Why is it important to manage resources effectively when implementing business analytics within an organization? What can go wrong if resources are not effectively managed? What do you consider to be the most important resource in these types of projects?
Respond to my classmate’s post to the above STATEMENT on why you agree (MINIMUM OF 150 WORDS)
The major importance of resource management when implementing business analytics is that it reduces costs and improves productivity. One of the most significant ways resource management can improve company performance is the timely and consistent delivery of projects and services. This is because better resource management helps improve insight into resource availability as well as improves timeline projections.
Resource management empowers project managers to use project management software to understand better which resources are available, what’s project work they have to execute, and how much time they have to work on those projects. Collective data also assists project managers in having a better understanding of how much time is needed for projects. This promotes time management and more strategic planning resources to achieve the project goal.
Enhances business productivity and profits. Strategic resources management promotes a company’s profitability by predicting and optimizing project costs. It also provides more detailed information about resource performance to inform job costing and budgeting. The most important resource in most projects is personnel costs can be as much as half of the project costs. Organizations that don’t effectively manage resources will not accurately determine capacity when selecting and prioritizing projects. Also, companies don’t know which of their assets are available because unevenly spread resources can cause projects to be understaffed and underequipped and create a system of inefficiencies that leads to project teams putting in long hours to meet project goals and heavy workloads.
Mavenlink. (n.d.). Why is managing resources important? Retrieved August 29, 2021, from https://blog.mavenlink.com/why-managing-resources-important