Projects already have a lot of factors that danger successful implementation and completion. You don’t want resource management to be one of them.
Why?
Because apart from profits garnered as a result of resource optimisation, you can also see the impact it has in generating a positive attitude and motivation of your resources.
In light of today’s discussion, let’s help you discover the what, why, and how of resource management, along with how online project management courses can help.
Let’s start with the ‘what’ of resource management.
What is Resource Management?
Resource management is the process that entails everything ranging from planning, scheduling, and allocation of resources in the best way possible. Resources can be anything ranging from plant and machinery, facilities, to people.
The primary goal of resource management is to maximise your resources’ efficiency, which in turn will lead the project towards success and achievement of organisational goals.
Also Read: Executive Development Program In Project Management For Senior Professionals from XLRI JAMSHEDPUR
Why is Resource Management So Important?
Below are the 5 reasons why resource management is important:-
- It provides an overview of everyone and everything involved in the project
- It enables utilisation planning
- It makes the process of planning and management more transparent
- It helps identify problems before they start
- It gives you control over the project
Now you know what and why of resource management, let’s help you understand how to manage your resources effectively.
1. Understand the Need of Resources
According to the Pareto principle, organisations employ the 80/20 rule while gathering resources for a project wherein 80% of an organisation’s project and resource problems can be solved by getting 20% of necessary processes and data in place.
So you need to plan around and focus on the availability of this 20% of resources in order to avoid bottlenecks and unnecessary delays.
There are several online project management courses that can help you understand and implement the Pareto principle effectively. So if you are striving to gain in-depth knowledge about this and other popular methods of effective resource management, consider enrolling in one.
2. Agree On a Common Approach to Prioritising Work Across Shared Resources
When working on a project, there are several hurdles you’ll need to overcome. To steer clear of inefficient resource allocation, create an agreed-upon scoring/performance evaluation process in advance to help facilitate effective decision making.
You can also leverage the Squeaky Wheel Optimisation method, wherein you can construct a solution to analyse and find trouble spots. The result of the analysis can then be used to generate new priorities and determine the direction in which the next solution will work. This construct-analyse-prioritise cycle will continue until some limit is reached or an acceptable solution is found.
Interesting, right? With online management courses, you’ll gain exposure to such concepts and theories and learn how to develop robust business strategy. So enrol for a credible management program TODAY! IIM is offering one such comprehensive and interactive course. The program in project management from IIM emphasises the importance of effective resource allocation and gives you the knowledge and skills you need to do it effectively.
3. Embrace Different Ways of Working Across the Organisation and Resources
Different types of work and groups within your organisation can benefit from a specific methodology. As such, ensure that the tools are selected carefully and aligned to create efficiencies. A more standardised roll-up can help figure out the metrics required to get a comprehensive view of the organisation at higher levels. This will enable you to plan, manage, and deliver work by utilising a range of methodologies such as Agile, iterative, milestone-driven, and even collaborative work.
All this may seem like a bunch of fancy words thrown around in the mix, but these are actually beneficial methodologies you must know about. The program in project management from IIM can help you understand the concept of resource allocation from ground zero. Ranging from resource selection to budgeting, organisation, planning, and optimisation, this course covers every facet of the domain, ensuring a well-rounded education.
4. Realise Resource Management is an Ongoing Process
Conflicts occur all the time when people from different cultures and mindset work together. And not just that, unexpected events and changes are inevitable, which poses a threat to the project’s success. So you need to work together to resolve the conflicts between resources based on your immediate and downstream priorities.
The program in project management from IIM is considered to be the best project and business management course on the digital spectrum. And with good reason. The unique pedagogy, the comprehensive modules, and the flexible learning allow this course to be the best in its class. Furthermore, you can also accelerate your career growth with a course in business/project management. So that’s another upside of pursuing this online course.
5. Leverage Technology
Technology has been lending a helping hand to almost every sector, industry, and organisation. So why not resource management? There are several tools and technologies that can provide a more streamlined approach to resource management and planning. So leverage these tools and automate your organisation’s processes and strategies effectively.
The project management courses from IIM can come in handy here. The program in project management from IIM provides comprehensive and hands-on experience in popular tools and technologies you can apply to practical scenarios. Moreover, you’ll gain exposure to application-oriented case analysis of critical topics like risk performance management to network-based resource allocation.
Ready to Manage Business Resources Carefully
Today’s organisations are under immense pressure to drive innovation and transformation that they forget about financial and human resources. By integrating robust strategies, careful planning, and on-time delivery, you can optimise your resource management, financial management, and business management to achieve the highest value projects for your organisation.
Online management courses are the ideal and cost-effective way to acquire the knowledge and skills to thrive in this domain. The program in project management from IIM is the top choice of several professionals and experts. So consider enrolling for this reputable and comprehensive course and make your way towards career progression.
More Information:
Benefits of Building a Career in Project Management
How to Build a Thriving Career in Project Management?
Global Professional Certificate In Effective Leadership & Management
What are the Different Career Options Available in the field of Project Management?