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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. [1] The lack of a resource can therefore be a constraint on the completion of the project activity.
In business and project management, a responsibility assignment matrix [1] (RAM), also known as RACI matrix [2] (/ ˈ r eɪ s i /; responsible, accountable, consulted, and informed) [3] [4] or linear responsibility chart [5] (LRC), is a model that describes the participation by various roles in completing tasks or deliverables [4] for a project or business process.
Project management software is a type of software, including scheduling, cost control and budget management, resource allocation, collaboration software, communication, quality management and documentation or administration systems, which are used to deal with the complexity of large projects.
A Gantt chart is a type of bar chart [4] [5] that illustrates a project schedule. [6] This chart lists the tasks to be performed on the vertical axis, and time intervals on the horizontal axis. [ 4 ] [ 7 ] The width of the horizontal bars in the graph shows the duration of each activity.
In the context of an entire economy, resources can be allocated by various means, such as markets, or planning. In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time. [1]
It uses a combination of tree and matrix diagramming techniques to do a pair-wise evaluation of items and to narrow down options to the most desired or most effective. Popular applications for the prioritization matrix include return on investment (ROI) or cost–benefit analysis (investment vs. return), time management matrix (urgency vs ...
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Product and portfolio management 2 (PPM) are focused on managing resource allocation, tracking progress, planning for new product development projects that are in process (or in a holding status). Portfolio management is a tool that assists management in tracking progress on new products and making trade-off decisions when allocating scarce ...
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