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(Last Updated On: January 3, 2018)

Resource management is all around us. Even at the dawn of human-kind, man has thrived off managing food supplies, mental and physical energy, as well as implementing everybody effectively. In the modern age, resource management has become integrated into our everyday lives in ways we may not even recognize such as the use of broad media advertisement and the automation of technology. Despite its constant implementation, the implementation of resource management is constantly evolving.

In business, resource management is important to the efficiency of the business and the satisfaction of the customers and employees. However, to implement good resource management into a business, one must first understand the process of resource management, factors that affect its effectiveness and discuss the benefits of good resource management.

First, let us understand what resource management is. Resource Management is the process of effectively distributing necessary amounts of one’s resources. Its primary goal is to minimize ones unnecessary loss in the process. When applying this to business, its application fits the process perfectly. Resources can be anything tangible or intangible that a business may own such as equipment, supplies, labour and time. The goal of applying resource management is to effectively run a project to provide a great experience for the customer.

Now that we understand the process of resource management, it is important to understand factors that influence the effectiveness of it.

Understanding What Resources are Required to Complete the Project

The first step to the resource management process is to understand what resources the project requires. When given an objective, the project manager will have to decide the amount of time each task will take and the resources it will take. This entails providing a detailed list of resources for access to employees in order to inform organizers about the upcoming project. Once they have received the project requirements, such as time limit, persons available, and material, the next step of the process occurs.

Acknowledging Scope of Resources the Business can Provide

The business must understand the scope of resource that the business can provide. This means understanding the number of resources that the business can provide to fit the requirements outlined in an effective manner. Often times, we will jump to the conclusion that if we need a resource it is better to have more of the resource available. While this is true as there can be some unforeseen errors; people will often purchase large amounts of resource they will later have no use for. While this method is time effective as one will spend less time worrying about the resources, it is financially wasteful. On the flip side, however, only assigning the necessary resources would be financially effective, it could leave the business stressed as any mistake would lead to a dysfunctional project.

Calculating a Work Load Balance

In this step, the project needs to be organized to find that balance between the resource usage and financial efficiency. For example, if thirty tasks need to be completed (resource requirement) and it takes employees two hours to complete a task (scope of resource), the organizers have to find the time frame to complete them. On one end of the spectrum, the time frame could be “complete in sixty hours”. This would mean that the thirty tasks would need to be completed in succession with no breaks. While this is financially efficient and time resourced efficient, it does not satisfy the labour resource of the business as it is unreasonable to have workers work for sixty hours straight. On the polar opposite, the time frame could be “complete in one month”. This would mean that employees could perform one task a day to complete the project. While this is labour resource efficient, it is time ineffective and financially wasteful. This is why a good workload balance incorporates both resource effectiveness and financial efficiency. Taking these aspects into account create a great resource management plan.

There are a number of benefits of that come with developing a resource management plan, this includes satisfying both employees and customers, and being financially beneficial. Employees are satisfied because they are not overstressed by their workload. Customers are satisfied because they are receiving their goods or services in a timely manner. Finally maximizing financial efficiency will benefit the business as a whole. So don’t be afraid of tackling resource management, it is fairly simple and very beneficial to master in one’s business practices!

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