[SOLVED] Project Resources

Resources are the people, place, and equipment, as well as money required to do all activities planned for. All activities in the activity list must be assigned some resources (Watts, 2014). Financial resources are essential for successful completion of this project. The executive leaders must approve budgetary allocations for construction materials, labor, and equipment. Schwalbe (2016) asserts that being the project sponsor’s responsibility, there is no doubt about the significance of financing to a project. Minus proper funding, a project will strive to acquire the right resources and will have difficulties finding the money required. In addition to financial resources, human resources are important for the project’s success from developmental stage to completion. According to the Project Management Institute (2017), project managers must identify and document project roles, responsibilities, as well as reporting relationships. They must also acquire project teams by assigning the required personnel to work on projects. ABC Retail Stores should also consider expertise from individuals with specialized knowledge on how to comply with applicable laws and government regulations.Other key resources necessary for project completion include construction materials, store room equipment, break room equipment, office equipment, and sales floor equipment. A resource calendar is another important resource for this project. It helps in identifying working days, shifts, weekends, and public holidays. It also helps in identifying the start and end of normal working hours. Project Management Institute (2017) posits that a resource calendar provides information on which resources are available during a given planned activity period. Such information is essential in estimating resource utilization. Moreover, resource calendars indicate when and the duration which identified teams as well as physical resources is available during a project.