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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Resource Acquisition practice test
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.
Time: 5 minutes Questions: 5
Practice more Resource Acquisition questions
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!