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Regardless of the industry or number of projects, companies must know what resources they need and what's available to get the job done. Assigning resources to make the most significant impact on projects can increase profitability and create a more balanced workload.
Not only that, but implementing a resource allocation plan can also help manage customers' and stakeholders' expectations — because an effective process means implementing a resource allocation plan before a project starts. Resource allocation can also help identify potential conflicts, such as gaps in availability.
What's more, resource allocation software can help you determine how scheduling changes affect deadlines. It enables you to react to changes and adjust your plan efficiently to ensure optimal team utilization and successful project delivery.
Resource Allocation Example: Remote Work
These days you might be looking for a remote work resource allocation example. Resource allocation software increases productivity and keeps the team aligned–no matter where they work. For instance, you can send alerts in Slack that link to each team member's task dashboard.
That way, they can track when an assignment is due and prioritize their tasks. Resource allocation software also helps you determine who's the best fit for each task, along with their availability. While the physical review process typically slows things down, you can customize the time and expense reports for your staff to streamline everything from reviews and rejections to approvals.
And it can get done from anywhere by setting up notifications.
One thing that becomes an issue when companies go remote is that processes slow down and so does cash flow. Consequently, it takes more time to create invoices. Remote work can also slow down how long it takes to send and receive physical payments.
With resource allocation software, your company can directly track time and expenses, and receive alerts if the project approaches, meets, or exceeds the budget. It's easy to set up invoices to auto-populate with line items for each client. Then managers can make corrections without having to make printed copies or send email attachments.
Resource allocation software also enables quick payment. Use custom-built templates that include an easy way to pay online. You can give your clients great customer service with a choice to pay electronically, by adding an optional payment link to any invoice.
Resource Allocation Definition
What is resource allocation? Simply put, resource allocation theory refers to the process of dividing resources, including money, skills, technology, and human resources.
In other words, resources are both human and non-human. A resource allocation plan typically includes the budget, labor, materials, equipment, and facilities. Of course, the budget is the bottom line. It's the resource that enables all the others.
Labor costs account for employees and team members with the combined skills to complete a project. All the miscellaneous materials are things like pens, paper, and raw materials such as lumber.
Equipment costs are for necessary tools — everything from computer hardware and software to drills and bulldozers (depending on the job). The facilities are where the work takes place, whether remote, in an office or a warehouse.
Simplify the Process
Resource allocation becomes an issue when resources are in limited supply. On the other hand, having everything in one place makes it more efficient to manage physical, virtual, and human resources and ensures a steady workflow.
An excellent resource allocation plan example uses technology to reduce the time spent in meetings. And that's only one reason why resource allocation is an essential part of project management. Any delay can throw the whole project off schedule, from meetings, deadlines, to staying within budget.
Lack of resources because of inappropriate allocation is often the problem. However, BigTime software helps managers with everything from assessing risks, from extra costs and equipment change to delays in specific tasks. It also helps managers plan a project around staff capacity.
BigTime assists professional services firms in consolidating resource data for efficient project management. Resource allocation software also eliminates the need for manual excel sheet entries to keep track of resources.
Understanding and implementing effective resource allocation means optimizing employee output, materials, equipment, and money. Resource allocation software from BigTime can help you forecast, and avoid delays, as well as extra expenditure.
For example, working with a remote or distributed team can cause issues because of different time zones. However, BigTime predicts such things to manage miscommunications and avoid delays. It helps you visualize and define the scope of a project.
Then you can divide it into tasks and assign them where they have the most significant impact. Resource allocation software allows you to control each task's timing and track how long it takes to complete it.
Resource Allocation in Project Management Example
The importance of resource allocation in project management is evident because it allows organizations to implement projects more efficiently. It improves the quality of your team's work and cuts down on burnout. Ultimately, resource allocation in project management improves the atmosphere for your team, stakeholders, and clients.
BigTime resource allocation software provides features that can simplify how your organization plans staff hours, among other things. You can quickly determine staff availability by role or department. The software also allows you to assign tasks to different employees, monitor the project's progress, and make changes in real-time within the resource dashboard.
Project Management With BigTime Software
This resource allocation example project management is accessible through the Management dashboard. The Project List by Client screen provides separate reports — called views — on clients and projects.
BigTime's project list screen provides the main project view in this resource allocation in project management example. Views summarizes the budgets, time, expenses, and other data critical to managing those projects. When you click on a project link, the contents will open in a new window.
You can adjust the view to see a list of the active projects in your system. Or, you can see a summary of a project's progress compared to its overall budget. Additionally, there's a summary view of the time charged against the project for three, six, and 12-month periods.
Choose how to sort or group your list of projects. Select one of the Group By options from the picklist. Only active projects are in project views, by default. But you can check off the inactive box and click GO to see the inactive projects on the screen.
Each of the views in the project list has different criteria for filtering. However, the project list view is the most comprehensive list in the system. There is no filtering criteria attached.
BigTime also has My Projects and an All Projects view, giving managers a convenient way of restricting access to the system. The system administrator users can see all of the projects in the system. They can grant other users the right to see projects and other specific security rights.
There are three different types of budget options, including estimate, pipeline, and allocation budgets. You can also mix and match to find the level of budgeting detail that works best. Allocation budgets allow managers to break down the work on a per staff and per period basis.
Resource Allocation Strategy
Resource allocation strategy is vital to effective project management. Monitoring a project's deadlines and resources is an ongoing commitment, from start to finish. Not to mention that a solid resource allocation strategy can save time and money.
The thing is, planning and prioritizing projects is tough without resource allocation software. Maybe you're wondering what are the top three resource allocation decisions that can make an impact? Resource allocation software can give you the data to make an informed decision.
But, in general, the answer is typically budget, team efficiency, and scheduling. So, what are resource allocation decisions that affect team efficiency? A solid resource allocation strategy helps you understand capacity.
In the example, you can see what it looks like to view a project by the staff member to make capacity-related choices for staffing projects. BigTime can prevent you from over-allocating tasks to your project staff and running into conflicts with other projects.
Another aspect of a resource allocation strategy is the ability to plan. BigTime makes allocating resources across the organization job specification, monitoring the project's progress, and making necessary changes easier and more efficient.
Additionally, a practical resource allocation strategy allows you to see all of your organization's projects simultaneously. It's vital to have an overall understanding of all the work. With BigTime software, you can check the status of any project, task, or even team member.
When it comes to project management, it's best to be flexible enough to modify the plan quickly and efficiently, if needed. BigTime's project management tool will help your organization adapt to change.
For example, BigTime's Shift Allocations tool allows you to shift resources without re-entering anything. You can make adjustments and re-assign staff and tasks and keep the momentum moving forward.
Here's the thing. Project management software should keep you updated in real-time, giving you the information at-a-glance. Are you looking to improve project management for your organization? Then request a demo from BigTime to learn more about our resource allocation software.