Questions:
1. Enumerate and discuss briefly the Project Resources involved in the projects. Discuss
ways of how to manage those resources towards productivity and efficiency.
1. Human Resources
The most valuable resource for your project and business is your team.
It serves as the fuel for actions that advance the project toward completion. Your
team members should have the essential knowledge, resources, skills, and
competence to make smart judgments and successfully complete their tasks in
order to move forward the project. Human resources are also the most intricate
since they involve people from diverse backgrounds, cultures, and behavioural
norms, which can lead to conflicts and interpersonal conflict at work. More than
that, you as the project manager are accountable for empowering and inspiring
your team to develop and advance the organization. Your human resources
won't be productive if you don't take into account all of these factors, even if
they have the knowledge and abilities required to do their jobs.
How to manage:
 Allocate assignments and duties to team members according to their
competencies and proficiencies.
 Articulate well-defined expectations, deadlines, and project aims to the
team members.
 Arrange for essential training and growth prospects to enhance the
team's abilities and expertise.
 Cultivate a constructive work atmosphere that stimulates cooperation,
ingenuity, anddialogue.
 Promote candid and transparent communication among team members
to tackle any problems or worries.
2. Financial Resources
Another component of any project is the financial resources. Without
them, you won't be able to cover for labor costs, buy supplies, or manage other
project costs. The allocation of financial resources and their inclusion in project
costs, which must be approved by clients, are often planned and documented at
the earliest phases of project development. In order to achieve the most accurate
cost estimation and reduce budget overruns, cost management entails
estimating, allocating, and regulating project expenses. It is a crucial component
of project management.
How to manage:
 Produce a comprehensive budget plan and periodically assess and
modify it as
 necessary.
 Allocate spending in accordance with the project's critical path.
 Monitor expenditures and change spending as needed.


Eliminate redundant expenses and seek out cost-cutting prospects.
Evaluate the appropriateness of financial management software tools.
3. Material Resources
Materials may comprise equipment, machines, instruments, gears, and
other physical resources required to carry out the various project management
operations. These can be consumables that can be used in a specific quantity
and have a unit price, as well as products that are temporarily provided for the
project and can be used again afterwards. The project manager must adhere to
the procurement process while acquiring a specific material needed for a
particular operation.
How to manage:
 Ascertain the availability of suitable materials at the appropriate time
and place.
 Introduce a just-in-time inventory management system to curtail storage
expenditures and minimize wastage.
 Utilize high-quality materials to decrease the probability of defects and
rework.
 Introduce a system for monitoring and administering material use and
inventory.
4. Time Resources
Time is a non-renewable project resource that is used to plan project
activities, milestones, and deadlines, as well as to gauge worker output and
project expenditures. In order to create precise project schedules and estimate
project expenditures that need client approval, managers set estimates for jobs
and project phases when planning a project. Managers use time tracking data to
analyze team performance, time and cost budgets after the project or a stage is
finished. They can then use this information to improve future activity planning.
The importance of time management in projects, teams and individual
performance is underestimated. This is a complex skill that takes time to master
but pays off generously. Imagine that you and your team could do much more
in less time increasing productivity multi-fold while growing skills and
delivering better results faster.
How to manage:
 Create a detailed project schedule with well-defined deadlines and
milestones.
 Divide the project into manageable tasks with realistic timelines.
 Regularly monitor progress and adjust the schedule as needed.
 Prevent scope creep or changes that could prolong the project timeline.
 Foster time management and productivity practices among the team.
2. In every project there are Risks involved. Enumerate and briefly discuss each risk.
Enumerate also and discuss ways how to manage risks.
1. Individual Risk – Individual risk is a single occurrence that could have an
influence on the outcome of a project. By examining the independent analysis
of the risks identified in the project, you may determine which are more severe
and which are less significant.
2. Financial Risk – Financial risk encompasses all cost and money-related issues.
It is not uncommon for project costs to grow when working on projects,
particularly those with a limited budget. There is always the probability that the
project costs will exceed the initial cost estimate. High material costs,
unreasonable budgets, higher-than-expected time or labor requirements, lowerthan-expected sales statistics, or a failure to get proper funding are examples of
these risks.
