The Key Principles of Resource Management

The Key Principles of Resource Management

As we all know, project management has become an integral part of most organizations. Project management is useful for everything, from research and development to large-scale transformations. The hard truth is that not every project is as successful as others. The project is considered successful if it delivers the expected benefits and meets its budget. It’s not as easy as it appears.
Project management is more than just scheduling project tasks. It also depends on how you manage resources to achieve organizational maturity at Project portfolio manager (PPM) scale. Project management is a complex process that requires resources to be managed. If these resources are not appropriately assigned to projects, it can lead to project failure and be counterproductive. An organization that uses project management methods must manage its resources.
This article will teach you how to define:
Resource management

Resource management methods

resource management importance.

What are the management resources needed for a project?
Types of resources used in the project
A project may require resources.
work resources,

Material resources

Cost resources

These resources include people, equipment, facility and knowledge (IT), as well as funding. These resources are essential for the successful completion of any project activity. People resources are an important part of any project. However, they can be difficult to manage. People need to be able to manage their resources in a different way. You can make them more productive by following key management principles (discussed in this article). Let’s now understand what resource management is.
What is Resource management?
Project management is about collaborating processes, resources, and PM tools to achieve a common goal. Project management tools are not the only important aspect of project success. Resources are also vital.
Let’s answer the question: What is resource management? It’s all about how to manage your resources. Resource management is the ability to maximize resource productivity and achieve desired outcomes through effective management.
What is project resource management?
“Project resource management is the effective use of right type of resource at right time during project execution to produce expected deliverables.” To achieve strategic business goals as well as financial goals, it is important to maximize the return on resources. People are a significant cost element in any project, so it is important to manage them properly. Projects require people with a specific set of skills to complete tasks.
Lets define resource manager role in a project:
The project resource manager is responsible for dividing the right skills to complete the right tasks.
A project manager and a resource manager are usually responsible for executing any project. The project manager is responsible for planning and executing the project. The resource manager manages the balance between supply and demand. He determines the project’s resource requirements and assigns the appropriate resources to tasks. He or she also manages resource usage to maximize the project’s productivity. They also analyze metrics related to capacity planning and resource assignment. The roles of these two are illustrated in figure 1.
Figure 1: Roles and responsibilities of resource manager and project manager
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The project resource manager uses tools to plan and assign resources. These tools are known as resource planning tools.
Refer to the following figure to learn how to create a resource planning: