Project management is important for leading a business, as a function of which, we need to ensure that projects are completed within set timelines, planned budgets, and required quality standards of delivery. Effective project resource management is a highly essential ingredient of project management which involves identifying, acquiring, and effectively utilizing resources required to complete a required project successfully. It encompasses several processes, which include planning resource deployment, estimating activities and resources, acquiring resources, developing team members, managing the team, and controlling resources by set timelines.
Budding project managers often enroll themselves in some of the best Project Management courses for developing the skills necessary for effective project resource management. In this article, we will delve deeper into project resource management, types of resources, the processes related, best practices, and top resource management tools.
What is Project Resource Management?
Project resource management is one of the primary aspects of project management and involves managing resources required towards completion of a project. The resources can be of several types which include human resources, materials, and costs. Effective project resource management is crucial for ensuring that projects are completed on time, within budget, and meeting the desired quality standards, i.e., the topics among the several offerings of PMP exam training online.
The process of project resource management involves –
- Identifying the resources required for a project
- Planning how these resources at various stages of the project
- How resources should be acquired and utilized
- Effective management of resources are effectively managed throughout the project’s lifecycle
Effective project resource management ensures that project teams have the resources they need to complete the project and that resources are utilized opt optimally. With proper resource management techniques, project managers would be able to ensure that their projects are completed as per the requirements.
Types of Resources in Project Management
Project resource management involves managing three main types of resources, namely work, materials, and costs.
1. Work
Work resources refer to human resources, including the project team members, project managers, and other stakeholders involved in the project. Managing work resources involves identifying the necessary skills and competencies required to complete the project and ensuring that the right people are assigned to the project. Effective work resource management involves ensuring that team members have the necessary tools and resources required to complete their tasks within the set timelines and to the desired quality standards.
2. Materials
Materials resources refer to the physical resources required to complete the project, including equipment, supplies, and infrastructure. Managing materials resources involves identifying the materials required to complete the project, ensuring that they are available when needed, and managing their usage to ensure that they are used efficiently.
3. Costs
Cost resources refer to the financial resources required to complete the project, including salaries, materials, equipment, and other expenses. Managing cost resources involves developing a budget for the project and managing costs to ensure that the project is completed within the set budget.
Project resource management is a crucial aspect of project management that involves several processes aimed at ensuring that resources are effectively managed throughout the project’s lifecycle.
The processes related to resource management in project management include resource planning, which involves identifying and quantifying the necessary resources for the project; resource acquisition, wherein project managers secure the needed resources; and resource allocation, where resources are assigned to specific tasks or activities. Additionally, resource management encompasses team development, which focuses on enhancing the skills and capabilities of team members, and resource control, which ensures that resources are utilized optimally and in accordance with the project plan. A stronger understanding of these processes enables project managers to efficiently manage resources, contributing to the overall success of their projects. These processes of project resource management are discussed deeply as follows:
1. Planning Resource Management
Planning resource management involves defining how resources will be acquired, managed, and utilized throughout the project’s lifecycle. This process involves developing a resource management plan that outlines the roles and responsibilities of the project team members, the resources required for the project, and how they will be acquired and managed.
2. Estimating Activity Resources
Estimating activity resources involves identifying the resources required to complete each task in the project plan. This process involves developing estimates for the work, materials, and costs required for each task in the project plan.
3. Acquiring Resources
Acquiring resources involves procuring the resources required for the project, including human resources, materials, and equipment. This process involves identifying the required resources, selecting vendors, negotiating contracts, and ensuring that resources are available when needed.
4. Developing Team
Developing team involves ensuring that the project team has the necessary skills and competencies required to complete the project successfully. This process involves identifying the skills required for the project, assessing the skills of team members, and providing training and development opportunities to ensure that team members have the skills and competencies required to complete their tasks.
5. Managing Team
Managing team involves ensuring that the project is working in an effective and efficient manner. This involves assigning tasks, managing workload, tracking team deliverables, providing feedback, and resolving conflicts among the project team members.
6. Control Resources
Monitoring and controlling the use of resources throughout the project’s lifecycle is a key activity of project resource management. This involves utilization tracking of the resources, identifying potential issues or problems that would arise, and taking corrective actions for ensuring that resources are used efficiently.
Effective project resource management requires all these processes to be managed effectively to ensure that resources are effectively utilized throughout the project’s lifecycle.
Project Resource Management Template
Here is a simple project resource management template you can use:
1. Project Information:
- Project name
- Project manager
- Start date
- End date
- Budget
2. Resource Information:
- Resource name
- Role
- Availability (hours per day/week/month)
- Skill set
- Cost per hour/day/week/month
3. Resource Allocation:
- Task or activity name
- Start date
- End date
- Resource assigned
- Hours allocated
- Total cost
4. Resource Utilization:
- Resource name
- Availability
- Utilization rate (hours worked vs. hours available)
- Total cost
5. Resource Forecasting:
- Future resource requirements
- Resource gaps
- Budget changes
- Mitigation plan
This template can be customized according to the specific needs of your project. It is important to keep the template up-to-date and use it regularly to ensure that you are effectively managing your project resources.
