Guide to Project Resource Management based on PMBOK Guide Seventh Edition

Importance:
Project Resource Management is crucial to the successful execution of any project. It defines how to manage and allocate resources effectively, hence ensuring optimum efficiency and productivity.

Definition:
Project Resource Management refers to the processes to identify, acquire, and manage resources needed for the successful completion of a project. These resources could include people, materials, equipment, or other necessary inputs.

How it works:
Project Resource Management is implemented in four key steps:
1. Planning resource management: Involves defining how to estimate, acquire, manage and utilize physical and team resources.
2. Estimating resource requirements: Identifies the type and quantities of resources needed.
3. Acquiring resources: Covers acquiring necessary resources.
4. Managing / controlling resources: Involves ensuring that the project’s resources are used effectively and that they remain aligned with the project’s goals.

Exam Tips:
Answering Questions on Project Resource Management: When answering questions related to Project Resource Management in an exam, make sure that you understand the context of the question and apply the PMBOK Guide principles correctly. Be clear with the definitions and processes. Focus on the purpose and outcome of each step in the resource management process. During the exam, try to identify keywords in the problem description which can guide you towards the correct answer.