Title:Want a Thriving Business? Focus on Resource Management!
Type of article:Insights/Blog

Resource Managementis the optimal utilization of resources deployed for a certain task. However, this is not all that Resource Management is about. It is used both in Organizational Studies as well as Project Management sciences. Here, we will be discussing Resource Management more in relation to project management. In organizational studies, resource management is the efficient and effective development of an organization's resources when they are needed. Such resources may include financial resources, inventory, human skills, production resources, or information technology (IT) and natural resources.

When we talk about the project management domain, Resource management is a key element to activity resource estimating and project human resource management. Both are integral parts of an inclusive project management plan to execute and monitor a project successfully. As is the case with the larger discipline of project management, there are resource management tools available that automate and assist the process of resource allocation to projects and portfolio resource transparency including supply and demand of resources.

The goal of these tools typically is to::

·        Maintain a pool of skilled employees within the organization required for projects

·         Decide the number of new employees with a specific skill set to hire

·         Allocate the workforce to various projects

Resource Management includes extensive planning so that the right resources are assigned to the right tasks. It involves scheduling and budgeting for people, projects, equipment, and other supplies.

Why is resource management important?

Resource management, as a part of project management, is aim to do more with less. Nobody likes waste, especially in business. Resource management is centred around optimization and efficiency. When you know what you need to make a project successful, you can effectively plan out the optimal way to use those resources.

To most companies, optimum efficiency is so important that they hire someone solely devoted to resource management; also known as a resource manager.

What does a resource manager do?

While project managers are responsible for creating and assigning tasks to get the project done, resource managers are accountable for allocating the resources needed to make the project a success.

A company that practices Resource Management is in an advantageous position. With proper management, they will be able to avoid obstacles that were not anticipated. Once a company is aware of its resources upfront, they can plan in advance how they’re going to be used. It also prevents burning out of resources and employees by having insights and avoiding overallocation and dependency. It also provides a shield as it promises that in a project you did everything you could with what you had. It also builds clarity to plan accordingly if your team is at maximum capacity or available to take on new projects. Also, helps to measure ROI and plan for it.