Resource Management - “Manage Yourself to Grow”
We all know that good resources are hard to get by these days. Hence, their management is of utmost importance and should be given high priority if you were to become a successful business unit. It is perceived as one of the keys in your conquest to become a top notch organization. So if I were to define Resource Management it would be “the effective and efficient utilization of the available set of resources”. The resources in this context can range anything from the manpower and technology to finance and production. It is one of the easiest and best ways to cut costs and in-turn develop the company. Effective management of resources increases the productivity and yields better return on investment. There are various ways by which proper resource management can be achieved some of which are listed below:-
- Prioritizing the Resource.
- Analysis of the available Resources.
- Properly Allocating the Resources as per the requirement.
- Future Safe Forecasting.
- Avoiding Resource overloading.
Prioritizing the Resource
Once you have the pool of resources to choose from it is important to arrange them in the order of prioritization. Not all of them are equally important, hence prioritization is necessary. So, the first step in assigning priority is by checking the availability of the resources. It is important to check which resources are available in plenty and which of them are scarce. The resources which are most used and valuable should be given more priority than the less used ones. To quote an example, in a car - the brake system is given more priority than the air conditioner. It is hence necessary to recognize which resource is more important. Now, you can categorize the resources as Essential, Conditional and Optional. The resources which are the building blocks of your organization should be classified as Essential. The things which are required but can be introduced in the later stage can be categorized as Conditional and resources which play a second fiddle which may or may not be worthwhile should be classified as Optional. Prioritization can also be done on the basis of value, cost and risk. Prioritization thus play an important role in the management of any business.
Analysing the Available Resources
Analysing the resources and building the strategy based on it, is one way of succeeding in any business. Without knowing what you have in your hand, you would not be able achieve what you want. Hence analysing the situation and the conditions is very important. The resources thus can be classified as tangible and intangible. Tangible refers to the physical assets, wherein intangible refer to the non-physical resources such as knowledge, which contribute to the development of the organization. Based on this classification, the resources can be utilized in a proper manner and contribute in a more channelized and focused way.
Allocation of the Resources
Resource allocation is the distribution of the available assets in a feasible manner such that they contribute to the maximum in leading an organization to success. It is the scheduling of the resources, done based on the availability and eligibility. In general it is the plan of utilizing the existing technology and the available manpower in the best possible manner. There are various resource allocation mechanisms of which the most general one is FCFS- First come first serve. While it is a justified way to allocate resources and perform a job, there are other methods such as the Shortest Job First, Round Robin and Priority Based mechanisms which are also widely followed to ensure the maximum possible output from the available assets in hand.
Future Safe Predictions
Forecasting the requirements properly is a great underlying solution to any unseen situation arising in the future. Proper planning and forecasting can help your organization to obtain the desirable results. Now, there are two methods to forecast your organizational requirements which are namely, Judgmental method and Quantitative method. The first method involves analysis of the past patterns and predicting the future requirements based on the analysis done. One has to study both the cause and effect of an event in Judgmental method. On the other hand, the quantitative method involves mathematical calculations to predict the trends in the future. Any of these two methods can be used to predict the future in an eccentric manner, so as to meet the changing trends and successfully employ them in the current situation.
The Poll Question?
Are your organizational resources properly allocated on the projects?
Avoiding Resource Overloading
Resource overloading is a situation in which your assets are allotted more work that their actual capacity. It is a well-known fact that a person may not perform according to the estimated work he is allotted. In simple terms, if a man can carry a load up to 10kg is assigned with a 15 kg load, then he would be overloaded. This situation must be avoided for a smooth management of any business. Overloading of this type can be averted by preparing a Gantt chart and utilizing the slack time in the chart and by sharing the workload with other resources.
The tips I have mentioned can be very useful in management of any kind of business. Managing your resources in an effective manner will make your organization future proof.
Tour the Future of Resource Management
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