Unit 4 assesment - Coursework Example

Proper resource allocation enhances the performance of a project. Allocating resources for wrong ideas leads to project failure and is considered wastage of resources. In addition, Project managers should assign resources within the project in the right manner. This helps to avoid incurring losses and large operation cost. Currently, the economy is collapsing due to poor management in various financial sectors. This has led to tough competition, especially, in relation to financial resources. Most of the businesses experience increased operation cost.

Therefore, there is a need for companies to limit budget for their projects. They can only do that if project manager avoid wasting or misusing any material through proper resource allocation (Gilbert & Bower, 2007). Time is one of the important natural resource for a project. Approximately, 80 percent of total projects in a company offer project managers a minimum timeline for their completion (Gilbert & Bower, 2007). The project manager should, therefore, divide all project activities on a daily basis to meet the time deadline of the project.

In addition, the project manager can use critical path methods to determine the right time to allocate every project activity and ensure that they are completed in time. The project manager should not waste time. Proper time allocation, help the project manager to set a duration that each project activity will take and meet the deadline of the project even when any problem arise in the process of implementing the project. There is a need to allocate the right human resources within a multiple project environment.

This assists in proper distribution of specific knowledge and skills within the project, hence improving its performance. In addition, proper allocation of human resources makes it is easier for a project manager to come up with a flexible daily plan for the project (Gilbert & Bower, 2007). Project