Every firm is constantly under pressure to perform more with a lower budget. One of the most important lessons for any business owner is to strategically allocate business resources to attain its full potential. An inadequate project resource management strategy may negatively affect your firm, resulting in low production, poor quality, or lack of confidence. With a robust project resource management process, your company can accomplish more with fewer resources. This article by Hannah Donato at Project Management shares ten tips for project managers to optimize resources.
Different Types of Project Resources
KPIs and resource management determine a project’s success. Managing your resources allows your team to meet deadlines and deliverables by identifying, coordinating, and managing them. Below are three main types of project resources:
It is essential to obtain data on specialized skills or expertise, work ethic, attitude, salary, benefits, welfare, and many other factors in human resource management. This will allow you to understand the talent available and allocate responsibilities efficiently.
Determine what materials are available and those you need to procure for your project. If they are available immediately, check to see if you need a reservation or a license to use them. Check lead times, vendors, pricing, and financing if they are not already purchased.
To calculate the project budget, consider the necessary human and material resources and administrative costs. After that, account for taxes, transfer fees, currency rates, and contingencies.
Ten Tips for Optimizing Project Resource Management
Detect project requirements early on.Be realistic with budgeting and timeline.Detect risks and prepare for unforeseen situations.Evaluate external suppliers thoroughly.Use credible project accounting software.Be aware of your team’s strengths.Check on your team consistently.Import workflows proactively.Build a strong network with industry experts.Do not rely on one supplier for resources.
To read the original article, click on https://project-management.com/project-resource-management-best-practices/
The post Want to Optimize Project Resource Management? Use These Ten Tips appeared first on AITS CAI’s Accelerating IT Success.