Let’s say you’re leading an important project, but you don’t have a plan to manage your resources. Between juggling team members, finances, equipment, and other resources, you’re beginning to worry about meeting your deadline.
So, what can you do to get the project back on track?
The answer is to set up a resource management plan. But what is a resource management plan, and how do you create one that will get you the best results?
Don’t worry: it’s simpler than you think. That’s why we’ve written the ultimate step-by-step guide to preparing an effective resource management plan. Keep reading to learn how to create a plan that will help you complete your projects on time, within your budget, and with little to no waste.
A resource management plan is a detailed outline of how a business should identify, allocate, manage, and monitor its resources throughout the lifecycle of a project.
Resources include employees, budgetary allocations, office space, software, and equipment.
As a leader, you need a comprehensive resource management plan that can help you guide your team’s decisions and direct them where they need to go – similar to a roadmap. These plans are vital for helping decision-makers accurately predict needs, avoid shortages or surpluses, and keep the project on schedule.
Every great resource management plan should include these features:
At the end of the day, a truly well-crafted plan keeps your project on track for success. It prevents delays and ensures that resources will be available (and used effectively) when needed.
Think of resource management like putting together a complex machine. In order for the machine to work, each and every part must be in harmony with the others.
It’s tempting to believe that projects will naturally fall into place, but experienced project managers know that poor resource management can disrupt even the most well-considered plans.
A strong resource management strategy aligns the team, boosts efficiency, and reduces waste. Here’s are the benefits you can expect once you have a resource management plan in place:
When you know what resources you’ll need at each stage of the project, you can enjoy precise scheduling, enhanced productivity, and fewer bottlenecks.
The more confident your management, the more effective your resource usage. Prevent certain resources from being overused or underused, improving the overall efficiency of the project.
Properly distributing your financial resources helps you maintain better control over your budget, avoiding excess or unnecessary spending.
Setting clear expectations enhances communication. It ensures that everyone involved understands their roles and responsibilities, as well as the project timeline. It’s also the best way to keep your organization on track for success while improving client satisfaction.
Detailed resource availability and usage data helps decision-makers reallocate resources when needed. When it comes to running a successful business, being able to use the data at your fingertips to adjust the utilization of resources is your superpower.
Check out some success stories to see how businesses have benefited from enhanced, high-level resource management.
Even though creating a plan for project resource management can seem daunting at first, it’s simpler than you think.
Follow these six straightforward steps to develop your very own effective resource management plan.
Imagine setting sail on a journey without knowing how much fuel you have in the tank. Just as a ship needs energy before it can set sail, your new project needs a budget to get things rolling.
First, consider the project scope to determine how much of the budget can be allocated to different resources. Here’s what you should evaluate when reviewing your budget:
Starting your project with a detailed budget not only sets realistic expectations, it also helps you avoid surprises.
Now that your budget is in place, it’s time to identify the specific resources you need – also known as resource scheduling. Be sure to confirm that the right resources will be available when you need them.
Also, don’t forget to define your resource capacity, or how much of each resource you’ll need to complete the project. Here’s what you should consider when identifying resources:
The earlier you identify the amount and availability of each resource, the less likely you’ll be to encounter shortages, delays, overallocation, and other issues that negatively affect project progress.
Next, determine how long it will take to acquire each resource. If one or more resources is not available, search for ways to obtain similar (or better) resources.
Use the following to guide the resource-gathering stage of the planning process:
Securing resources early avoids last-minute issues and ensures a smoother and more successful project. Who doesn’t want that?
Once you’ve secured your resources, it’s important to clearly define the roles within a project to make sure everyone knows what they’re responsible for at each stage of the project schedule.
Think of it like staging a play. Every actor and stagehand, as well as the director, must know their roles for the show to succeed. Clear and established roles ensure that all stakeholders will be in the right places at the right times.
Assess each person’s skill sets, strengths, and weaknesses so that you can put the best team members in the right roles. Determine the reporting structure and workflow, then assign deliverables with due dates.
Notify each team member who they report to, or who to inform when they complete a task or reach a milestone. It’s also important to determine who will release resources when necessary.
Clear roles and responsibilities help prevent confusion and delays while guaranteeing project success.
Track resource usage to make real-time adjustments as needed. Sometimes the success of your project lies in the ability to see an opportunity or barrier in the reports and adjust accordingly.
Effective tracking keeps the project on course and within resource limits. Accelo’s real-time resource management tools provide visibility into resource utilization and support informed decision-making.
After project completion, evaluate the effectiveness of your resource management process. Compare budget vs. actual spending.
Did you stay on budget? If not, analyze why and how to improve in future projects.
Learn from the project what worked well and what could be improved upon the next time you allocate resources.
Reflecting on each project helps refine your resource management strategy for future projects.
Managing resources manually can be challenging, especially for complex projects. But it doesn’t have to be.
Resource management software like Accelo can streamline many processes, saving time and reducing errors.
When selecting resource management software, consider features like:
Features like this are only some of the notable functions Accelo’s resource management software delivers to Professional Service Teams worldwide.
Solutions focused on helping businesses maximize efficiency and stay on track are a cornerstone to the growth and success of any business. That’s why investing in resource management software with these key features can greatly enhance your processes and improve project outcomes.
As you set out to tackle your next project, think of your resource management plan as your guiding star – the compass that keeps your team on track so you can navigate even the most complicated tasks with confidence.
With thoughtful planning, strategic allocation, and the right tools, you can ensure efficient resource use, meet deadlines, and stay within budget. Using our step-by-step guide above can help establish the best resource management strategy possible, whether you’re managing a small project or a complex portfolio.
Tools like Accelo can provide guidance and support as you manage your project resources. Use it to enhance your business operations, gain better visibility, forecast needs, improve efficiency, and avoid burnout.
Keep a close watch on resources, manage them effectively, and continue to refine your approach. In turn, you'll set up your business for smoother and more profitable projects in the future.
Ready to optimize your resources and deliver more profitable projects? Get started with Accelo today and unlock your business's ultimate success.
