Resource Management at Project Portfolio Level
Portfolio resource management has different processes that allow organizations to assign appropriate resources. There are many skills and resources to execute various projects within the portfolio. It is beneficial to ensure that the right resources are meeting organizational needs. The best way to define resource management is to first start a plan. By knowing what resources are needed and having the right resources available, you can execute a resource management strategy. This strategy will help you to execute the right projects by assigning them to the right individuals that will get the job done effectively and expediently way. Most businesses find that resource management is such a crucial part of the project portfolio because it highlights how well the overall project will flow and where any vulnerabilities might exist. Having said that, there are important steps to take to ensure that your resource management is effective and will provide the results that you need for success.
How to maximize your time at the project portfolio level using resource management
Discovering ways to maximize time with any project is a very crucial part of resource management. Many details go on each project and ensuring that it is done in time and in the most effective way possible is very crucial. According to thinkingportfolio.com, if you notice that your employees are not making valuable use of their time, it is time to start sharing applications that will help plan and track your employee’s billable hours. This is important for executing projects on time, and it also ensures that your employees are using the right resources to help get the project done inefficiently and productively. Everyone benefits by analyzing where time is being spent.
Do not over-service clients
Over servicing, clients will harm your projects in the long run. Over servicing is doing too much for your client, more than what they pay for. It is generally a result of not using project resources proficiently. You can cost-effectively manage resources by having a strategy to get as much as possible out of each employee.. To do that, you must know each employee’s strengths and how they can contribute their skills and add to the success of the project.
How resource management views projects
Resource management tends to look at projects from a different perspective and a broader approach. Resource reporting, modeling, and forecasting are all important aspects. This is very important when you think of it as a safety net to ensure that you are covered, and your teammates are covered in case there is a problem within the project. There are also last-minute overlaps that can occur, and with these types of resources, it will help you stay on track.
Resource Visibility
It is important to have resource visibility within your project portfolio to ensure that your projects are running smoothly and that all your employees have the necessary information in one place. Below is a list of items that will help you visualize and create a strong visible outlook of your resources within your project portfolio.
- Consider and visualize your company’s staffing situation to help monitor the progress of projects to ensure that projects are done in a timely and that they don’t get off-track.
- With resource visibility, you are able to determine what employees are available and what skills are available. This enables you to monitor and track the progress of your projects more fluidly, identify shortages, and of course, adapt to any changes that may occur ahead.
- With resource availability, you are able to see employee leaves, or any other types of vacations and sick time that may be coming up in the near future so that you can schedule any upcoming events accordingly.
Capacity and resource management
You also want to make sure that you have the right resources matched up to the right skills. Hence, determining the right amount of resources and perceivable shortfall.
Staff: Make sure your staff meets the needs and expectations of each project
Matching: Ideally, you want the employees with specific talents matched with projects that will best utilize those talents. It is wasteful to place employees on tasks that are above or below their skill level.
Resource management and project portfolio in a nutshell
Resource management has been coinciding with projects to ensure they run smoothly and delegated to the right person. When you do not give the resources your full attention and not monitor their results, you risk wasting time, and people are underutilized. Resource management also helps your employees stay on target as well. They can see from tangible results if they are producing results or falling short.
It’s also essential to understand how resource management supports the project portfolio. Managing resources within the project portfolio keeps an eye on resources while pursuing deadlines. Hence, ensuring that you meet desired standards along the way with as little risk as possible. One of the many goals of the project portfolio is to manage task assignment and tracking. Within that scope, resource management tracks people to make sure efficient delivery of these tasks. These go hand in hand to validate that you and your employees are working most effectively and productively. This includes not only getting things done correctly but using the right resources to get things done in a timely way.
Written By:
Sabrina Christine
January 24, 2020