Projects vary in size and the goal they hope to achieve. A project could be as big as the supply of brand new first and kits to a newly built stadium or as small as providing furniture for a newly built office. Regardless of the size, every project requires certain factors and resources to ensure its successful execution. These resources are broadly called Project Resources
What are Project Resources?
Project Resources can be defined as the material, manpower, capital, and strategies needed to carry out a project. Project resources feature in a project from the conceptualization stage of the project through to its completion.
3 Types of Project Resources
There are three major types of project resources. These three resources are a categorization of every element required for project execution. They are:
1. Human Resources
2. Material Resources
3. Financial Resources
These resources and how they are relevant in projects are explained below:
1. Human Project Resources
Human project resources also called human resources or work resources refer to the human factors involved in the project execution process. Human resources are embedded with the technical know-how, managerial skill, cognitive reasoning, and every professional skill to drive a project. As part of project resources, humans are the most important project resources needed in a project. This is because they are responsible for mobilizing other resources for the actualization of project goals.
2. Material Project Resources
Material resources include equipment, devices, tools, raw materials, and every peripheral device used up in the project execution stage. Material project resources are tangible and are used up either in whole or in parts for the execution of a project. They include materials already owned, newly acquired, or leased to the company. As long as these materials are used in the project execution, they combine to make up the material project resources.
3. Financial Project Resources
These are the financial cost used up through every stage of the project. Financial project resources are often outlined in the project budget and prepared for before the commencement of a project. Financial resources are needed to facilitate the purchase of material resources that the organization does not already have, as well as mobilize human resources effectively. Every form of cash required and used up in the project process falls into the class of financial project resources.
In this article, you have clearly understood the concept of project resources, the various types of project resources, and the example of each of these resources. This is your first step to the organization and management of projects regardless of how small or large the project is. An understanding and careful utilization of the resources available to you for a project will not only ensure prompt project delivery but a stress-free project execution process.
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