Types of Resources to be Managed in Project Management Using a Resource Management Software

Usually, more resources are needed for projects that are available and that is exactly why you should manage them in an efficient way. In other words, resource allocation means ensuring your projects operate smoothly and meet all the business objectives as per timelines. So, project management does not only include scheduling the tasks, it also means managing resources in an optimum manner. Resources are one of the most vital components of project management. If they are not properly allocated to the projects, your project can be derailed leading to delays and losses. Hence, resource management is imperative for an organization, and the right resource management software can help you with resource allocation and management. But first, let’s discuss various types of resources that you need to manage. 

What are Resources?

To define it, a resource is an individual or item that is needed to execute a project. The types of resources usually utilized include whatever is required for developing and completing a project. These resources could be people, material, equipment, or supplies that are needed to execute certain tasks in a project. Without having all these resources, it is almost impossible to complete that particular project. Implementing resource management software can work wonders to plan and manage your resources effectively. But what are the types of resources we are talking about here? Read on to know more about various types of resources that need to be managed in project management.

Types of Resources that a Resource Management Tool Can Help to Manage

Human Resources

People or human resources are the most important type of resource needed to develop any project. The size, scope, complexity, or any other detail regarding the project doesn’t matter. If you aim to develop and deliver your project successfully, then you need to plan and manage your human resources effectively. Let’s take an example of the software or IT industry. Team members are chosen for roles like project manager, team lead, software developer, quality assurance, etc. People for these roles are decided as per their competencies and expertise. Usually, for a large project, multiple people are hired for various roles. The total number of human resources needed for a project is assessed by calculating the total development effort in person months. Then, that effort is divided among the team. A good resource management software can help you do all the effort estimations and hiring accurately. 

Equipment

Another important resource is the equipment needed to do a project. This includes computers, laptops, servers, telephones, or any other office items, or supplies that people might need to complete their tasks. It also includes work desks, chairs, office furniture, or vehicles. Equipment is a resource that is usually purchased once and can be used in multiple projects. However, the equipment has a limited lifespan. After a certain time period, you may need to change or upgrade the equipment as per the organization’s needs.

Reusable Components

There are some readymade software components that are used in the IT industry which are reusable. These components could be the software building blocks that are created and reused in the overall development process. The reusable resources can also be termed as cost resources as they are very useful in decreasing the overall development cost. The use of such components highlights reusability, which is also called Component-Based Software Engineering.

Financial Resources

The major resource required to complete any project is the money or project budget. The cost or project budget is always defined before kick-starting the project by its project sponsor or key stakeholders. The project budget or the pre-determined cost is used to finance hiring of the team members. It is also used to procure the material resources for the project, to purchase equipment or material resources, or for renting them, and other costs like travel expenses, etc. The best project resource management software helps in keeping a tab on the project budget by monitoring all expenses, and utilization, and productivity of the team members. 

Hardware and Software tools

The next important resource used in project management are material resources. For example, hardware or software tools that might be needed to complete a project. These resources are expensive and need to be planned properly before the development of project begins. Your project development depends on the hardware and software you use. Hence, if you need some kind of software to perform the task and you don’t get them on time, then your project can be delayed, resulting in time and money loss.

Facility or Space

Another type of resource needed to execute any project is the office space or a facility. Though space requirement could vary as per the team’s size or during various stages of the project, some basic facility is still needed to begin the development. Therefore, the organization’s management must plan for the required space before the kick-off of the project. In the current pandemic times, hiring remote staff is also one option available to save space-related costs. 

Time Resources

Another type of resource which is important in project management is time resources. These are the time periods available, which are then used to complete each task and sub-task. The duration of a task or project depends on how many resources are planned and are available. Time resources are not infinite and have limits. Therefore, it is important to know how to efficiently manage the time to achieve your project and organizational objectives. Some examples of time resources are your project plan, schedule, and what is the time invested in a particular project or task. Resource management software helps to plan schedules and project plans properly. It also helps to calculate capacity, planned vs. actual time spent on a project, availability, etc.

Importance of Resource Allocation

Resource allocation is a very important step in project management. It impacts all the operations and processes and helps in avoiding any missed timelines. Wondering how? Every project is divided into tasks and sub-tasks. If any task is not completed on time and is delayed, there is a high chance that it may impact the entire project schedule. One of the main causes for missed timelines is the lack of resources, assigning the wrong type of resources, or inappropriate allocation. The key goal of resource allocation is completing the project in the best possible way and within budget. Hence, optimization is very important. You need to plan, allocate, and manage the optimal number of resources effectively – be it employees, equipment, materials, or money. Implementing the best project resource management software helps to do the following:

• Forecast what type of resources are needed for a project.
• Estimate the amount of all resources needed to execute the project.
• Do resource allocation efficiently to avoid any probable challenges and lack of human resources, money, equipment, materials, etc.
• Ensure balanced allocation so that employees’ burnout is avoided.
• Create detailed project plans and visibility about the same to the whole team.
• Meet project deadlines and operate within the set budget.

eResource Scheduler – Manage Your Resources with the Best Resource Management Software

Are you looking for resource management software that helps you manage all types of resources? Try eResource Scheduler to manage all your resources in project management. This is one of the best project resource management software that enables you to do detailed project planning, resource allocation, scheduling, utilization, and productivity management. By using this award-winning resource management software, you can plan and manage all types of resources efficiently. You can also create visual dashboards, monitor utilization, and manage the profitability of your project. This cloud-based resource management tool has brilliant features like an intuitive design, easy-to-use interface, high configurability, drag and drop functionality, etc. If you want to check this tool out, sign up for a free trial soon.

Company Bio: ENBRAUN is a software product and service company. eResource Scheduler is its Flagship software product.

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