Strategic Resource Allocation in Project Management: A Fusion of ERM and Financial Insights in the Financial Sector

Na Zhao
Yanching Institute of Technology, International Business School, Yanjiao, Hebei Province, China,065201
JuanMei Ren
Yanching Institute of Technology, International Business School, Yanjiao, Hebei Province, China,065201
Xi Chen
Yanching Institute of Technology, International Business School, Yanjiao, Hebei Province, China,065201

DOI:https://doi.org/10.5912/jcb1105

Abstract:

In the realm of the financial sector, the efficient allocation of resources within project management is paramount for success. This paper presents a pioneering approach that fuses the principles of Enterprise Risk Management (ERM) with financial insights to optimize strategic resource allocation. With project complexities and risk mitigation at the forefront, this innovative approach not only aligns skilled staff resources but also harmonizes financial objectives within the dynamic financial landscape. Navigating the financial sector requires a delicate balance of expertise, regulatory compliance, and strategic vision. The integration of ERM and financial insights offers a unique perspective that anticipates challenges, aligns resources with objectives, and ensures risk-aware project execution. Through a detailed methodology, this paper illuminates the process of weaving financial considerations into resource assessment and allocation strategies, empowered by data analytics and technological advancements. As the mobile application development process becomes more complex, it has become increasingly difficult to manage different tasks and resources. The traditional project management methodology is ineffective and time-consuming for small or short projects. This paper introduces a new project management methodology based on ERM model. ERM is an abbreviation of "Expected Results Method." It was developed by Shep Hyken and Rod Dirks in 2002 when they found there was a lack of accuracy in the traditional PERT method. This paper suggests a new method that enables organizations to accurately measure their projects by employing an ERM approach as opposed to PERT which allocates team members based on individual time schedules rather than considering tasks that need to be completed together.