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Resource Management: Process, Advantages, and Disadvantages

Muhammad Qureshi

Resource management has become an integral part of any business today. After businesses expanded across several geographies and became complicated with a matrix structure, it arose as a separate field. A resource is anything that is required to complete a task or project, such as the adoption of software or the skill sets of staff. Therefore, depending on the kind of project working on, there are many different types of resource management. Planning suppliers to utilise for promotional materials, investing in software that enables guests to register, and budgeting for everything from freebies to food are a few resources that come to mind while organising an event, for instance. Resource Management is the process of planning, scheduling, forecasting, and optimizing the entire resource lifecycle for successful project delivery. It helps unleash the maximum potential of each resource, improve business profitability, and beat market volatility.