3. Schedule Risk – Scheduling risk, which usually results from inadequate
planning, is the chance that activities will take longer than anticipated. It is
strongly tied to cost risk because delays in the project's completion can raise
costs and postpone the realization of its benefits.
4. Performance Risk – The total project performance is affected by performance
risks. They could include imprecise deliverables expectations, vague KPIs,
outdated market research, or ineffective product lines. Performance risk, by
contrast hand, can contribute to cost and schedule risk when the performance of
a team or technology increases the cost and duration of the project. In total, the
organization lost money and time on a project that wasn't successful.
5. Operational Risk – Risks from ineffective implementation and issues with
certain processes, such production, distribution, and procurement, are
considered operational risks. It is also a form of performance risk because
substandard implementation made it impossible for the desired result to
materialize.
6. Legal Risk – Legal risks result from legal and regulatory requirements. These
may result from contractual risks and lawsuits filed against the organization.
Legal risks could include internal legal issues. They are erratic and can result
from regulatory standards, rival companies, and personnel.
7. Cost Risk – Cost risk occurs when project costs increase. There is the
possibility that the project will end up costing more than anticipated. Cost risk
is probably the most frequent project risk and is brought on by insufficient
budget planning, imprecise cost estimating, and scope creep. When clients
demand excessive amounts despite the project's scarce resources, the risk
escalates. Cost risk can result in schedule risk, performance risk, and other
project concerns.
3. As a future Project Manager, you will become a Team Leader. Enumerate and briefly
discuss your personal values and strategies on how to make your Team productive,
efficient and accomplish the project goals.
1. Communication – Project managers depend on people to respond to the
outputs-capabilities-outcomes-benefits and/or value that they deliver to
customers. People however will only respond if they are engaged so it’s
important not to presume that the vision for transformational business change
will be the same as your stakeholders; it’s unlikely that they will buy into the
vision. As such project managers should be able to identify the types of
stakeholders, desired relationships and key messages, strategies for
communication, and methods for evaluating the success of those
communications.
2. Problem Solver – As a project manager, if you’re not solving the business
problem for people, then you’re causing problems for people. A project
manager needs to think both strategically in keeping the agreed spending
objectives in mind and tactically, in effectively managing any business, service
or external risks that have the potential to impact the management stage or
project tolerances for time, cost, scope, quality (criteria), risk and benefits. To
be a problem solver, one needs to develop the foresight to see potential problems
or risk threats before they eventuate into issues that require change control.
3. Being an optimist – Embracing change to bring new ideas and innovation
throughout the project lifecycle is a hallmark of a good project manager. This
applies not only to the business problem to be solved by the project but also
when dealing with potential risk threats that may impact ongoing business
justification and delivery. But being an optimist is not about overstating the
potential benefits and understating the costs and time, it’s about establishing
that winning mindset of achieving the agreed spending objectives from the
onset. Rather than wait until the project end to celebrate, a good project manager
organises the broader team to set the project environment on the right path from
initiation.
4. Risk Management – While they are not generally apparent, risks are inevitable
during a project, which is why a project manager must have the experience and
ability to pinpoint what could go wrong and implement a risk mitigation
strategy. They must be able to ask their team hard questions and continually
confirm timelines, decisions and dependencies. They should also know how to
use professional risk management tools that allow them to analyze potential
risks to develop risk mitigation strategies.
5. Knowledge – Drawing on their portfolio, programme, project and Agile
qualifications, experience and PMO support, project managers have the
knowledge to understand the importance of project information and evidence
over documentation and robotic use of templates. They understand the
importance of consultation when managing each management stage and
developing project management, specialist and technical products. Knowledge
is about establishing a solid foundation.
In summary, effective project management through the project manager role is typically
driven by clear strategic objectives and an underlying set of values that drive how the person
accountable for the day-to-day acts and influences the expectations of key stakeholders. While
project practices and processes have their place, it’s the values that the project manager
demonstrates that has the greatest impact on project success.