Resources – Financial encyclopedia

By:
Updated: Aug 20, 2021

In project management, resources are required to carry out the project tasks. These can be people, equipment, facilities, funding, or anything else capable of definition (usually other than labour) required for the completion of a project activity. The lack of a resource will therefore be a constraint on the completion of the project activity. Resources may be storable or non storable. Storable resources remain available unless depleted by usage, and may be replenished by project tasks which produce them. Non-storable resources must be renewed for each time period, even if not used in previous time periods.

Resource scheduling, availability and optimisation are considered key to successful project management.

Allocation of limited resources is based on the priority given to each of the project activities. Their priority is calculated using the Critical path method and heuristic analysis. For a case with a constraint on the number of resources, the objective is to create the most efficient schedule possible – minimising project duration and maximising the use of the resources available.

Reference: Wikipedia


Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.