Guide: Resource Pooling According to the PMBOK Guide Seventh Edition
Resource pooling is a critical aspect of project management. Let's dissect what it is, its implications, and tips for exam answers.
What is Resource Pooling?
'Resource Pooling' is the process in which two or more resources are brought together to create a 'pool' for shared access and utilization within an organization. The resources could be human resources, technological resources, or any other kind of resources that may aid in the success of a project.
Why is it important?
Resource pooling allows for maximum utilization of resources minimizing idle time and wastage. It aids in fostering team collaboration, improving efficiency, and effectiveness. It also can aid in economies of scale and cost savings in the long run.
How does it work?
Resource pooling works through a centralized system of sharing and accessing resources. Resources are pooled together - stored, accounted for, and made accessible to necessary personnel. Resources are pulled out from the pool and used as needed, and the pool is replenished in a systematic manner.
Exam Tips: Answering Questions on Resource Pooling
- Understand the role and benefits of resource pooling in project management.
- Get an understanding of the process - how resources are brought together, how they are accessed and used, and how the pool is maintained.
- Have a good grasp on the concept of shared resources, and how they contribute to efficiency and cost-effectiveness in a project management scenario.
- Focus on not just the 'what' but also the 'why' and 'how' of resource pooling.
- Remember to mention the importance of a systematic and organized way of pooling and tracking resources.
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Resource Pooling practice test
Resource pooling, also known as resource sharing, refers to the practice of combining and managing resources from multiple sources to maximize efficiency and minimize costs. It is often used in organizations with multiple concurrent projects. Instead of dedicating resources to specific projects or departments, the resources are pooled, making them available for all projects on a need basis. By centralizing resource management, organizations can improve flexibility, responsiveness, and utilization of resources, leading to reduced downtime, better capacity management, and overall improved project performance. Resource pooling may require collaboration and communication among various departments and can be facilitated by project management software or a dedicated resource manager.
Time: 5 minutes Questions: 5
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Project Management Professional Preparation Package (2024)
- Earn 35 PDUs needed for your PMP certification
- 10107 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