What Is Resource Management?

So what is resource management? Resource management is the process of pre-planning, scheduling, and allocating your resources to maximize efficiency.   Resource Management Software allows businesses to manage all aspects of their business from IT, Engineering, HR, and also resource portfolio management.

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A resource is anything that is needed to execute a task or project — this can be the skill sets of employees or the adoption of software. There are, therefore, many types of resource management, depending on the type of project you’re working on. For example, if you’re planning an event, a few resources include scheduling out staff for the event, planning what vendors to use for promotional materials, investing software that allows attendees to register, and budgeting for everything from giveaways to catering.

Why is effective resource management important?

Resource management as part of project management is all about doing more with less. Nobody likes waste, especially in business. Resource management is centered around optimization and efficiency. When you know what you need to make a project successful, you can effectively understand how to plan resources in an efficient way.

To some companies, optimum efficiency is so important that they hire someone solely devoted to resource management; also known as a resource manager. What does a resource manager do? While project managers are responsible for creating and assigning tasks to get the project done, resource managers are accountable for allocating the resources needed to make the project a success.  To help with this process, resource management tools can help manage and optimize better than spreadsheets.

What are the advantages to resource management?

1. Avoids unforeseen hiccups: By understanding your resources upfront and planning how to use them,  you can troubleshoot gaps or problems before they happen.
2. Prevents burnout: Effective resource management allows you to avoid “overallocation” or “dependency” of resources by gaining insight into your team’s workload.
3. Provides a safety net: Let’s say the project was not successful due to lack of resources (it happens). Resource planning and management establishes that you did everything you could with what you had.
4. Builds transparency: Other teams can gain visibility into your team’s bandwidth, and plan accordingly if your team is at maximum capacity or available to take on new projects.
5. Measures efficiency: With a high-level understanding of what’s needed to manage and execute an upcoming project, you can effectively plan and measure ROI and utilization vs efficiency.

Types of Resource Management | IT Resource Management

Engineering Resource Management

Ever witnessed a project succeed without diligent resource planning? That’s a rhetorical question. Resource planning is at the core of successful project delivery and organizational efficiency. It ascertains that the right workforce with the right expertise is allocated to the respective projects. Multinational corporations and growing businesses are investing substantially to streamline their resource planning process.

A study revealed that 53% of decision-makers consider enterprise resource planning an investment priority, particularly investing in a resource management tool.

Like every other industry, engineering firms require a systematic resource planning process. Engineering projects demand niche skill sets and need heavy and expensive equipment during various stages of the project lifecycle. Resource managers and project managers strive from the very beginning to identify the appropriate resources, understand their availability, and fulfill these demands.

oof resource plan, they may encounter bottlenecks in the future, bringing the projects to a halt.

Thus, engineering resource planning with Engeering Project Management Software is an integral part of successful project delivery within time and budget.

This article emphasizes the significance of resource planning in engineering projects and some strategic tips to get the process right.

The required resources in engineering projects

Unlike other industries, projects that fall under the engineering domain require diverse skill sets and resources. Let us understand these requirements in detail:

1. Human resources

The employees are the most critical asset of any project. Their talent, skills, and capabilities allow the execution of assignments with the best quality and within the deadline. Engineering projects specifically require a wide array of personnel to work on different types of tasks. Here are some of the core competencies vital for an engineering firm:

• • Mechanical engineers-
    Projects encapsulating machine expertise or manufactured technologies need mechanical engineers.

• • Automobile engineers
    As the name suggests, automobile engineers work in the automobile industry and work on vehicle designing and production.

• • Electrical engineers
    Any project that has specific tasks pertaining to power system engineering, instrumentation, signal processing, etc., has a demand for electrical engineers.

• • Software engineers
    Software engineers are needed for tasks like web designing, software and app development, and so on.

• • Analysts
    With the advent of AI and Machine learning, the demand for analysts has escalated. Any engineering industry that requires interpretation of data to make strategic decisions needs an analyst.

• • Construction workers, and so on

2. Equipment

Engineering projects require an array of equipment, machines, and tools to build a finished product. For example, heavy machinery is needed for the automobile manufacturing unit. These tools are expensive, and thus, some firms rent them from other companies and integrate these costs under project estimates. Managers need to carefully plan the projects and determine the equipment required well in advance to prevent last-minute hiccups. An Adaptive PPM Solution, is one of the best tools for project management.

3. Materials

Materials are the building blocks of the final product and part of the finished goods. For example, construction materials like brick, cement, etc., are the necessary blocks to form the entire tower or database to develop a web application are the materials. The onus is on managers to enlist every constituent required and accumulate them before the project’s onset.

4. Miscellaneous

Other than the above-mentioned primary resources, engineering projects require additional resources like:

• Organizational resources in terms of financials
• Contractors and vendors to procure the unavailable demand from external sources
• Extrinsic software for the overall management of projects
• Facilities like office space or warehouse, etc., to carry out the project tasks.

HR Resource Management

What is Human Resource Management?

Let’s start with a brief definition. Human Resource Management, or HRM, is the practice of managing people to achieve better performance.

For example, if you hire people into a business, you are looking for people who fit the company culture as they will be happier, stay longer, and be more productive than people who won’t fit into the company culture.

Another example is engagement. Engaged employees are more productive, deliver higher quality work and make customers happier. This means that if we can find ways to make employees more engaged, we help the company.

The HR department provides the knowledge, tools, training, legal advice, administration, and talent management, which is crucial to sustaining and advancing a company.

This is what Human Resource Management boils down to optimizing company performance through better management of human resources.  This process can be help using the best software, Tempus Resource, HR Resource Management Solution.

. The next question is, who are these Human Resources?

What is a Human Resource?

It may feel a bit weird to refer to people as ‘human resources’. Human Resources are all the people that in one capacity or another work for or contribute to an organization.

These people make up a company’s workforce. They can be regular employees, for example, but also contractors. Especially with the rise of the gig economy, more and more people are starting to work for an organization on a contract basis without having a traditional labor contract.

These people include independent contractors, workers provided by contract firms, on-call workers, and temporary help agency workers.

An independent contractor can be under contract for years at the same organization, while an agency worker can work at 20 different companies throughout one year. Because these people are all involved in the company to a different extent, the way they are managed and involved in the organization should also be different.

Also, there are increasingly non-humans at work at the company.

In this case, we’re talking about the increase in robotization. Robots are increasingly involved in day-to-day work and the interaction between man and machine is becoming increasingly essential to the success of the organization. Although these machines are not considered ‘human resources’, there is a case to be made that they should be included in some way as they are part of the workforce.

The seven HR basics

When we talk about Human Resource Management, several elements are considered cornerstones for effective HRM policies. These cornerstones are:

1. Recruitment & selection
2. Performance management
3. Learning & development
4. Succession planning
5. Compensation and benefits
6. Human Resources Information Systems
7. HR data and analytics