What is IT resource acquisition?

IT resource acquisition is a vital step in project management. It involves defining the need of the projects and how to satisfy those needs. Using IT acquisition, the company can bring in the right IT resources that makes up the team.
Knowing the size of the project and finding the sort of resources that are needed to fulfil the requirements of the project makes up the process of resource planning. The Project Manager may or may not be responsible for these efforts, depending upon the organization with which the person works. It will be determined by the quality of the company's work intake procedure and how firmly the administration monitors its resource pool.

What is acquisition in project management?

Resources are essential for performing the tasks associated with the project. They include the machinery, people, technology, property and other things required to do the work—which can also imply the cost of resources, though not always in financial terms. Both internal and external resources can be deployed. The term acquisition is related to project management and resource management is a part of project management activity. The project owner must identify various resources needed to complete the task and purchase those resources.

Process of Resource Acquisition

Resource management is a step carried out as part of project management. Project management involves four significant activities namely resource planning, team management, project team development and resource acquisition.

Resource Planning

It is the process of understanding the project's scope and defining the type of resource the manager uses to complete its task. Resource planning is a process of identifying, forecasting, collecting information and allocating various kinds of resources to the project at the right time. It ensures the availability of appropriate resources. It defines the strategy for the planned utilization of resources. By making a project plan, it helps to make the right decision.
Resource plans are divided into two categories. One is hypothetical, with no resource limits, and based on a resource typeset. The skill set required to complete a task is referred to as resource type. The other one is a resource strategy which is based on the current availability of resources.

Resource Acquisition

Resource acquisition is essential because it defines the needs of the project. It helps the person to understand the requirements of the project. So, by using this, they ought to start defining the resource requirement of the project. They identify the crucial resources to go ahead with the project. Thus, the main aim of resource acquisition is to get the correct resources such as tools, materials, facilities and equipment for the project team so that the team can deliver the project at the right time. The process of acquiring resources is repeated at different phases of the project development as long as resources are sufficient.

Project Team Development

The success of a project begins at the team level. Apart from the advanced technology and resources, a good project team is also required to overcome each obstacle and work effectively to reach the project’s goals within the deadline. Developing a team is a process of placing individuals with different backgrounds, cultures, expertise, and needs, into one effective work unit. Individual contributors' motivations are blended in this way to support the team's goal.

The project team development is one of the important activities performed by managers to build and improve both internal and external interaction of team members, enhance their skills and competencies. And also optimize the overall team environment to improve the project performance.

Team Management

The team management process is an essential part of project development. It is helpful for numerous reasons in the workplace. It gives leadership ability to the person who manages the entire team or handles the whole project and provides a unified approach to the individuals who have taken the team's responsibility.

Successful usage of the project team members is the outcome of effective team management. It isn't just about hiring and reassigning team members when the project is over. It also entails good planning to guarantee that the project is maintained with the right people who are doing the right things at the right time.

Steps involved in resource planning

Project management would not be complete without resource planning. Project resources should be planned ahead of time for their effectiveness. Resource management strategy is the significant outcome of resource planning.

Resource planning involves the following steps.

• Figuring out needed resources.
• Collecting the resources.
• Governing the resources.
• Handling the resource usage.

Figuring out needed resources

The first step in resource planning is to figure out the resources needed to complete various tasks performed as part of the project. There are five major types of resources namely labour, materials, equipment, facilities, and so forth.

Collecting resources

In a classic world, all project resources would be freely obtainable and qualified for use in the project. Sadly, in a real-world scenario, this is not always true. Human resources must be identified carefully based on the skill set requirements.

External resources can be acquired by posting the requirement on online job portals and social media. The resources are recruited after proper scrutiny of their skillsets and knowledge by conducting interviews.

Governing and managing resources

Once the resources have been obtained and ready to work on the project, someone must manage them in order to ensure that they contribute to their maximum. Human resources needs to assure that they bring new skill set or knowledge which did not exist before. The tools and equipment must be used safely without any damage so that they can be returned in good working order. 

Handle resources usage

Several strategies for monitoring and regulating resources are used to guarantee that they are achieving the desired goals. One of the control strategies is to find utilization rate which shows how efficiently the resources have been used. In case, resource utilization is very less, then a number of corrective actions are performed.

What is resource acquisition in business?

The purpose of resource acquisition is to determine the project’s requirements and to acquire them before the onset of the project. The primary goal of the acquisition is to set up a project management system that will allow resources to be activated. It is used to create policies for purchasing and deploying resources so that projects can move forward as intended.
A takeover of one corporation by another is considered a corporate acquisition if both parties retain their legal existence after the transaction. When the board of directors supports the acquisition, it is called a friendly acquisition; when the board of directors opposes it, it is called a hostile acquisition.
High-quality inputs with regular monitoring gives high-quality outputs. By establishing a sound action plan, the necessary processes for a smooth operating project can be built.
To execute the project tasks, project management demands the use of resources. They can be people, equipment, facilities, funds, or anything else (typically other than labor) necessary to complete a project activity.

Uses of resource acquisition

Small businesses can acquire new resources such as experts, legal, financial or human resource specialists when joining with larger businesses. 

Resource acquisition is very helpful in gaining a competitive edge in the marketplace for new ventures.

One can minimize project costs or budget and improve productivity by acquiring and allocating the right resources to the right project at the right time.

If all required resources are acquired but not used properly then it may affect the project budget, quality, customer satisfaction, schedule, and other areas. It can also degrade the probability of project success.

Common Mistakes

Resource acquisition is always useful in collecting several human resources, tools, equipment, facilities, raw materials and supplies needed for the project delivery. It starts from selecting project resources to assign them to specific tasks or activities. Resources are vital because, without resources, a project is just a document. Therefore, resources are essential for implementing the project.

Context and Applications

This topic is significant in the professional exams for both graduate and postgraduate courses, especially for:

• Bachelors in Science in Computer science.
• Masters in Science in Project Management.
• Bachelors in Science in Information technology.

Related Topics

• Technology acquisition.
• Data Acquisition.
• Cloud IT acquisition service.

Practice Problems

Q1- During a project, each management follows a process known as:

1. Project planning
2. Project management life cycle
3. requirement gathering process
4. All of these

Correct answer- Project management life cycle

Explanation- A project management life cycle is a framework that consists of a series of high-level steps that must follow to shift a theory into reality in a timely and adequate manner.

Q2- What is the step involved in acquisition process and management of the resources?

1. Resources planning
2. Resources acquisition
3. Team management
4. All of the above

Correct answer- All of the above

Explanation- The process of the acquisition and management of the resources contains resources planning, resources acquisition, team management, and project team development.

Q3- Number of steps followed in resource acquisition and management is __________

1. Two
2. Three
3. Four
4. Five

Correct answer- Four

Explanation-  Resource management is part of project management. It involves four significant activities: resource and assets planning, resource and assets acquisition, project team development, and team management.

Q4- What is the meaning of decision in management?

1. A decision that looks out for alternatives.
2. A decision is the outcome of a group of people.
3. To formulate a proper conclusion after considerations.
4. All of the above

Correct answer: To formulate a proper conclusion after considerations

Explanation- Decision-making is described as the process of choosing between two or more options based on a set of criteria.

Q5- Which of the following is the correct abbreviation of HRM?

1. Human Resource Management
2. Human Resourcefulness Management
3. Human Relation Management
4. Humanistic Relation Management

Correct answer: Human Resource Management

Explanation- Human resource management is a type of strategic planning used by various firms to hire, manage, and guide new personnel.