Managing project resources effectively can help project managers successfully achieve the desired project goals. Resource management is an elaborate and tiresome process requiring efficient planning and coordination between different project stakeholders. Estimating the project requirements and addressing the needs takes time and effort. Therefore, project managers collaborate with the project management team and other project stakeholders to form a definitive strategy for resource management.
According to the PMBOK® Guide 6th Edition, there are ten knowledge areas in project management. Resource Management Knowledge Area outlines the processes and activities associated with the effective management of project resources – human and financial. The main purpose of resource management in project management is to ensure that the resources are used to their maximum potential. Project Managers divide and assign resources to project management teams based on their priority level. They also monitor and control these resources to ensure the project deliverables are met on time.
Project Resource Management
The project can be delivered within the estimated schedule and budget when the project management team is well-organized and efficient. Thus, human resource management is the most important aspect of effective project resource management. Project Managers must build a strong project team; this requires finding and assigning the project tasks to the right project management professional (PMP). They also mentor the project management team and coach them about the various project requirements. By doing so, project managers can be assured that the project team knows their job well and can deliver their tasks regularly.
The responsibility of a project manager in resource management also involves motivating the project team to perform consistently. Teaching and motivating the project team allows organizations to produce better results and increases their overall productivity. There are several motivational theories that project managers apply to increase the project team’s performance. Some common motivational theories used in PMP are Herzberg’s KITA Motivation Theory, McGregor’s Theory X and Theory Y, McClelland Achievement, and Myers-Briggs Type Indicator (MBTI). Each of these motivational theories has its advantages and disadvantages, and their uses depend on various factors that project managers must assess before using them in practice.
Processes in Project Resource Management Knowledge Area
There are six processes in project resource management knowledge area. These are mentioned below:
- Plan Resource Management – The plan resource management process is included in the planning phase of the project life cycle. Here, the resource requirements are analyzed, and the resource management plan is created. Thus, the resource management plan is an essential component of the project management plan as it summarizes the project’s resource requirements.
- Estimate Activity Resources – In this process of project resource management knowledge area, the project resource requirements are estimated and categorized. Here, the project resources can be grouped into type and quantity. It can be achieved using bottom-up or top-down estimating along with Analogous, Parametric, and Three-Point estimation techniques.
- Acquire Resources – Once the project plan is approved and the project moves on to the execution phase, the resources needed for the project are acquired. Here, both the resource management plan and the procurement management plan are consulted to acquire the project resources needed for specific stages of the project.
- Develop Team – The project team is formed at this stage to carry out the tasks and deliver the project on schedule and within the estimated budget. Project Managers use their leadership skills to create the project development team and assign tasks. It is achieved through several techniques like Motivation, Negotiation, Conflict Management, and Team Building.
- Manage Team – After the project team is formed, the project manager is responsible for monitoring the team to ensure that all deliverables are completed, and there are no obstacles. Managing and monitoring the project team helps project managers stay on track to attain the project goals and solve project issues at the earliest.
- Control Resources – Since project resource management is ongoing, project managers must constantly manage and monitor the resources. By implementing control procedures and regularly checking the project’s performance, they can allocate project resources in the best possible manner.
Aspiring project managers must have a detailed understanding of project resource management. The changes in the PMP certification examination have resulted in updating of the ten knowledge areas of project management and the processes listed under them. PMP aspirants must refer to the latest edition of PMBOK, the seventh edition of a guide to the project management body of knowledge, to learn about these changes in the Resource Management in PMP. According to the latest PMP Exam Course Content (January 2021), PMP Resource Management is mentioned under Task 5 – Plan and Manage Budget and Resources as part of the process domain. A thorough understanding of effective resource management will help future project managers lead and manage successful projects for their organizations.