Resource allocation and management is an important factor which affects a company’s performance and profitability. Keeping this in mind, Resource Management Planning has become an important organizational function.
In earlier times, resource management was treated as a part of project management only but now resource management planning is viewed as a separate function and has a separate objective.
This job is delegated to a a separate division of team managers, also known as resource planners. These planners work to effectively plan the allocation of resources and produce periodical reports with the help of word processers and spreadsheets. However, as technology is advancing day by day, many companies have now resorted to resource management software for effective and timely resource management planning.
The main objectives of resource management planning are as follows:
1) To enable a company to track the correct resources for the correct jobs based on availability and experience.
2) To enable the company to maximize the productivity of the existing resources through proper allocation.
3) Preparing for resource requirements in the future to allow smooth functioning of various operations.
An important technique for resource management planning is Resource Leveling. It aims to smoothen the stock of available resources, so as to reduce excesses and shortages.
Product Portfolio Management is also emerging as an important organizational function. Product Portfolio Management is assigned to a team of senior managers. This team which is also known as the Product Committee meets and works for the management of the product pipeline and for making decisions regarding the product portfolio.
Product Portfolio Management aims to achieve the following goals:
1. Value-Maximization: Allocating the resources in such a manner that their value is maximized. Numerous methods are in use to achieve this objective such as scoring models, financial methods, etc.
2. Creating Balance: Another objective is to ensure a balance between the various products and projects, between short term and long term objectives, between risks and return, etc. Histograms, pie-charts and bubble diagrams are used to achieve this goal.
3. Alignment of Business Strategy: Ensuring that the company’s spending mechanisms ‘align’ with its business strategies. The approaches followed include : top-down, bottom-up and top-down and bottom-up.
4. Ensuring Sufficiency: Making sure that the goals laid down for product innovation are achieved, given the current cost outlay.
A number of methods are used to conduct the product portfolio management such as:
1) Financial methods such as NPV, ROI, etc.
2) Strategic Approaches
3) Bubble Diagrams
4) Scoring Models
5) Check lists
In earlier times, resource management was treated as a part of project management only but now resource management planning is viewed as a separate function and has a separate objective.
This job is delegated to a a separate division of team managers, also known as resource planners. These planners work to effectively plan the allocation of resources and produce periodical reports with the help of word processers and spreadsheets. However, as technology is advancing day by day, many companies have now resorted to resource management software for effective and timely resource management planning.
The main objectives of resource management planning are as follows:
1) To enable a company to track the correct resources for the correct jobs based on availability and experience.
2) To enable the company to maximize the productivity of the existing resources through proper allocation.
3) Preparing for resource requirements in the future to allow smooth functioning of various operations.
An important technique for resource management planning is Resource Leveling. It aims to smoothen the stock of available resources, so as to reduce excesses and shortages.
Product Portfolio Management is also emerging as an important organizational function. Product Portfolio Management is assigned to a team of senior managers. This team which is also known as the Product Committee meets and works for the management of the product pipeline and for making decisions regarding the product portfolio.
Product Portfolio Management aims to achieve the following goals:
1. Value-Maximization: Allocating the resources in such a manner that their value is maximized. Numerous methods are in use to achieve this objective such as scoring models, financial methods, etc.
2. Creating Balance: Another objective is to ensure a balance between the various products and projects, between short term and long term objectives, between risks and return, etc. Histograms, pie-charts and bubble diagrams are used to achieve this goal.
3. Alignment of Business Strategy: Ensuring that the company’s spending mechanisms ‘align’ with its business strategies. The approaches followed include : top-down, bottom-up and top-down and bottom-up.
4. Ensuring Sufficiency: Making sure that the goals laid down for product innovation are achieved, given the current cost outlay.
A number of methods are used to conduct the product portfolio management such as:
1) Financial methods such as NPV, ROI, etc.
2) Strategic Approaches
3) Bubble Diagrams
4) Scoring Models
5) Check lists
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