Project Resource Management Best Practices
Several best practices can be utilized by the project managers for ensuring effective project resource management. Some of the best practices include:
1. Smaller teams should take a high-level resource planning approach
In general, there is no need of a detailed resource management plan for smaller teams. Instead, project managers might want to take a high-level approach towards resource planning, focusing on key resource identification as required for the project and ensuring that the resources are available when required.
2. Larger teams should take advantage of the tools available
There would be a need of more detailed resource management plans for larger teams. Project planning tools, such as Gantt charts and resource allocation charts, can be used for effective resource management. The use of top 10 project management tools can make it easier for project managers for managing resources effectively.
3. Using a work breakdown structure (WBS)
A work breakdown structure (WBS) is a hierarchical putrefaction of the project into smaller, more manageable parts. A WBS is used for identifying the resources required for each part of the project, making it easier for effective resource management.
4. Consulting with subject matter experts to develop estimates
Estimating activity resources is a challenging process for complex projects. Consulting with subject matter experts helps project managers in developing more accurate estimates, ensuring correct identification and acquisition of resources required for each task of the project.
5. Avoiding overloading team members
Increased burnouts, reduced productivity and poor-quality work are the results of overloading team members in the project. Project managers would need to avoid overloading team members by ensuring that the workload is distributed evenly and that they have the necessary resources to completion their tasks in an effective manner.
There are several resource management tools which can assist project managers in effective resource management, such as project resource management software. A few of the top project planning tools provide detailed insights into primary features of project resource management and several other resource planning tools help in effective management of resources.
Some of the resource management tools are listed below:
- Teamdeck.io
- Float
- Forecast
- Smartsheet
- Mavenlink
- Harvest
- Ganttic
- ProofHub
Key Features of Project Resource Management Software
Key features of project resource management software include resource allocation charts, Gantt charts, and other resource tracking tools. Some of the other key features of project resource management software include:
- Resource Scheduling: Resource scheduling features of a project resource management software allow project managers allocate resources to specific tasks and schedule them according to the laid project timelines. This feature helps them ensure that resources are not overallocated or underutilized, leading to delays in project completion.
- Time Tracking: Time tracking features allow project managers to monitor the time spent on each task by team members. This information helps project managers understand how resources are being utilized and identify areas where improvements can be made.
- Budgeting and Cost Management: Budgeting and cost management features of a project resource management tool enable project managers track their project costs, including labour, materials, and other expenses. This feature of the software helps them ensure that the project remains within budget and that resources are effectively managed.
- Collaboration Tools: Collaboration tools enable project teams to work within themselves in an effective manner for timely delivery on projects, share information and communicate effectively. This feature of these software helps improve collaboration and team performance, leading to more successful projects.
- Reporting and Analytics: Reporting and analytics features of these tools enable project managers to generate reports and analyse project data. This feature helps project managers identify trends, assess performance, and take data-driven decisions for improving resource management.
Overall, any basic project resource management software provides a range of tools and features which help project managers in effective resource management, allocate them efficiently, and optimize project performance. Some examples of project resource management software include Basecamp, Wrike, Monday.com, Teamwork, Smartsheet, Clarizen, Workfront, Zoho Projects, Airtable, Notion, Jira, Confluence, Asana, Trello, and Microsoft Project.
Benefits of Resource Management in Project Management
Effective project resource management provides us to benefits several benefits upon implementation. They include:
- Identifying and Avoiding Problems: It can help us identify potential issues prior to their occurrence, permitting us to take corrective actions by avoiding delays and/or cost overruns.
- Preventing Interdepartmental Strife: Resource conflicts can arise when inter-functioning departments or teams compete for the available resources. Effective project resource planning & management helps us prevent interdepartmental conflicts by ensuring that resources are allocated in a fair manner.
- Avoiding Overallocation: Overallocation of resources would often lead to burnout, reduced productivity, and poor-quality work from the team members. Effective resource management can help prevent overallocation by ensuring that workload is distributed evenly and that team members have the necessary resources to complete their tasks effectively.
- Adapting to Change: Project managers would be able to adapt to changes in the project’s scope, schedule, or budget by ensuring that effective management of the resources using the project resource management tools.
Conclusion
Project Managers should manage their projects effectively throughout the project lifecycle. Best project management practices include a strategized resource planning using project planning tool, work breakdown structures (WBS), consulting with subject matter experts (SMEs), and avoiding team overload.
This approach provides several benefits, which include identification of problems, prevention of interdepartmental strife, avoiding overallocation, and adapting to change. By effective resource management, project managers can ensure that projects are completed on time, within budget, and to the desired level of quality.
Through PRINCE2 certification training, and KnowledgeHut’s best Project Management courses, project managers are provided with a unique opportunity of enhancing their resource management skills. By enrolling in these certification prep programs courses, project managers can get detailed insights into the latest techniques and strategies used to manage resources effectively for success of a project.
Source link
