Key Project Management Resources: Quick Review With Real-Life Examples

Project management resources are the functional components of any project that ensure its viability and move it toward achieving its goals.

What are the core resources in project management? How do they affect the overall business success? What project management software helps to organize and track project assets best of all?

Discover the answers to these queries and other valuable insights within this article.

Resources in project management: definition and essence

A project resource is an essential asset utilized to achieve strategic objectives and ensure successful project execution.

These assets serve as the fundamental components that aid project managers in effectively planning, executing, and delivering their projects.

Well-planned resource allocation in project management is the guarantee of winning project outcomes and smooth team collaboration. It can be performed with the help of smart resource management tools of various complexity and functionality.

What are the types of project management resources?

In project management, resources come in various forms, including tangible and intangible ones.

They can also be classified into seven types. It’s important to be aware that there might be variations in their meanings and titles, but we present the most common classification here.

• People (human resources).
• Budget (financial resources).
• Time resources.
• Material resources.
• Equipment and tools.
• Facilities.
• Information and knowledge.

This categorization of resource types in project management encompasses various industries and sectors.

Now, let’s examine each asset more closely.

Human resources

Individuals are the driving force behind any project. In most cases, people exert a more significant influence on a project’s success than any other resource.

You may possess a substantial budget, top-notch software solutions, and comfortable office facilities but the absence of skilled specialists will hinder your project’s progress.

People are the most intricate resource due to their diversity. Each person brings their unique background, work style, and potential cultural differences, which can lead to conflicts and interpersonal tensions.

What is an example of a human resource in project management?

Human resources can be represented by workers, contractors, partners, and other stakeholders. This is quite clear in any IT project.

A typical construction team in the software development sphere may involve project owners, product managers, project managers, departments, different specialists, freelancers, and other staff.

Financial resources

Finances play a vital role in project management. They are essential for funding different project elements, including labor, equipment, and various assets.

Efficient budget management involves developing a financial plan, tracking expenses, and ensuring the project stays within budget limits. Project professionals must handle this resource responsibly, as it enables them to acquire and maintain all other project resources.

What is an example of a financial resource in project management?

Let’s consider the example of a project in marketing.

Marketing project managers usually deal with marketing project budgets, contingency funds, external grants, partner programs budget, etc.

Time

Efficient time management entails crafting practical timelines, addressing potential time limitations, minimizing project delays, and monitoring progress to ensure task adherence to the schedule.

PMs estimate project task durations and phases during planning to formulate accurate schedules and cost calculations, subject to client approval. After project completion, they evaluate time tracking data to evaluate team performance, time and cost budgets, and leverage this data to improve future projects.

What is an example of a time resource in project management?

Time resources may include any time-related elements aimed at task completion. Let’s see what time resources can be involved in managing a project in the healthcare sphere.

These assets may include healthcare project schedules, calendars, task durations, time reports, work shifts, night duty schedules, etc.

Material resources

Consumables and materials are tangible assets crucial for many projects. Effectively managing these resources involves identifying and obtaining necessary items, keeping track of inventory levels, and optimizing material usage.

Certain projects may demand minimal materials, while others necessitate a diverse array of material resources.

What is an example of a material resource in project management?

Let’s explore a typical construction project that may require consumables and materials.

The set of materials for a home construction project may include steel, wood, concrete, soil, fuel, spare parts for repair, hardware, etc.

Equipment and tools

Tools and equipment also play a vital role in project management. They ensure smooth project execution. For example, computers and various software solutions are often indispensable for various project tasks. These resources are not depleted over the course of the project.

It’s worth adding that equipment and tools contain both tangible and intangible assets.

What is the example of tools and equipment in project management?

Let’s say, that as a project manager in the manufacturing industry, you need to plan and manage various tools and equipment.

The examples of these resources can be presented as vehicles, workshop machines, testing equipment, laboratory equipment, communication tools, etc.

