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Four Steps To Effective Resource Management

Resource management is one of the main requirements for business development and project management. This management optimizes internal processes and obtains a broader view of the company’s operations.

Therefore, it is necessary to implement a process routine capable of directing investments and better using the resources available to your company. Only then will it be possible to maintain balance and increase the performance of activities.

Want to know how to organize your business operations? In this context, we will present some tips for effective resource management. Keep reading and understand how to boost your results!

What Is Resource Management?

Management involves all a company’s internal procedures that are put into practice to identify, analyze, acquire, and manage a project’s resources. As a rule, this practice is divided into two modalities: management of team resources and physical resources.

Team resources refer to employees who are part of a given project and provide services to the company. In this sense, they have obligations and duties to be fulfilled within the establishment. Physical resources consist of materials, inputs, facilities, and machines needed to perform operations.

Good resource management is essential for the success of a project; after all, this strategy promotes greater optimization of activities and enhances business results. In addition, the relationship between the team improves while the projects gain an organized and efficient structure. Thus, processes become more fluid and agile.

On the other hand, the absence of proper resource management can seriously undermine the performance of a company’s entire project — misallocated resources compromise project time, quality, and budget.

Another important issue refers to the motivational factor. In this sense, human resource management is useful for creating a feeling of recognition and appreciation, motivating employees, and retaining the company’s talents.

How To Implement Effective Resource Management Within The Company?

Learn about some measures that should be adopted to optimize activities within your business.

Plan The Management

This step involves defining how the physical and human resources will be implemented in the project — acquisition, management, and control. As a result, it will be easier to choose the best approach and the amount of effort to apply in such activities.

The main instrument used is the resource management plan. He is responsible for presenting all guidelines regarding the classification, allocation, and release of resources.

In addition, it determines the people who will be in charge of each resource management task or who can direct operations and make the best decisions.

One of the biggest advantages of documenting these elements is that it can clarify what the expectations are about resource management. This way, management becomes clearer, and it becomes possible to reduce confusion or misunderstandings.

Create An Estimate On Activity Resources

The estimation step involves analyzing the amount and characteristics of physical or staff resources needed to complete the project. This procedure is usually repeated several times during its execution. For this purpose, different methodologies can be used, such as bottom-up, analogous estimation, and parametric estimation.

The resource estimate will mainly depend on the type of project being implemented. Prior knowledge of local legislation is usually required. Thus, for example, an apartment building project requires the manager to know more about civil construction and environmental protection legislation.

Estimates are best visualized by building a resource breakdown structure. It is a hierarchical representation that has the function of systematizing and specifying the resources according to pre-established categories, that is, according to capabilities that can be measurable.

Acquire The Necessary Resources

This is the receipt of physical and team resources necessary for a project’s completion. In this sense, it is possible to raise funds in two ways: internal and external.

Internal resources already exist in the company — and can be obtained from alignment or negotiation between managers from different areas. On the other hand, external resources must be obtained in a formal acquisition procedure, which requires research on suppliers, receipt of proposals, and the effective closing of contracts.

The acquisition of these resources is monitored through documentation in a specific calendar, which is responsible for identifying the period in which each item will be available. This measure brings more agility and organization to decision-making.

Develop The Team

Team development in project resource management refers to improving the skills of employees. The manager must promote corporate education and increase the professional’s technical knowledge or the employees’ self-confidence. The objective is to invest in knowledge through courses, lectures, symposiums, and workshops, generating more motivation for the team.

Also Read: What Is Project Portfolio Management, Advantages

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