Resources

Posted in Operations and Supply Chain Terms, Total Reads: 206
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Definition: Resources

Resources are defined as the means to complete a project. Resources consist of skilled man power, finance, materials, equipment, inventory etc. Apart from these resources, other resources include energy, information, expertise, management, and time.

 

Resources can as follows for a project

• Man power

• Equipment

• Material

• Financial Resources


Any shortfall in resources can affect the project performance in terms of cost ,time and quality as explained by the Iron Triangle Theory


Resource Planning

Resource planning consist of a detailed schedule indicating the assignment of resources to an particular task or activity according to the requirement and specific timeline is attached to it for proper utilization of non-consumable resources.


Allocation of Limited resources

In some projects the resource available at disposal is less compared to the optimum requirement in such a case the priority of allocation has to be decided

Generally methods like PERT and CPM are used in such cases with a simple objective of minimising cost and time and maximization of resource utilization.


Estimation of the resources


The various methods of estimating resources are shown in the flow chart above.


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