Project Resource Planning Management Essay Research (Essay Sample)

Project Resource Planning
Name
Institution
Project Resource Planning
The ever-changing requirements in a project contribute to the need for planning the resources available to carry out a project to completion. Resource in a project entails people as well as material needed to push the project to a success corner (Kerzner, 2017). As such, resource planning includes assigning resources to the project. Regular adjustments should be effected to reflected scope changes while still ensuring the project schedule is up-to-date. Fundamentally, costs associated with a project cannot be overlooked in resource planning as it goes a long way in contributing to the successful completion of a project.
In a project, estimation of cost is a very delicate matter as the project cannot kick off if it’s not funded. It’s after cost estimation is complete that the funding by the relevant project sponsors happens. Therefore, as a financial forecasting process, the cost estimation process is much needed and required for a project to be completed within the defined scope. These particular estimations revolve around the material to labor, and finally the calculating the determinant figure, budget (Kerzner, 2017). As such, the costings and forecasting should be well informed and precisely should be close to accuracy to avoid overstating or understating. Accuracy, the degree in variance between actual costs and estimated cost, should be well informed based on identifiably project parts.