Scarcity is the fundamental economic problem, which is not exactly same as the shortage. Read out the differences between scarcity and shortage in the article below….Comparison Chart.

Scarcity refers to a basic economic problem—the gap between limited resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity. Because these resources are limited, so are the numbers of goods and services we can produce with them.

Fixing the lack of resources:

1. Shift resources between non critical tasks to the critical path (if we have)
2. Try to reduce the resources needed.
3. Prioritize deliverables, split the project outcomes in phase.
4. Get new resources: If you have budget you need to get new resources.

8 Simple Hacks to Prevent Project Budget Overrun

1. Review similar projects. Start with a solid plan by building a budget template based on a similar project that you completed previously.
2. Estimate accurately.
3. Factor in tax.
4. Plan your work.
5. Manage scope.
6. Continuously forecast.
7. Reassign resources.
8. Leverage technology.

Top 12 Resource Management Best Practices

1. Understand which resources are in short supply and focus on them.
2. Agree on a common approach to prioritizing work across shared resources.
3. Embrace different ways of working across the organization and resources.
4. Realize resource management is an ongoing process.
5. Manage work and resources uses a blend of granularities.

1 an insufficiency, shortage, or absence of something required or desired.

Causes of scarcity A rise in demand can cause a resource to become scarce. For example, when a civilisation has a small population, freshwater is abundant with hardly any opportunity cost. However, with a rising population, a well or reservoir may fail to keep up with the increase in demand.

1 : lack entry 2, shortage His actions show a want of common sense. 2 : the state of being very poor They died in want.

If you lock yourself out of a place, such as your house, you cannot get in because the door is locked and you do not have your keys. The new tenants locked themselves out of their apartment and had to break in. [ V pron-refl P + of] There had been a knock at the door and when she opened it she locked herself out. [

1 : the quality or state of being defective or of lacking some necessary quality or element : the quality or state of being deficient : inadequacy suffers from a deficiency of critical thinking. 2 : an amount that is lacking or inadequate : shortage staffing deficiencies : such as.

: the quality or state of being parochial especially : selfish pettiness or narrowness (as of interests, opinions, or views)

Parochialism is the state of mind, whereby one focuses on small sections of an issue rather than considering its wider context. In that respect, it is a synonym of “provincialism”. It may, particularly when used pejoratively, be contrasted to universalism.

A parochial political culture is a political culture where citizens have only limited awareness of the existence of central government.

adjective. of, relating to, or financially supported by one or more church parishes: parochial churches in Great Britain. of or relating to parochial schools or the education they provide. very limited or narrow in scope or outlook; provincial: parochial views; a parochial mentality.

Antonyms of PAROCHIAL catholic, impartial, open, unprejudiced, open-minded, objective, broad-minded, receptive, unrestricted, freethinking, tolerant, unbiased, broad, liberal, nonpartisan.

What is another word for parochial?

1. He is rather too parochial in his outlook.
2. Local newspapers tend to be very parochial.
3. Officials tend to tilt toward secrecy from a parochial view of their responsibilities.
4. They need to be better informed and less parochial in their thinking.
5. The parochial expects nothing from the political system.