Basic Practice Career Professionalism LO2 RESOURCES UTILIZATION AND MANAGEMENT 3.2.5

NOLITC NegOcc

23 Jul 202006:34

Summary

TLDRThis script discusses strategic planning and resource management, emphasizing the importance of efficient resource utilization for project success. It outlines the process, including resource estimation, allocation, leveling, and release. The script highlights the need for regular follow-ups to ensure diligent work, the provision of tools and training, and the measurement of resource performance. It also stresses the implementation of best practices for effective project execution.

Takeaways

📊 Strategic planning is essential for effective resource utilization in managing projects.
📋 Resource management involves organizing and allocating personnel and equipment efficiently to avoid idle resources.
📅 Having resources available at the right time is crucial for managing project costs and ensuring smooth execution.
👥 Resource management includes financial resources, inventory, human skills, production, and IT resources.
🔧 Key activities in resource management are resource estimation, allocation, and leveling.
⏳ Resource estimation helps determine how long a project will take and the human resources required.
📈 Resource allocation focuses on optimizing asset use to minimize costs and maximize profits.
🚦 Follow-up during project execution is essential to ensure timely progress and address any issues.
⚖️ Resource leveling balances uneven workloads among employees to improve efficiency.
📊 Measuring resource performance helps learn from projects and apply best practices for future success.

Q & A

What is strategic planning as defined in the script?
-Strategic planning is not explicitly defined in the script, but it can be inferred as the process of setting objectives and developing strategies to achieve those objectives over a long-term period.
Why is effective management of resources essential for companies managing different projects?
-Effective management of resources is essential for companies to efficiently organize and allocate personnel and equipment for different projects, avoid idle resources, manage costs, and execute project activities smoothly.
What does resource management involve?
-Resource management involves planning activities, resource estimation, request for resources, allocation activities, resource allocation, resource leveling, and the allocation and release activities.
How does resource estimation work in the context of human resources?
-Resource estimation involves determining the necessary human resources and other materials and equipment for a job. It includes estimating the time required to complete a project, the deadline, and calculating the number of employee hours needed.
What are the reasons companies allocate resources?
-Companies allocate resources to minimize costs while maximizing profits, structure operations using strategic planning methods, establish operational guidelines, and implement policies and procedures to achieve business goals.
What are some reasons that might cause the performance of allocated activities to get stuck?
-Reasons include unforeseen complications, innocent errors not discovered until too late, overlooking necessary functionality, and lack of expertise in advanced constructs of the programming language.
How frequently should you follow up on work being performed by staff according to the script?
-The frequency of follow-up depends on the duration of the work: for very short-term allocation (less than half a day), follow up as soon as the work is completed; for one-day allocation, follow up twice; and for work consuming more than one day, follow up daily and as soon as the work is completed.
What is the purpose of following up on work being performed?
-Following up ensures that work is completed, bridges communication gaps, and gives resources a feeling that their work is important, which motivates them.
What is resource leveling and when might it be necessary?
-Resource leveling is the process of balancing work activities among employees when the workload seems to be distributed unevenly.
How can allocated activities be ensured to be performed effectively?
-Allocated activities can be ensured by providing good supervision, clear instructions, achievable targets, expert assistance, the right tools and techniques, sufficient training, quality assurance, and an achievement-oriented environment.
What happens during the allocation and release activities?
-During allocation and release activities, once all planned activities for a resource are completed and no further allocation is planned, the resource is released, such as human resources to HR departments or computer resources to systems administration departments.
Why is it important to measure the performance of resources and resource management effectiveness?
-Measuring performance helps in learning lessons and implementing preventive actions for future projects, thus improving resource management.

Outlines

00:00

📈 Strategic Resource Management

The first paragraph discusses the importance of strategic planning and effective management of resources for companies handling multiple projects. It emphasizes the need for efficient organization and allocation of personnel and equipment to avoid idle resources. The process of resource management is outlined, including planning, allocation, and leveling. The paragraph also covers resource estimation, which involves calculating the necessary resources, including human and material, to complete a project within a deadline. It further explains resource allocation, which is about using available assets optimally to minimize costs and maximize profits. The paragraph also addresses potential issues that can arise during project execution, such as unforeseen complications, errors, overlooked functionality, or lack of expertise, and the importance of regular follow-ups to ensure diligent and accurate work.

