Why Resource Management is Important by Jay T T T T Get Our Tips Straight to your inbox September 17, 2019August 24, 2021 Resource Management is doing more with less. It is about effectively planning the optimal utilization of your resources to increase efficiency. Give The Art of Resource Management a read to understand it in depth. Why does it matter? Simple, It prevents the wastage of resources and time. A proper plan ensures project success within the deadline, with the use of minimal resources. It is complex, and not a one man’s job. But a resource planning tool can be a solution to that problem. (Source – lh3.googleusercontent.com) There are many reasons why a project fails. May it be poor management or limited resources. One of our team members Sophy missed her deadline. Do you want to know why? Because she was busy procrastinating and nervous about her ability to do the task.Here are the top five reasons why a Project fails Change in priorities Change in project objectives Inaccurate requirements gathering Inadequate vision or goal Poor communication Because Resources Matter Being a project manager you need to value each employee. By managing them properly you prevent resource overload, employee burnout, unwanted stress & anxiety. Join 10,000+ Project Managers Who Manage Their Work Using Orangescrum Sign Up – It’s Free! Make sure you have a robust task breakdown structure that your team understands and is comfortable with. Ensure the key components of task assignments are well defined. E.g. Assigned to Task priority Estimated hours Due dates Expected outcomes Value of expected outcomes Remember, the right resource for the task can save your time and money and exponentially reduce risks. Resource allocation is equally important as resource availability. If a resource is spread out too thin, then you can distribute the tasks. Time bound projects are effective, but you need to keep in mind the estimated hours your resources need to produce their best. Rushing a task can lead to sub-standard results which lead to extended deadlines because there will be repeated do-overs. It does not mean micro-managing. You need to give your employees some breathing space. “If you want creative workers, give them enough time to play.” – John Cleese You can teach your resources the skills, but the way you treat them is what makes them stay. Being aware of their workload, allocating tasks, and understanding their skills will pay you in the long run and boost employee retention. Time Your Success Monitoring your team’s performance consistently makes you understand the capacity of each resource, You know which employee is on the top of the schedule and who is struggling. If a task takes more than the estimated time you can distribute it. If you are worried about missed deadlines then time tracking tools can keep you updated with the project progress. (Source – i0.wp.com) Projects are time-sensitive. And time management software can provide you with time-tracking data. You can use it to do what is necessary to complete a project. Scheduling tasks is an integral part. Having the time tracking data in hand can help you schedule upcoming tasks smoothly. Promote transparency within the team “Out of all Projects that fail, 29% fail due to poor communication.” When you are working on multiple projects, there are many project managers. And miscommunication is unavoidable. Resources suffer from task overload and deadlines are often missed. (Source – blogin.co) But Resource Management promotes transparency. The seamless collaboration supports cross-departmental interaction. It helps you get rid of misunderstandings and information silos. Calculate future performance Inadequate resource forecasting is also a contributing factor for project failure. “18% of the projects fail, due to clumsy forecasting among other reasons.” Day-to-day tasks matter, but thinking of the big picture is also important. Time and Resource Management is crucial. It determines who is working on the task, and makes sure the deadline is met. One platform for better teamwork. Try Orangescrum Get Started By monitoring the resources you gain insights into optimizing your resource productivity. In the long run, this helps with Project Forecasting. Monitoring the resources and their performance gives you an idea of whether you want to take on new projects or continue with the existing ones. If your resources have completed their existing projects on time you can take on new projects. Getting an overview of what is going on in your organization is beneficial. When you know the variables involved, you get better visibility through which you can increase the efficiency of your team. Increase in quality and quantity An insight into the resource availability, resource allocation, and resource utilization helps you determine the overall productivity of your team. Resource Management Tools reduce the time taken in tracking the progress of your team. Thus saving valuable time which can be used for new projects. (Source – netdna-ssl.com) More time on hand means more projects on the table. This is a win for you and your team. But you also shouldn’t bite off more than you can chew. Do not set unrealistic deadlines and do not over-promise. There is no bigger shame than letting down a client. You can learn and grow Even though you do not meet your deadlines and fail to deliver a project there is still a thing or two you can learn from it. Try Orangescrum for free today! Manage remote teams, Save time, Meet deadlines, and deliver within budget with Orangescrum. Try Free If you are using Resource Management Software, you can easily track the problems and try to fix it. Resource Management is an infinite set of permutations and combinations. A project manager needs to be intuitive to try all sorts of possible combinations to complete a project. A robust Resource Management Tool can increase your profitability and build your brand name. Orangescrum shows you how to use your resources intelligently. Know the top 7 resource management best practices to successfully manage your assets and deliver projects.