Project Resource Management

Project Resource Management

Bringing projects in on time and within budget depends on the effective management of project resources.

Managing Project Resources Effectively

Photo of business meeting with attendees pointing to graphs and laptopManaging project resources is a critical part of any project. If you run out of money, you will miss one of the most important success criteria for any project; being on budget. And blowing your budget will also most likely impact the other two success measures: being on time and on scope.

Effective resource management begins early with reasonable estimates of the material, infrastructure and labor required to achieve the project outcomes. Gather as many experts as you can in the Initiate and Plan project phases to get credible project estimates. As the project progresses, work at developing more accurate estimates as more becomes known about the project.

You will need to set up the various project cost accounts and apportion the project budget to the various project activities. Procurement processes will also need to be defined. Who will be authorized to spend project funds and what process will be used to select vendors? You will need to monitor project expenditures accurately and report project budget performance on a regular basis to the governing committee.

Also, be clear about at which point in the project an estimate becomes an allocated project budget. And how will unexpected expenses be funded? Some organizations set up a common project contingency fund from which to draw extra resources.

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