Planning for Project Resources, Cost, and Procurement
Executing a project requires resources, and executing a project successfully requires the optimal use of those resources. Therefore, coordinating and managing resources—including both human resources, also called team resources, and physical resources, i.
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6 Planning for Project Resources, Cost, and Procurement PMP Exam Objectives
What It Really Means
2.5 Develop the resource management plan
Develop the resource management plan by defining the roles and responsibilities of the project team members in order to create a project organizational structure and provide guidance regarding how resources will be assigned and managed. You should understand the Plan Resource Management process, including both human and physical resources, and the Estimate Activity Resources process inside out. (continued)
© Paul Sanghera 2019 P. Sanghera, PMP® in Depth, https://doi.org/10.1007/978-1-4842-3910-0_6
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Chapter 6 | Planning for Project Resources, Cost, and Procurement
PMP Exam Objectives
What It Really Means
2.3 Plan cost management
Develop the cost management plan based on the project scope, schedule, resources, approved project charter, and other information using estimating techniques in order to manage project costs. You must understand how the cost estimates for schedule activities are made and then aggregated into a budget.
2.7 Develop the procurement Develop the procurement management plan based on the management plan project scope, budget, and schedule to ensure that the required project resources will be available. Know how to work out all the pieces of procurement planning, including procurement management plan, procurement strategy, make or buy decisions, statement of work (SOW), bid documents, source selection criteria, and independent cost estimates.
Executing a project requires resources, and executing a project successfully requires the optimal use of those resources. Therefore, coordinating and managing resources—including both human resources, also called team resources, and physical resources, i.e., material, equipment, facilities, and infrastructure—is an integral part of overall project execution. Identifying, acquiring, and managing these resources is called resource management. During project planning, you define roles and assign responsibilities to those roles, as project work is generally performed in the form of roles and responsibilities. Project roles, the responsibilities of the roles, and the reporting relationships among the roles need to be determined in order to perform a project. This is accomplished during the development of the resource management plan. The roles need to be filled with qualified individuals, which will be discussed in the executing part of this book. In this chapter, we will discuss developing the resource management plan and estimating the resources for each activity scheduled. You also need financial resources to support these human resources or project team and physical resources; e.g., to make purchases and acquisitions. These financial resources are managed in the form of cost in project management. Furthermore, some of the expected outcome items of the project will be developed by the project team, and others will be purchased or acquired in a process called procurement, which may also include items that are nee
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