How Resource Management Works In A Company

Resource management is one of the main requirements for business development and project management. In practice, this model helps optimize internal processes and have a broader view of the company’s entire business.

For this, it is necessary to implement processes that better use the company’s available resources and guide investments. Only then will you be able to improve your activity performance and keep your balance.

What Is Resource Management?

This is a process for the efficient use of various business resources. These resources can be people, assets, facilities, equipment, etc. So management is about allocating resources and planning ahead for the right projects at the right time and cost. 

Resource management programs allow companies to optimize the use of skilled labor and increase profitability.

What Is Resource Management For?

To define physical and human resources, it is important to pay attention to this stage since it is in this stage that the control, acquisition, and management phases are implemented in the project. With this, selecting the best effort rate and the best applicable method becomes easier. 

He is responsible for proposing all guidelines for classifying, releasing, and allocating resources. Learning to allocate resources in project management will allow the company and team to implement projects efficiently.

What Are The Resource Management Processes?

Good resource management is one of the main factors for project success. If the plan has the features you need at the right time, it can lead to time, quality, and budget issues. 

To Plan

This step involves defining how physical and human resources – control, acquisition, and management – ​​are implemented in the project. Therefore, it will be easier for you to choose the best effort rate and method applicable to such activities.

Furthermore, it identifies who is responsible for each task related to resource management or who can make the best decisions and direct operations.

One of the biggest benefits of documenting these elements is the ability to articulate expectations for resource management. This way, management becomes clearer, and possible confusion or misunderstandings can be reduced.

Estimate Activity Resources

The estimation step involves analyzing the quantity and characteristics of the physical or human resources needed to complete the project. This process is usually repeated several times during the run. Several methods can be used, such as bottom-up, analogous, and parameter estimation.

Resource estimates depend largely on the type of project implemented. Therefore, prior knowledge of local regulations is often required. For example, housing construction projects require managers to know more about civil and environmental laws.

By building a resource allocation structure, it is possible to visualize these numbers better. It is a hierarchical representation with the possibility of systematizing and listing resources according to predetermined categories, that is, according to measurable possibilities.

Acquire Resources

Here is the time to receive the physical and human resources needed to complete the project. In this sense, resources can be raised in two ways: internally and externally.

The company’s internal resources are available through coordination or negotiation between managers from different areas. On the other hand, external resources must be obtained through a formal purchasing procedure, which requires researching suppliers, receiving recommendations, and signing contracts.

The acquisition of these resources is monitored through documentation in its calendar, which is responsible for determining the period of availability of each project. This measure brings more agility and organization to decision-making.

Develop The Team

Team building in project resource management is about improving employee skills. Managers’ responsibility is to promote corporate education and improve employees’ technical knowledge or self-confidence. 

The objective is to invest in knowledge through workshops, courses, and lectures to motivate your team.

Manage Employees And Teams

The management team is designed to understand employee performance, troubleshoot issues, provide feedback, and drive changes to improve project performance. 

The organizational structure based on projects gives the project manager more autonomy to manage his team; in the matrix structure, mainly in the functional structure, the project manager has little autonomy.

Control These Resources

This is the method of ensuring that resources allocated and assigned to the project are available as planned and monitoring planned resource utilization, actual utilization, and corrective actions as needed.

The main benefit of this process is ensuring that resources are available to the project at the right time and place and released when they are no longer needed.

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