Facilities

Facilities are the physical infrastructure and environment spaces essential for project teams to carry out their tasks. They may include office areas, storage, and workspaces.

Efficiently planning and arranging these resources entails identifying the requisite spaces and ensuring their proper configuration.

What is an example of facilities in project management?

Imagine a general educational project.

Here are some examples of facilities you may need: conference rooms, office spaces, storage facilities, educational laboratories, training rooms, etc.

Information and knowledge

Businesses in different fields utilize informational resources to enhance their project professionalism. These resources commonly include knowledge bases, facts, research findings, reports, and various forms of documentation.

Advanced information management involves gathering essential data, maintaining its currency and accuracy, and facilitating its dissemination among project stakeholders.

What is an example of information and knowledge resources in project management?

Let’s consider a project in the field of event planning.

You’ll quickly understand the power of such informational resources as event timelines, registration forms, attendee lists, guidelines and checklists, vendor contracts and agreements, legal documents, etc.

What is the role of professional project resource management software?

If you want to know how to allocate resources in project management to earn respect from colleagues and competitors, prioritize every project process, including resource allocation. Instead of traditional and old-fashioned methods, opt for innovative project management software.

Right, choosing an appropriate software for your team can be challenging due to the numerous options available.

Fortunately, modern platforms offer advanced tools for efficient resource management, such as a useful Gantt chart. And one of the top tools with such functionality is GanttPRO.

This trustworthy resource management software comes with advanced features, including advanced resource planning. It is widely used in such as construction, software development, events, manufacturing, and more.

Effective GanttPRO features make planning, tracking, and coordinating processes stress-free and more accurate.

The software allows for working with all types of resources.

Here’s a concise overview of how the online Gantt chart maker helps managers work with various resources:

Initiate and visualize resources

Before plotting and illustrating resources on a Gantt chart, it is essential to break down your project into manageable tasks and subtasks using a work breakdown structure WBS. The drag-and-drop functionality facilitates the visualization of task dependencies and the placement of milestones.

Once tasks are organized, GanttPRO enables you to invite team members, define their roles, and establish associated costs and calendars. Additionally, you can create virtual resources (personnel, equipment, tools, facilities, and more).

Assign and allocate resources properly

In GanttPRO, you can effectively allocate and assign resources. A visually engaging Gantt chart facilitates the proper distribution of resources according to their skills and availability.

Track time

Additionally, the software allows for precise time tracking, enabling colleagues to record their work hours on specific tasks. This data aids in assessing project advancement and resource efficiency.

Manage finances and estimate costs

Here you can manage finances and estimate costs. It is easy to track expenses in real time, staying within cost constraints. You may determine costs for all resources per hour, per item, or just cost.

Specify project rights and roles

Specifying roles and permissions at the account level as well as rights and permissions at the project level is an easy thing in GanttPRO. Therefore, you can check who views, edits, or approves your project-related data.

Apply personal calendars

GanttPRO users can take advantage of personal calendars. They help to track how many activities or working hours resources have each day. It considers days off, vacations, holidays, and other dates.

Organize workload

Workload control is another essential opportunity that GanttPRO offers. You are allowed to schedule work and manage resources efficiently. It simplifies task tracking and enables timely resource allocation adjustments if they are needed.

Compile informative reports

The Gantt chart generator allows for gathering information related to project management resources and compiling reports while saving time and preventing possible bottlenecks in the future.

Enhance project resource management and pick up an excellent PM tool for assistance

Resources in project management play a vital role in advancing a project from its start to a logical finish. These resources contain everything necessary to execute tasks professionally.

Professional online platforms such as GanttPRO improve project efficiency by maximizing the use of assets while adhering to defined constraints. They save precious time, enabling greater concentration on other aspects of project management.

And if you want to know more details, insights, and experts’ points of view, please follow the full version of this article: https://blog.ganttpro.com/en/project-management-resources/.