What is Project Resource Management?
Project Resource Management is an area of project management that focuses solely on the project’s resources. According to the PMI, “(Resource Management) includes the processes to identify, acquire, and manage the resources needed to complete a project successfully.”
It is vital to identify and outline the nature and extent of resources needed before moving forward with a project. In project management, the term “resource” refers to both physical and human resources required to finalise deliverables. Materials, equipment, facilities, and infrastructure are examples of physical resources, whereas human resources are examples of team resources. A project manager must understand the differences between the skills necessary to manage both resources.
Project resource management exists to ensure that the project is conducted according to the size and vision established at the beginning of the project. It also guarantees that the correct resources are readily accessible for the right individuals. This blog discusses what is required for effective resource management and some key tips for best practices.
What makes a valuable resource?
There are certain cornerstones of resource management. These ideas may be used by any business to manage project resources:
1. Note that resources are usually people:
Remember that resources can be people and that their efficiency and efficacy cannot be evaluated just by the numbers.
To manage them effectively, you will need certain soft skills. Communication, leadership, and mentoring are all skills that may help you stay motivated and inspired at work. The data can notify you about resource consumption and availability, but it cannot help you boost resource efficiency. As a result, a measure may pinpoint the problem locations. They can, however, be effectively managed by the employees directly. Discuss your problems with the appropriate resources or team and assist them in resolving them.
2. People management:
Include the people to meet the project’s agreed goals. Ensure that all resources are aligned and that expectations are set. What should be evident to resources is what is expected of them. Employees should be aware of the relevance and priority of assigned responsibilities. They should be encouraged to participate in project risk detection by fostering open dialogue. Team members should be allowed to create and forecast task schedules in accordance with their priorities. This will boost the commitment of resources to timetables.
3. Team management:
Create a sense of teamwork among team members. So that all resources are brought together in a single understanding environment. This will increase productivity and creativity while lowering the risk of mistakes. The team’s confidence and dedication will be boosted by real-time feedback.
4. Resource task management
Always try to assign the appropriate resources to the relevant tasks. Do not just allocate tasks to resources. After that, execute an assignment by matching the resource’s capacity and interest to the job. Determine which work stimulates your resource by learning about them and their interests. To maintain your resource production, assign that responsibility to only them.
5. Recognition for excellent work
Your resources’ efforts should not go unnoticed. Ascertain that your resources know how critical their participation in specified tasks is. Recognise their time and work.
Resource management best practices
Companies can use various best practices to distribute and manage their resources more quickly and effectively:
1. A centralised group of resources
For project assignments, create a centralised resource pool. To manage the resource pool, use two key management tools: the cost of each resource in the pool and the accessibility of each resource. Manage resource distribution to different project activities based on two criteria.
2. Resource levelling
Resource workloads should be balanced such that no resource is overwhelmed. Levelling should be done regularly to verify that resources are being used efficiently and in accordance with job priorities.
3. Stay on top of roles and responsibilities
Keep track of resource allocation in real-time, so you know which resource is working on what at any given time. This will undoubtedly aid in keeping all resources productive and maximising their efficiency.
4. Track progress
The necessity of information resource management should not be overlooked. Follow the development of current projects in real-time to get the most information, comprehend the problems, and foresee any potential risks. So that course corrections can be made if necessary and done ahead of time. Take use of IT assistance and infrastructure to obtain real-time project progress information.
5. Lessons Learned
You might be able to produce future resource planning and management predictions if you consider all the previous factors. Analyse what went well and what went wrong and take measures to estimate future demand and capacity planning as a result.
The management of resources must be effective and efficient. This is done to justify the resource – the project’s return on investment. If resources are not managed properly, they might have unintended consequences, leading to project failure. Organisational resource management is critical to project orientation success.
To find out more about Execview, visit our product and solutions pages. Also, you can look at some of our success stories on our case studies page. If you wish to speak to one of our experts, click here or e-mail in**@ex******.com. Also, our sales manager, Tory, is available to chat using the chat function on our website.