with required skills.
- Fewer Overloads- The project teams and individuals that are expertise in Planning are usually in high demand and usually suffer from workloads. The manager should manage and keep an eye on day to day scheduling and availability of the overloaded staff. If there is a large pool of resources whether they are human, machine and software can get overloaded which cause bottlenecks and lead to stress in teams.
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