Resource Management: Process, Tools & Techniques

Resource Management: Process, Tools & Techniques

Resource management is the process of planning, scheduling and allocating resources to complete a project. It is an important process for many disciplines such as project management, portfolio management and business management. It is important to identify resource requirements during the initiation and planning phases of the project life cycle, and to schedule the right resources at the right time. The resource management life cycle is made up of four stages that project managers should understand to properly manage project resources. Examples of project resources include time, raw materials, human resources, machinery and equipment, financial resources, and information and data.

Resource analysis is the process of gauging current resource availability to determine what resources are missing for the execution of a project or action plan. Resource planning outlines the project resource requirements and how they'll be met. Resource scheduling ensures that resources are readily available and have a solid supply chain. Resource allocation is an ongoing process of picking the right resources at the right time to achieve project tasks. Resource tracking helps track the performance of team members and most project managers use resource management software to help them move from one phase of the resource management process to the next.