Resource management provides the needed resources for the project work at the right time and right place and builds a high functioning project team. To manage resources, the project manager must estimate needed resources, acquire resources, build and manage the team, and monitor and control resources on the project. Estimating needed resources determines the appropriate number and type of resources that will be needed for every project activity.
It includes both human and physical resources and requires alternative analysis to understand the best options regarding cost, risk, and availability of potential resources. Acquiring resources involves the project manager negotiating for the need of resources from various sources internal and external to the organization. As resources are acquired, they are then assigned to their project activity or project role to accomplish the work. Building and managing the team requires that the project manager observe team performance and implement team building measures to move the team effectively to the performing stage of Tuckman's model as quickly as possible.
It also ensures the right person is in the right job doing the right work. In waterfall projects, resources are determined early, acquired when needed, and team building is continuous. Resources are monitored and controlled throughout the project to ensure activity needs are met. In agile projects, the primary resources are people, services, and technology. Resources are determined early but may be updated based on emerging requirements and customer feedback.
The team is cross-functional and self-organizes around the work.