Top 10 Proven Resource Allocation Tips For Project Managers
Poor resource allocation is one of the main reasons behind failed projects. Follow these ten proven tips to avoid over or underutilization of your employees to ensure your projects are delivered successfully on time, every time.
In today’s extremely competitive (and uncertain) global market setting, project managers are required to optimally utilize the resources available in hand. Despite evolving technology and the availability of various functional tools, the number of projects that fail is alarmingly high.
So, what could be causing the downfall of projects?
Well, projects can fail for different reasons — lack of visibility into available resources, lack of communication, poor time management, or setting unrealistic expectations that might cause projects to miss deadlines and go over budget.
However, resource allocation in project management, or misallocation of resources, is often the single biggest factor to blame for failed projects. Before we move further, it is worth mentioning here that in project management, resources usually include people, time, funds, materials, and equipment that are needed to execute the tasks.
Most organizations usually move to and fro between ‘underutilization’ and ‘overallocation’ of resources — neither of which is ideal for its efficiency. It is understood that resources are limited most of the time. However, proper resource planning and forecasting are essential for the effective use of limited, ever scarce resources. To understand it better, we must take a detailed look at resource allocation, which is provided below.
What Is Resource Allocation?
Even though you can find a plethora of definitions on the web, some things are best understood in simple words. As the name implies, resource allocation is a process of planning, managing, scheduling, and allocating your resources to project tasks to maximize efficiency.
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