The Importance Of Resource Management – And How To Do It Right!

Resource Management

5 steps to successful resource management

Good resource management is key to the success of any project – here’s our guide to getting it right.

Every business project needs effective resource management in order to succeed. But what exactly is resource management and how can you do it ‘right’?

Put simply, resource management involves planning, allocating and monitoring resources in order to help your project to run as efficiently and successfully as possible. The term ‘resources’ in this context can cover a number of different things, including office space, specific software or equipment and, of course, the project team members themselves.

Why do you need resource management?

Resource management is hugely important to any business project as, done well, it enables you to get the most out of the limited resources available to you, helping your project to run as efficiently as possible. This can be a huge advantage in a business environment where every penny counts and any waste equals a drop in profits.

The importance of good resource management is undeniable, and there are some key concepts for you to follow that will help you to manage your resources well.

Get planning

As with most things in business, planning is absolutely key when it comes to resource management. Before you begin work, you need to get together with other key stakeholders on the project to create a comprehensive list of all the resources you will need in order to deliver a successful outcome. Be sure not to skip this stage as this detailed plan will form the basis for your ongoing management processes. 

Be prepared

However, even with the best planning, resource shortages can and do happen, so as part of the planning process, make sure you take the time to create a detailed contingency plan that outlines how you will deal with potential shortages without impacting the project. This will help you to remain calm and implement an alternative solution should the unexpected happen.

Monitor workload and progress

Once work is underway, it’s vital that you continue to assess progress, and monitor workloads. There are project management tools out there that can generate reports on resource allocation and can assess your team members’ progress against specific tasks. These reports will help to flag up any areas where resources are stretched or underused, allowing you make adjustments to task allocation and ensuring that there is an equal distribution of workload across the team. 

Value your team

Speaking of your team, they are the ones who will be responsible for the success or failure of your project, so it’s important to do all you can to ensure they feel happy, valued and motivated. Keeping clear lines of communication is key to this, ensuring that your team has the information they need to do their job well. Implementing an incentive scheme can also be an effective way of motivating your team to push for success. 

Harness technology

There is plenty of technology out there specifically designed to help with project and resource management – so be sure to make full use of it. With good resource management software in place you can automate and streamline key processes, which can save money and time, while also releasing you from administrative tasks and giving you the time and space to concentrate on making the project a success.