Resource Management refers to the scheduling, utilization and future allocation of resources onto different organisational work. Allocating a resource can be based on the resources availability, role, skillset, location among other criteria. Its primary aim is to keep resources optimally occupied such that neither under nor overutilization occurs.
Resource Management helps projects achieve more with less as it facilitates smart allocation, future planning and improved resource scheduling. On the whole, this promotes efficiency, overall profitability as well as employee satisfaction levels.
Here is an overview of the different aspects of Resource Management:
1. What are the four pillars of successful Resource Management?
Resource Management concepts rely on the following four principles, which come together in varying degrees (based on the industry that is deploying it) to complement the project management calendar that it is tied to. The pillars have been formulated to fill in the gaps that are commonly found in the project resource planning process that organizations follow.
The four pillars are:
- Absolute visibility of all resources and their projects
- Being able to allocate the right person to execute the job at hand
- Optimizing the utilization levels of all resources
- Forecasting future resource requirements
2. What are the types of businesses that require Resource Management?
While most organizations that operate with multiple, cross-functional teams require Resource Management, the extent to which the organization adopts it will depend on its size and function.
Organizations that simultaneously deal with multiple, long projects in ad-hoc environments, that are susceptible to different changing variables like – project priorities, resource availability, budget constraints have to invest in managing resources efficiently. On the other hand, smaller teams with fixed project schedules are likely to need a fairly simpler approach. Broadly speaking, data-driven management of resources is most likely to be found in the following industries (although it is not limited to them) :
- Engineering and Construction
- Consultation and Auditing
- Information Technology
3. How does Resource Management differ from Project and HR management?
As concepts that are similar to each other, Project and HR Management practices get interchangeably used while understanding Resource Management techniques. However, despite having similar purposes, their core functions and objectives are exponentially different from one another.
While Resource Management strives to achieve optimal utilization of all the resources available at any point in time (from people to machinery), Project Management is the comprehensive valuation of the project objective, planning and execution.
On the other hand, Human Resource Management deals with acquisition and maintenance of human resources. Here are detailed reads on the divergent and convergent points of Resource vs. Project Management and Resource vs. HR Management, respectively.
4. What is the role of a resource manager?
Ideally, a resource manager is responsible for making sure that the team is empowered with the right people to accomplish its core objectives. His/her duties include making sure that the resources required for a project are obtained as per requirements, utilized optimally and accounted for in terms of time and money. This can also spill over skill inventory management, tracking training schedules, diversifying resources, among other things.
The resource manager also undertakes functional responsibilities in the enterprise. In addition to project resource management, he/she is responsible for making sure that there are enough people placed on operational responsibilities as well. Dedicated resource managers tend to be a specialised role that larger organizations with comprehensive PMOs have. Often, the project manager or a team leader of the PMO is entrusted with these responsibilities in case of smaller or medium sized organizations.
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