The life of a project manager, no matter what the project is, is varied. No two days are alike and there are many different tasks that you will need to take care of on a daily basis. Adding to this list of tasks may seem inefficient, but when it comes to tracking project resources, it is necessary – especially if you want to ensure your project stays on track. Read on to discover what resource tracking is and why it is one of the most valuable project management skills.
What is resource tracking?
Resource tracking is a form of analysis that is performed to understand how effectively you are using the resources that are available to it. This includes time, money, and human resources. The purpose of resource tracking is to ensure that projects are being carried out efficiently, enabling you to handle more projects at the same time.
What are the benefits of resource tracking?
One of the main benefits of tracking your project resources is that you will be able to improve communication with your clients. Clients love to have precision in everything. After all, they are paying for a service. By tracking your resources, you can provide your clients with more precise information, and this will keep them happy.
Another advantage of tracking you rproject resources is that you can artificially boost capacity. Let’s be frank; the vast majority of project managers do not plan stuff to exact numbers or dates; they plan according to estimates. You can get rid of estimation errors by knowing exactly how much of each resource you require. You may even find that you can fit in another small project to create more revenue and profit.
Effective resource tracking will also increase the effectiveness of your overall planning. While some projects do not require a lot of time to complete, there are those that can go on for years and years. By figuring out the exact number of people that are needed for certain tasks, as well as the exact budget and time, you can plan effectively for these projects ahead of time.
Last but not least, another one of the main reasons to track your resources is because it enables you to evaluate team members effectively. This does not mean you should get rid of anyone that is underperforming. However, it helps you to understand your team better; their strengths and weaknesses. It also ensures you understand the growth patterns of different individuals. You will see when motivation is needed, and you will be able to make the most of useful data to calculate your hiring ROI. All in all, resource tracking builds a stronger team and puts you in a position to manage them better.
As you can see, there are many benefits associated with tracking your project resources. This is an essential skill and process that all project managers need to develop, no matter whether you are a project management apprentice or you have been a qualified project manager or a number of years.