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What is resource allocation - best practices for project management

Resource allocation in project management:

What is resource allocation?

Like matchmaking, resource allocation is about assigning the best resource to the most appropriate task or project. In other terms, the right person for the right job with the right workload. But, again, the purpose is to maximize the utility of team members, hence improving customer and employee satisfaction.

Resource allocation is challenging as it requires a lot of management, which is not easy, but has proven to be essential to leverage growth. In addition, resource allocation is flexible, meaning when requirements and scope change, resources are reallocated to accommodate these changes.

How do you allocate resources to a project?

The best way to allocate resources on a project is by developing a plan to make the most available resources at your disposal in a project.

There are general tips that can guide you in building a plan and help you with resource allocation when managing a project.

1. Know your scope

Before allocating any resource to any project, you first need to understand the size of the task at hand. How big is it? How long will it take? These questions are essential in setting the stage for accurate planning regarding the number of resources needed and the timeframe required. Take enough time to fully understand the scope of the project to plan appropriately and maximize the utility and experience of your teams.

2. Identify resources 

Now that you have identified and approved the full scope of your project, objective, tasks, and budget, you need to place your resources.

Identifying resources can seem easy; however, resources are not only limited to humans. Material and space are also considered resources, and sometimes you might not have them available. The best way to staying on budget is by listing all the criteria and ensuring it fits what’s allotted to your project. In addition, good project management software will help you stay on top of your project schedule, incorporating teams and non-human resources all in one place.

3. Track time 

Time tracking and time management are two things you need to keep your eyes on. It’s your job to ensure a task is completed on time and does not take unnecessary extra hours to get it done. Using the right tools and software will help you improve time tracking and collect data on how efficiently your team is working.

4. Know your resources               

Knowing your resources and their backgrounds, experiences, personality, and skills is essential to support your project in a more targeted and personalized manner.

Keeping a record of your resources’ skills is very important in better assigning the right talent to the right project.  

5. User resource reports

When resources are full hands-on in a project, how can you monitor what’s happening on the ground?

The best strategy would be to use resource reports that give you a big picture of the project and how it’s progressing. It provides insight into your team’s workload and whether they are over-tasked or under-tasked.  

This, in turn, gives you room to reallocate, redistribute workload and overview whether the project is proceeding as planned.  

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