Importance of resource planning in project management

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What is project management? 

Project management is the ability to achieve project objectives by applying methods, skills, knowledge, and experience within a specific time frame and budget. 

Managing a project and leading it from its initial phase to its final stage with the proper resources without overrunning the assigned budget can be challenging. One of the ways to go about it is by following unified resource planning.

But what exactly is resource planning, and how does it impact project management?

What is resource planning, and how does it impact project management. 

Resource planning is about identifying, forecasting, and allocating various resources to a particular task or project. This is done while considering and respecting the timeframe and budget required to lead that specific task or project. 

Benefits of resource planning and why is resource planning important? 

Good resource management and planning practices will enhance productivity, project performance, and ultimately profitability. 

Given the fact that projects are unique as each varies according to its specific scope, there are major standard highlights that are considered fundamental for every resource management plan: 

1. Resources: compile lists of available resources and create resource management charts. This is useful for envisioning the availability of resources. In this context, resources mean all necessary personnel and material resources to achieve the defined goals. In project management, resources are, for example: equipment, funds, energy, or even people.

2. Cost: record and track the cost of resources and billed hourly rates that represent the cost of the client. 

3. Availability: understand the availability of each resource to avoid delay or resource conflict. 

4. Responsibilities: communicate clear instructions so that everyone understands their responsibilities clearly. 

5. Dependencies: resources have relationships, and sometimes the flow of the project might rely on these dependencies, which might cause delays. Plan for such situations to avoid derailing from the project time frame. 

As easy as resource management may seem, neglecting it can lead to the below consequences: 

1. Conflicts in resource scheduling can lead to project delays.

2. Poor documentation of project progress can cause gasps in knowledge, primarily upon employee departure. 

3. Incomplete project resource planning can lead to different company and client expectations. 

 Remember that resource planning can influence the viability of future projects and their timelines. 

Resource planning is a fundamental component of project management and can benefit companies. Here are a few of the most important benefits: 

• Cost savings 

• Time savings 

• Customer Service Enhancements 

• Team Development 

• Future Preparation 

• Increased flexibility