Resource management is the aspect of project planning that focuses on the supplies used to produce a deliverable. Resource management often includes the cost of labor, the equipment that will be used to complete tasks, and the overall cost of materials. There are four phases in project planning. These include;

  1. The initiation or start-up phase
  2. The project planning phase
  3. The execution phase, and
  4. Project closure after completion.

Resource management is an important part of the project planning phase, as it includes the financial cost of the resources used as well as the proposed timeframe to complete each task. As it takes people and teamwork to implement the resources secured, resource management also includes the allocation of various roles.

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Who is a Resource Manager?

The role of a resource manager is important throughout the project planning stage. A resource manager is in charge of ensuring that the resources required for a project are obtained, accounted for, and utilized. A resource manager ensures that each type of resource needed is identified. The amount of resources needed must be accounted for, and each resource’s purpose must be detailed as well.

What is a Resource in Project Management?

A resource in project management includes the materials, labor, tools, and equipment needed to complete a deliverable. A project manager must ensure that there is enough money allocated to buy needed materials. Additionally, the cost of each purchase must be accurately documented to ensure that the budget remains on track. As every project is different, so are the resources used to complete objectives. Project management involves a number of different steps. By choosing the best resource management software, you can make certain your projects are easily accessed, shared, and updated.

What is Resource Management in Project Management?

Resource management is an important component of project management. It ensures that the project is executed according to the scope and overview determined in the planning phase. The resource management team helps in the development and management of the project team as well. As people comprise teams, resource management also involves establishing various roles and assignments throughout the project.

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What is Resource Allocation in Project Management?

Resource allocation is another important aspect of project management. Resource allocation involves determining how resources will be used and divvying up the money that is going to be used to achieve goals. With project management, a plan is devised that will produce a deliverable. Resource allocation is ensuring that those who have the responsibility of handling the finances and resources do so in an effective manner.

How to Allocate Resources in Project Management

Knowing how to allocate resources is a vital component in project management. Once a project has been initiated and a scope established, it is important to begin the planning stage. Software tools are a great way to ensure that you easily track important milestones and deadlines and remain on schedule. Additionally, you need to ensure that you can easily assign roles and delegate tasks when needed.

Dealing with unknowns in Project Management
In developing resource plans, there is little chance that the project manager will have all of the necessary resources assigned to the project at its start. The fact is when starting a project the details of that project are typically unknown. Therefore, knowing the types and duration of resources necessary is not always possible.

Knowns are events that can be planned for. In building the schedule, some deliverables can be decomposed in sufficient detail creating tasks, while other deliverables will only be known at the highest level. When details of a deliverable are not sufficiently known, a planning package should be used.

The details of the deliverables defined within planning packages can be considered as known unknowns, or risks. In these instances, the work has not been fully decomposed.

Known planning events, as well as planning packages, can be assigned individual resources and durations that have been established by the people who will be doing the work. The only difference is in planning packages, the duration and resource estimates are typically less accurate. The use of historical information or industry standards can provide a higher degree of confidence in estimates, when available.

It is not necessary to have all deliverables decomposed and assigned to individuals prior to beginning work on a project. In fact, it is very common to set a baseline schedule and resource plan based on planning package estimates.

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As the project progresses, these known unknowns become clearer to the project team warranting changes within the project schedule and resource plan.

Events that cannot be planned for are called unknowns. These events are not known in the realm of possibilities, yet could occur. An example is a warehouse fire that destroys inventory and delays the project completion. This would not normally be factored in as a known event during the project planning, so it is an unknown.

Since projects are unique and temporary endeavors, project managers will always work in a world of unknowns. Therefore, resource management and planning should continue throughout the project life cycle.

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