What is resource management?
Resource management is the combined effort of managing and assigning your organization’s resources like team members, budgets, and capacity. Successful resource management depends on three main capabilities:
- Insights: Granular insights into what people are working on and how long each task takes.
- Priorities: Clearly articulated priorities and project expectations shared across the organization.
- Tracking: Real-time tracking and status updates throughout the entire project life-cycle.
Managing resources effectively enables your team to focus on the right work at the right time. This process happens in two primary phases:
- Resource planning
- Resource scheduling
From a high level, resource planning is the step in the project outline where you identify all of the resources that will be necessary to complete a given project. You aren’t assigning specific tasks to anyone, or allocating budget, just laying the foundation for what you expect.
You want to look at a few “what if” scenarios to make sure you know how other priorities and timelines are impacted. Resource planning helps you avoid blown budgets, missed opportunities, and miscommunication across tasks and teams.
During the scheduling phase, you compare resource needs against resource availability. You look back at the forecasted resources (time, budget, and skills) and determine where they overlap with your team’s current workload.
Use the information about availability to make assignments based on team members’ abilities. It’s important to remember that different people have different skills. Scheduling tasks based on individual strengths helps improve project turnaround rates. Plus, when people are doing work that they’re good at, they’re usually happier and more engaged.
Benefits of resource management
Maximize your team's efficiency
Effectively harnessing the power of your people through streamlined resource management has the potential to save you time, energy, and money.
With accurate information about resource availability, you’re able to accurately scope, prioritize, and track projects from start to finish. The right resource management tools allow you to:
- See who is working on what
- Make real-time adjustments
- Know when projects are at risk
- Respond quickly to shifting priorities
- Take advantage of last-minute opportunities
Improve team morale
Increased project efficiency does more than improve your bottom line, it also bolsters morale.
Did you know that most people spend just 39% of their day doing the job they were hired to do? When your team is constantly met with roadblocks and impossible workloads, their job satisfaction plummets and productivity goes down with it. That’s why accurate planning and forecasting tools are so critical—no one ends up with too much work and everyone feels valued.
Deliver reports and insights
To remain competitive and prove your team’s value, you need to be able to quickly analyze performance and make improvements. You’ll never be able to streamline processes if you don’t have accurate information about your projects, portfolios, and resources. Keep executives in the loop and make sure you’re able to demonstrate your successes or make corrections where projects might be going off-track.
Other knowledge areas
- Integration management: Integration management helps teams work together more seamlessly. It takes various processes, systems, and methodologies and brings them together to form a cohesive strategy.
- Communications management: Communications management outlines the processes and procedures needed to ensure that information and data throughout the life of a project are properly collected, stored, and distributed across the project team.
- Cost management: Cost management is the process of planning and controlling the budget of a project. It involves everything from planning the overall project budgets to funding individual actions throughout the life of a project.
- Quality management: Quality management is the process of continually measuring quality throughout the life of a project and making necessary changes until the desired quality is achieved.
- Time management: Time management involves analyzing and developing a schedule and timeline for project completion. Formalized time management processes provide a buffer for things like unexpected roadblocks and misestimated timelines.
- Risk management: Risk management is the process of mitigating the potential negative impact unforeseen events can have a project's cost, time table, or other resources. This process should be accounted for from start to finish on all projects.
- Scope management: Scope management is the process of actively managing what is and is not included in any given project. The scope should be defined in the planning phase of a project and should be reviewed throughout the execution to minimize scope creep wherever possible.
- Automate workflows across teams and departments
- Connect your tools and applications in one location
- Streamline your digital asset management