Resource Forecasting

5 minutes 5 Questions

Resource forecasting is the process of estimating the quantity and type of resources required to execute a project successfully. Accurate resource forecasts enable project managers to plan effectively, allocate resources optimally, and make informed decisions throughout the project life cycle. This…

Guide on Resource Forecasting Following the PMBOK Guide Seventh Edition

Resource Forecasting is an imperative aspect of Project Management.

Why it's important: It allows project managers to predict the quantity of resources necessary for a project, serving as an basis for budget development and ensuring the project stays within financial constraints.

What it is: In simplistic terms, resource forecasting is the prediction or estimation of resources (like time, manpower, and machinery) required to execute a project successfully.

How it works: Forecasting analyses historical data and current project progress to estimate future resource needs. Factors like resource availability and project timeline directly influence the forecasting.

Exam tips on Resource Forecasting: Ensure that you understand not only the definition but also the practical implications of resource forecasting. Comprehend the impact of accurate resource forecasting on project budget and timeline. Be prepared to answer scenario-based questions where you may have to apply your understanding of resource forecasting to solve real-life project management problems. Familiarize yourself with resource forecasting tools and techniques.

Answering Questions: Pay close attention to the details provided in the question. Make sure you understand the context of the question before choosing your answer.

Test mode:

Exam (Timed)

Practice (With explanations)

Start practice test

PMP - Resource Forecasting Example Questions

Test your knowledge of Resource Forecasting

Question 1

During your project for a new city bus system, your supplier notifies that they cannot deliver the ordered buses on time. What steps should be taken to manage the situation?

Proceed with the project without updating any forecasts. Blame the supplier for the delay in front of the project team. Cancel the contract with the supplier and search for new buses. Update the resource forecast and reconsider your project timeline or source from different suppliers.

Correct Answer: Update the resource forecast and reconsider your project timeline or source from different suppliers.

The best response to the delay in the delivery of the buses would be to consider the impact on your project schedule and resources. This is why the answer 'Update the resource forecast and reconsider your project timeline or source from different suppliers' is the most appropriate. It allows for dynamic response to changes and keeps the project moving as smoothly as possible. The other responses don't seem as effective. Canceling the contract with the current supplier and looking for new buses could lead to further delays, increased costs, and unknown quality issues. Blaming the supplier in front of the project team isn’t constructive, it fosters a negative atmosphere, and could damage the working relationship, it won't resolve the issue. Proceeding with the project without updating the forecasts is also not a good solution because it could cause a misalignment between the project schedule and actual progress.

Question 2

You are managing an IT project. After reviewing the schedule, you realized that there will be a peak of demand for software developers during the next month. How would you address this scenario to ensure you meet the project schedule?

Ask for more developers to be assigned during this peak period to cope with the increased workload. Ask the developers to work overtime without increasing personnel. Ignore the peak and continue with the project as scheduled. Increase the budget to extend the project's duration.

Correct Answer: Ask for more developers to be assigned during this peak period to cope with the increased workload.

The best course of action in this situation would be asking for more developers to be assigned during this peak period to cope with the increased workload ('Answer_text' of 'pk': 157010). This would ensure that the project schedule is maintained without overburdening the current team or extending the project's duration. The other options are flawed as follows: Increasing the budget to extend the project's duration ('Answer_text' of 'pk': 157011) might not be feasible or beneficial as it would lead to extra costs and delays. Asking the developers to work overtime without increasing personnel ('Answer_text' of 'pk': 157012) would risk burnout and potentially lower the quality of work. Ignoring the peak and continuing with the project as scheduled ('Answer_text' of 'pk': 157013) would be a poor management decision as it is necessary to adjust plans according to changing situations.

Question 3

You are managing a city's waste management system project. Previously estimated resources are proving insufficient due to the city's growing population. How should you manage this situation?

Invest in unproven technology as a quick fix to meet the resource gap. Ignore the population growth and continue with the previous plan. Ask the city to limit its population growth. Re-forecast resources considering the growing population, re-adjust the project plan, and communicate changes to stakeholders.

Correct Answer: Re-forecast resources considering the growing population, re-adjust the project plan, and communicate changes to stakeholders.

The most effective way to manage this situation would be to re-forecast resources considering the growing population, re-adjust the project plan, and communicate changes to stakeholders. This approach is the most logical and professional, taking into account the dynamic nature of projects and the need for adequate resource allocationIgnoring the population growth and continuing with the previous plan (Answer 157207) is not a practical solution because it neglects the reality of increasing waste management needsAsking the city to limit its population growth (Answer 157208) is unrealistic and unethical, as it infringes on basic human rights and is outside the purview of a project managerAlso, investing in unproven technology as a quick fix to meet the resource gap (Answer 157209) presents a big risk. Unproven tech could fail to deliver the expected benefits and might result in wasted resources and time. A more sensible approach would be to conduct proper research and risk assessment before considering such an option.

🎓 Unlock Premium Access

Project Management Professional + ALL Certifications

🎓 Access to ALL Certifications: Study for any certification on our platform with one subscription
Earn 35 PDUs needed for your PMP certification
10338 Superior-grade Project Management Professional practice questions
Unlimited practice tests across all certifications
Detailed explanations for every question
PMP: 5 full exams plus all other certification exams
100% Satisfaction Guaranteed: Full refund if unsatisfied
Risk-Free: 7-day free trial with all premium features!

Start Your Free 7-Day Trial