Start practice test
Back to Resource Allocation
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.

Go Premium

Project Management Professional Preparation Package (2024)

  • Earn 35 PDUs needed for your PMP certification
  • 12955 Superior-grade Project Management Professional practice questions.
  • Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
  • Unlock Effortless PMP preparation: 5 full exams.
  • 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
  • Bonus: If you upgrade now you get upgraded access to all courses
  • Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!
Resource Forecasting practice test

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 process considers factors such as project scope, timeline, historical data, and known constraints to develop an outlook for resource requirements. Resource forecasting can also be used to proactively identify potential risks and develop contingency plans. Ultimately, effective resource forecasting ensures that the project team has the necessary resources to deliver the project on time, within scope, and on budget.

Time: 5 minutes   Questions: 5

Test mode:
Start practice test

Practice more Resource Forecasting questions

More Resource Forecasting questions
40 questions (total)
Start 40 question test
Go Premium

Project Management Professional Preparation Package (2024)

  • Earn 35 PDUs needed for your PMP certification
  • 12955 Superior-grade Project Management Professional practice questions.
  • Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
  • Unlock Effortless PMP preparation: 5 full exams.
  • 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
  • Bonus: If you upgrade now you get upgraded access to all courses
  • Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!