Resource Management: How To Manage Resources?

Resource management is essential for the smooth running of a corporate project. Misusing resources or lacking them compromises the final quality, meeting the budget and the deadline.

The following article will explain in more detail what resource management is and how to do it. Thus, your company will have many more opportunities to grow and consolidate in the market.

What Is Resource Management?

In general terms, resource management consists of the set of processes that allow identifying, adding, and managing the resources of a project. There are two types of resources: physical and team resources. 

The so-called team resources consist of human resources, that is, people who provide services to the company. Project team members are assigned roles and responsibilities according to their abilities. Physical resources, in turn, consist of the materials, facilities, supplies, and equipment needed to carry out a project. 

How To Manage Resources?

Above we explained project management, and we will present the necessary steps to implement it. 

Planning first step to putting resource management into practice is planning. The project manager must inventory physical and staff resources. The resources estimated, acquired, managed, and controlled along the journey must be considered. From this planning, it is possible to determine the approach and the level of effort that must be applied. 

It is essential to develop a resource management plan. This document must contain guidelines regarding the classification, allocation, management, and release of resources.

It should also have a list of activities relevant to each team member. The plan should make it clear who has decision-making authority. Documentation contributes to recording responsibilities and reducing frustrations. 

Estimate Of Resources

At this stage, the project manager and the team must estimate the quantity and characteristics of the physical resources they need. Note that different techniques can be applied to perform this estimation, such as analog, bottom-up and parametric. This process can be performed several times during the project. 

Pay attention to the fact that, depending on the type of project, it may be necessary to have prior knowledge of the legislation. For example, in a project to build a house, it is crucial to know civil construction and environmental protection legislation. 

One way to facilitate the visualization of estimates is to assemble an analytical structure of resources. It is a hierarchical representation that allows you to organize resources by categories.

However, we emphasize that there is no point in making just a “list” of resources. It is necessary to specify, to convert into requirements, that is, to make it easier to measure. The goal is to have complete control over what is used and how it is used.

Acquisition Of Resources

It consists of the step in which the physical resources will be obtained so the team can complete the project. There are two ways to raise funds: internally and externally.

Internal resources are those that the organization already has at its disposal. Obtaining these resources can be done through alignment and negotiation with area managers.

In turn, external resources are those obtained through formal acquisition. It requires making quotations with suppliers, analyzing proposals, and executing contracts.

The acquisition of resources can be documented in calendar format to know when and how long a particular help will be available. It’s a map-like format that allows you to make more informed decisions.

Team Development

Team development is also part of resource management. The correct performance of activities depends on having employees with the right competence.

It is essential to conceptualize competence in this context, and it is the knowledge and skills necessary to perform specific tasks. Skills can be developed through courses, workshops, lectures, and exchanging experiences with other professionals. 

The project manager must analyze whether the team is prepared for the challenges or whether it is more interesting to outsource some activities. To make a good decision, it is essential to analyze what will be needed to carry out the project.

Also, assess what the preparation and resource development time should be. These answers allow you to align an organization more with the company’s reality. 

Team Management

The project manager must monitor the development of team members to guide them. Thus, team members have helped to solve execution problems during activities. Being in charge of a team requires knowing the needs of each member to be able to help them. 

It is up to the project manager to build a more collaborative and motivational environment. When there is an excellent organizational climate, it is easier for activities to be carried out correctly.

The team leader must challenge his collaborators, just as he needs to recognize their achievements. Giving feedback is also crucial to better developing the team. 

Control Of Resources

At this stage, the focus is on monitoring the resources made available for the project. This ensures that resources are available at the right time, place, and quantity.

If the actual use of resources is far from planning, it is possible to detect the problem through control. This makes it simpler to take the necessary corrective actions in time. 

This control typically generates reports regarding work performance and any change requests. It also contributes to updating project documents.

The tip is to dedicate yourself to constantly evaluating the measures taken to understand how they led to the achieved results. Evaluating all actions is essential to arrive at concrete answers about how to guide the company in the future.

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