05:00

🛠️ Facilitating Resource Allocation and Release

The second paragraph focuses on how to ensure that allocated activities are performed effectively. It suggests providing facilitating supervision, clear instructions, achievable targets, and expert assistance when needed. The importance of providing the right tools and techniques to complete work quickly and defect-free is highlighted. The paragraph also stresses the need for sufficient training of resources and quality assurance for timely work completion. It discusses the process of releasing resources once their allocated tasks are completed and no further allocation is planned, with examples such as releasing human resources to HR or computer resources to systems administration. The paragraph concludes by emphasizing the need for careful planning, scheduling, and utilization of limited resources, as well as measuring performance and effectiveness to learn lessons and implement preventive actions for future projects.

Mindmap

Keywords

💡Strategic Planning

Strategic planning is a process that organizations use to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization's direction in response to a changing environment. In the context of the video, strategic planning is crucial for resource utilization and management as it helps in structuring operations and implementing policies that align with the company's goals.

💡Resource Utilization

Resource utilization refers to the efficient use of available resources within an organization. It is about ensuring that all resources, whether they are human, financial, or material, are used in the best possible way to achieve the desired outcomes. The video emphasizes the importance of resource utilization in project management, highlighting how companies must efficiently organize and allocate resources to different projects to avoid idle resources and manage costs effectively.

💡Resource Management

Resource management is the process of planning, organizing, directing, and controlling the use of an organization's resources in such a way that the organization achieves its goals effectively and efficiently. It involves the deployment of resources when they are needed, which may include financial resources, inventory, human skills, production resources, or information technology. The video underscores the significance of resource management in executing project activities smoothly and cost-effectively.

💡Resource Estimation

Resource estimation is the first step in resource management, where the necessary resources for a job are estimated. This includes both human resources as well as other materials and equipment. The video provides an example of how to estimate the number of employee hours needed for a project by dividing the total hours required by the number of work hours available until the project's deadline.

💡Resource Allocation

Resource allocation is the process of determining the best way to use available assets or resources in the completion of a given project. Companies allocate resources to minimize costs while maximizing profits, structure operations, establish operational guidelines, and implement policies that move the business toward its goals. The video mentions that the actual process of resource allocation will vary depending on the type of project and the assets available.

💡Resource Leveling

Resource leveling is a technique used to balance the workload among employees when the distribution of work activities seems uneven. It helps in managing the allocation of resources more evenly to avoid overburdening some team members while underutilizing others. The video suggests that resource leveling is necessary to ensure that work is distributed fairly and efficiently.

💡Performance Monitoring

Performance monitoring involves tracking the progress and quality of work being performed by staff. It is essential to ensure that work is performed diligently and accurately. The video provides guidelines on how frequently to follow up on work, such as immediately after completion for very short-term allocations, and daily for work that takes more than one day.

💡Progress Chasing

Progress chasing refers to the regular follow-up on the work being performed, often referred to as checking the progress of tasks. It is a method of ensuring that work is completed and helps bridge communication gaps. The video suggests that progress chasing should be done daily and immediately after the work is completed to motivate resources and give them a sense of importance.

💡Quality Assurance

Quality assurance is a process that ensures that the work completed meets the required standards and is done on time. It is part of resource management, ensuring that the resources are sufficiently trained and have the right tools and techniques to perform their tasks without defects. The video emphasizes the importance of quality assurance in providing an achievement-oriented environment.

💡Release Activities

Release activities refer to the process of freeing up resources once their planned activities are completed and no further allocation is planned for them. This could involve releasing human resources back to an HR department or computer resources to a systems administration department. The video uses this term to illustrate the importance of managing resources from allocation to release, ensuring they are utilized effectively throughout their lifecycle.

💡Best Practices

Best practices are methods or techniques that have been proven to be most effective in a particular area. The video encourages taking advantage of best practices during project execution to optimize resource management. This involves learning from past experiences and implementing preventive actions for future projects to improve resource utilization and management.

Highlights

Define what is strategic planning

Process involved in resource utilization

Importance of effective management of resources for companies

Efficient organization and allocation of personnel and equipment

Avoiding idle resources and managing costs

Role of resource availability in project execution

Resource management includes planning, allocation, and release activities

Resource estimation involves estimating necessary resources for a job

Determining human resources utilization in project management

Resource allocation is about using available assets efficiently

Reasons for resource allocation: minimizing costs, maximizing profits, structuring operations, and implementing policies

Variability in the allocation process based on project type and assets

Challenges in performance of allocated activities

Importance of following up on work performed by staff

Guidelines for how frequently to follow up on work

Resource leveling to balance work activities among employees

Ensuring allocated activities are performed through supervision and support

Providing the right tools and techniques for efficient work completion

Allocating and releasing resources when no further allocation is planned

Measuring performance and effectiveness of resource management

Learning from best practices during project execution