Resources are an expensive component of a business but without that you cannot operate. Many organizations give in to the temptation of saving each penny and reducing resource investments till theyearn significant returns.But that is not a good strategy for the company's growth. The fact is that resource planning and management are crucial for any business for its success. It's impossible for your project plan to succeed if you don't have a realistic view of your employees. You should also know thetime spent on various tasks, and what is needed to get those projects completed. So, how can you nail that? A thorough resource plan is the first step towards successful project management. The right resource management software can help you create a resource plan and optimize the resources available in hand.
What is a Resource Plan?
A document that identifies, manages, and lists the resources needed to complete a specific project successfully is called a resource plan. Resources are those assets which are required torun a project. However, a resource could also include equipment, supplies, tools, material, time, and people. A detailed resource plan maps out the precise quantities of human resources andother resources like machinery, tools, finance, etc. It's also important that you align your resources with the budget and schedule of the project. Therefore, it's best to choose a resource management software that can get everything sortedfor you in just one tool. eResource Scheduler is a leading project management software that allows you to plan and manage your resources, keep a tab on the timelines, and manage the budget – all in one platform.
Stages of Resource Planning
There are four key stages to resource planning.You must follow these steps to ensure that your bottom line stays secure, and you get the resources when you require them. But before the project is kick-started, you should identify the resources you'll require to execute it. Then, get the requiredfinances for those resources and get a sign-off from the stakeholders. To set the ball rolling, you first need to decide on the project requirements. The next step is to determine how many people you need and what skill setis required.
1. Determine the Resources:
After defining the objectives of your project, you should choose the right strategy and decide the resources you'll need. This decision should be as efficient and cost-effective as possible. Here, resourcesmeanpeople, equipment, facilities, materials, etc.
2. Get the Resources:
Now, start building a team with the right people who have the required skills and experience for your project. Source the equipment and hire people.This stage of resource planning also includesdeveloping team roles, contracts, budgets, procurement needs, performance measurement criteria, and any other policies and procedures.
3. Manage the Resources:
At this stage, you start defining the roles and responsibilities of your resources, including that of contractors. If you're renting tools and machinery for the project, ensure that you return them in good condition. This includes maintaining the facilities too.
4. Control the Resources:
You also need to monitor your resources during the project execution stage. This is important to check ifall the milestones are being achieved as expected and without any glitches. At this point, it's important to track the resource utilization rate to checkif you are using your resources efficiently.In case the utilization rate is quite low, you must do a cost-benefit analysis. So, it's wise to evaluate all the outcomes to ensure that you stay on track.
What is the Significance of Resource Planning in Project Management?
Resource management is a vital part of the project management process. It is afundamental activity of human resource management — be it large organizationsor small startups. Managing projects always involves managing resources. Whether the project is to design a new software feature or to design and develop a web-based training.Resource planning has a direct contribution to the project's end result. If your project is over-resourced, you will waste money, but if it's under-resourced, you can miss yourtimelines. Now, imagine if you've aligned the wrong resources to your project. The client's expectations would never be met. Therefore, project managers shouldunderstand the type of resources that would suit a specific project and if the available people fit the bill.
Resource planning in project management can help to:
- Optimize your budget spends
- Enhance your team workflows with the help ofresource forecasts and capacity reporting
- Drill-downto determine why you overshot the budget on a specific project (and what can be done differently in future
Meeting project schedules and sticking to budgets are thetwo main obstacles in project management. Resource planning is asegment of project cost management. And that is why project management and resource planning go hand in hand. If your deadlines aren't achievable or your budget is off track, then your project could be disastrous. A project's profitability is closely related to how many people you need to deliver it. Hence, the most important component of resource planning is scheduling your resources accurately.
What is a Resource Management Software?
A resource management software is a system that helps you to plan, allocate, and schedule your resources for various projects. This single online platform can manage your people, tools, equipment—and everything that is crucial to your success. Resources have costs associated with them. Hence, you need to manage these expenses and timeframes in a way that it is aligned with the schedule. A resource management software enables you to plan while keepingyour resources in mind.It also helps you to allocate them as per their availability and track whose working on which project and when.What's more? A resource management softwaresuch as eResource Scheduler helps businesses derive optimum benefit from their most valuable asset - people. So, do you want to tap the highest potential of your resources while having a perfect resource plan? Try this multi-user, Cloud-based, feature-rich tool for resource planning and management.
How to Use a Resource Planning Tool?
Are you still using spreadsheets to organize your budgets and timelines? How about a dedicated resource planning tool that is convenient and also sets your projects and team for success?A project management software like eResource Scheduler lets you schedule your resources and time on various projects with accuracy.
A resource planning tool can help you to:
- Identify the right resources you need for a project
- Forecast your resourcerequirement on a daily, weekly, or monthly basis and then accordingly schedule them
- Create a detailed resource schedule and project plan
- Stick to the budget—you can calculate your team's rates automatically when you allocate them on a project
- Track your team's utilization and productivity
- Check the availability of your team members and even their vacation schedules
Improve Your Resource Planning with eResource Scheduler
eResource Scheduler (eRS) is a robust and well-rounded resource planning and project management software that helps you to efficiently manage your resources and projects.With this award-winning tool, you can easily build the best team for a project. You can also keep your project schedules and budgets on track and forecast futurerequirements. So,if you are in a business that requires a lot of resource planning and management, workforce scheduling, and project management in a single operating environment, then eRS is the best bet for you.
This multi-user project management, resource planning,and schedulingtool assures to ease your life.With its client-server architecture,your team members based in different locations can collaborate and even share data in real-time. eRS is easily configurableas per your specific requirements. You can schedule employees or some custom-defined resources like vehicles, meeting rooms, etc. Maximize your utilization, get detailed dashboards, and benefit from its other brilliant tracking features.This tool will provide your project managers the clarity into who can get the work done, in how much time, cost, and when.And this will help you accomplish a lot more with the same resources. So, book a free trial of this multi-user resource management software and let it optimize your company's processes and resources.Next Blog Previous Blog