Effective resource management is the most useful technique for managers to bring all resources, including people, tools and finance on the same page. It is also important to manage available resources in such a way that they work together to achieve a common objective within the given timeframe. Successful resource management helps in streamlining processes and bridges gaps to minimise any kind of waste, including that of time, money, etc.
The concept of effective resource management revolves around measurement and usability of the available resources. Managers have to constantly measure available resources throughout the project, and devise strategies to utilise these resources in a way that yields maximum profit while minimising loss.
By improving your resource management skills, you will be able to:
- Complete projects in less time and not worry about missing deadlines
- Reduce unnecessary workload
- Streamline project activities and monitor/measure them
- Maximise profit and minimise loss
- Create updated project reports
- Ensure timely completion of projects
The following are certain recommendations for effective resource management which can help improve project outcomes.
Manage Human Resource Effectively
Effective management of human resource helps build a better understanding of the available talent pool as well as conversion into quantifiable performance. Through good human resource techniques, managers can strategically place people with the right skills for the right job to maximise productivity and minimise time needed to complete tasks. While this is not a direct investment per se, this technique helps in improvement and growth of people working on a project, which in turn increases productivity and ultimately, profit margins.
To manage human resource effectively, you need to create schedules to organise your work on daily or weekly basis. Monthly scheduling is not recommended, because any kind of modification in the deadlines or projects can make it difficult for you to modify the schedule for everyone. Assign the tasks on a regular basis and inputted deadlines for completing each task. Enter the number of people working on each task to ensure improved coordination among them and reduce repetition. It is also important to update the status of tasks in the schedule.
Improve Transparency to Foster Trust
Transparency in resource management is necessary for building trust among your resources and effective allocation of the responsibilities and tasks. This includes:
- Preparing a clearly prioritised list of tasks, so that your employees can coordinate and plan their responsibilities accordingly
- Providing all employees working on the project with accurate and clear deadlines
- Giving freedom to your employees and allowing them to complete their tasks in their own pace, while ensuring timely completion of the final submissions
- Making employees aware of the various risks involved in the projects
Transparency helps foster trust among your teams and encourages your employees to maximise their input for enhanced productivity. If your employees feel like you don’t trust them to get the job done, it could negatively impact their performance and will create a more hostile environment.
Technology nowadays provides various benefits such as reduced workload and minimum delayed submissions. Important resource management responsibilities like assignment of tasks, time management, team coordination etc. can be completed with simple technological solutions, such as the implementation of resource management software. This software can also be accessed from your mobile phone or laptop– an important considerable for people who can’t always be in the office working.
By utilising the key features of resource management software, all your resource management needs can be automated, such as daily updates, preparation of reports for incomplete tasks, calculation of costs and forecasting the estimated time of completion. Scheduling is made easy with this software. You can go through projects and set start times and deadlines for all of the tasks involved. Employees can then get a clear visualisation of what needs to be done when, so you’re not constantly having to tell them and they aren’t having to bother you for information.
Strategic planning includes measuring, forecasting and assigning resources in a way which maximises the outcomes of your project. It is the most crucial aspect of project management; where the measurements/capacities of all your resources are standardised and broken down to streamline the operations.
This complex process includes many steps, such as the following:
- Preparing reports of the project’s previous data, if any
- Preparing reports of the project’s remaining data
- Prioritising the tasks and assignments of the project and side-lining less important matters
- Listing the available resources and preparing deadlines, considering maximum utilisation of these resources
- Comparing the projected deadlines with the actual ones, and holding meetings with the senior managers in case of any discrepancy to find effective solutions, either by extending the client’s given deadlines or increasing the number of available resources
- Comparing the available finances with projected costs required to complete the project, and holding meetings with the client if a discrepancy occurs
- Assigning tasks and responsibilities to individuals or teams and preparing a coordination plan to ensure maximum transparency and minimum repetition of the work
This is an important part of critically evaluating the available resources and costs with respect to the industry standards. It is necessary to improve your brand’s reputation in the market and maintain productive relationships with your clients.
Effective resource management not only improves the final outcome of the project, but it also helps in dealing with tedious management tasks. Resource managers are an integral part of operations and without them, projects will quickly fall apart, budgets will be overlooked and clients will disappear. You can’t get away with inadequate management, as a lot depends on it.
As the above tips direct, start by looking at employees and understand the workforce you have in place for the project. Understand their capabilities and build trust with them by working to improve transparency. Once you’ve mastered that, you can look into ways to make resource management more streamlined. This can be done by introducing innovative technology, in particular resource management software. Train your employees in this software too, as it won’t just be yourself who is using it. Finally, plans can begin and the framework of the entire project can be set.