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Resource Acquisition

5 minutes 5 Questions

Resource acquisition is the process of identifying, securing, and mobilizing the necessary human resources, equipment, and materials needed for project implementation. It entails developing acquisition strategies, selecting and negotiating with suppliers or providers, and managing contracts and agreements. A successful resource acquisition process ensures that optimal resources are available at the right time, at the right cost, and with appropriate quality to achieve the project objectives. Effective resource acquisition lays the foundation for smooth project execution by minimizing delays and avoiding cost overruns brought about by unavailability or suboptimal allocation of resources.

Resource Acquisition: A Guide to the PMP Exam

Importance:
Resource acquisition is a crucial part of project management. It ensures the right personnel, equipment, tools, and physical assets are gathered effectively to deliver the project on time and within budget. Understanding resource acquisition is vital to succeed in PMP exams and become a competent project manager.

Definition:
Resource Acquisition in PMP is the process of obtaining team members and necessary physical resources to complete project activities. It involves identifying, sourcing, and procuring resources needed to meet project goals.

Functioning:
Resource Acquisition starts with understanding the resource needs of the project followed by sourcing, recruiting, and procuring the resources. It includes team formation, outsourcing activities, and acquiring physical resources.

Exam Strategy:
Master the PMBOK Guide's resource acquisition processes. Understand the difference between the various sources of resources — internal, external, insourced, and outsourced. Familiarize yourself with the techniques of team building and the relevance of Human Resource theory.

Exam Tips:
Answering Resource Acquisition Questions:
1. Think from a best practice perspective.
2. Take into account all the potential resource sources.
3. Consider the impact of resources on project cost and schedule.
4. Be aware of team dynamics and the stages of team formation.

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PMP - Resource Management Example Questions

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Question 1

A stakeholder requests a specific resource to work on the project. However, the resource is not skilled in the necessary technology. What action should you take?

Correct Answer: Communicate with the stakeholder and explain the risks of using an unskilled resource

Communicating with the stakeholder and explaining the risks of using an unskilled resource is the best approach. It allows for clear and transparent communication of potential problems, aligns expectations, and leads to a discussion of possible alternatives. Assigning the resource without analysis would be irresponsible, as it could lead to failures in the project. Rejecting the request without explanation would not be helpful as it doesn’t provide any clarity to the stakeholder about the reason for the rejection. Replacing the current project team doesn't solve the problem of the unskilled resource and could potentially disrupt project operations. Therefore, the only viable option would be to have an open and clear discussion with the stakeholder.

Question 2

During a construction project, you realize the need for a special type of crane that is not owned by your company. Renting is an expensive option and the budget is limited. What should be your next step?

Correct Answer: Negotiate a lease agreement for the crane with a supplier, spreading out payments to fit the project budget.

The most appropriate decision here would be to negotiate a lease agreement for the crane with a supplier, spreading out payments to fit the project budget. This provides a feasible solution to completing the project without unreasonably escalating costs. If you were to purchase the crane even if it meant going over budget, it would stray from good project management practices and could cause significant financial strain. Adapting the construction methods to not require the specialized crane could compromise on the quality of work or safety, and should only be considered if it does not affect these factors. Cancelling the construction project due to unexpected equipment needs is generally a last resort and should be avoided if possible, as it might harm the company's reputation and result in large, unnecessary losses.

Question 3

You are managing an infrastructure project. The excavator needed for ground breaking needs a special permit which might take weeks. What is you best action?

Correct Answer: Rent an excavator with necessary permit from a reliable supplier

The best course of action when managing an infrastructure project where a special permit required for an excavator, might take weeks, is to 'Rent an excavator with necessary permit from a reliable supplier.' This approach allows the project to proceed according to schedule, avoiding unnecessary delays. The permit issue is solved by using an already permitted equipment from a supplier. The other options are not viable in a professional project management setting: 'Proceed with project without the permit' poses potential legal and safety risks as it violates permit requirements. 'Dig manually ignoring the need for an excavator', may be practically unfeasible depending upon the project magnitude and might risk project schedule and quality. 'Delay the project until company owned excavator gets permit' is not an effective or efficient project management decision, as it would unnecessarily delay the project.

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