In the present technically determined world, organizations big or small embrace projects that should be performed and delivered under specific requirements. Resources are one such requirement that project management team ought to consider using it effectively. Resources can be the main driving force in deciding the future of a project. In this manner, one can certainly detect the requirement for resource estimating processes and methods to guarantee that a project can be feasible.
What are the areas of focus and the output of estimate activity resources that make it crucial while managing a project? With the impact of Activity Resource Estimating, how do organizations organize with different methods?
Let’s look into procedure and objectives of the process and goals of resource estimating activity in project management.
Estimating activity resource is a process that helps the project team in assessing the nature and number of material, HR, tools, or supplies that is required for the project. One of the advantages of this process is that it identifies the sort, quality, and attributes of the resources that are expected to finish a particular activity. Also, this will likewise allow the cost and duration estimation in a precise manner. This process is performed periodically throughout the project lifecycle as and when needed.
Resources is one of the essential tools for the project and choosing the resource prerequisites leads to successful project management. The process of estimating activity resources is a fundamental part of developing the project.
The below illustration shows the Estimate Activity Resources Data Flow Diagram of Estimating the Activity Resources:
The estimate activity resources process provides a link that is created between the term of an activity and the aggregate work effort required to finish the work. It is vital to reflect the duration of the activity that is continuously proportional to the work effort. The distinctive estimation of the length of the projects is estimated in days and the project teams effort put in hours.
The estimate activity resources process gives a link that is generated between the term of an activity and the total work effort required to complete the work. It is vital to reflect the term of the activity that is ceaselessly relative to the effort you put while working on a project.
Let’s have a look at the steps involved in the Estimate Activity Resources process.
Reviewing Resource Availability: As a project needs relevant and quality resources, it’s essential for the team to consider the availability of the resources as planned during the estimate activity resources process and outsource the required resource.
Reviewing WBS and Activity List: Since activity resources will be evaluated for the project activities which are a part of the WBS and activity list, WBS and activity list must also be audited.
Identifying potentially available resources: If it is possible to allot who will complete a specific project activity, these must be recognized during estimate activity resources process.
Reviewing historical Data about Reuse of Resources: If there had been a project that is similar to the one in the organization, that would be extremely valuable for you to check what sort of resources have been utilized. Since, most likely, you will use similar resources in your project.
Reviewing Organizational Policies on Resource Usage: There may be policies and rules on the best way to ask for a resource, how to assign a project, how to monitor and so on. Utilizing relevant tools that help to monitor project phases, assign activities to project team members and time reporting are the types of hierarchical approaches on resource usage must be pursued during the estimate activity resources process.
Expert judgment on what resources are needed and available: Based on the activities of the project, what sort of skills and experience must be looked in the candidates to be a part of the project team can be acquired from subject matter experts. Furthermore, the outputs of the experts will direct you on the most proficient method to form a project team.
Make or Buy Decisions During Estimate Activity Resources Process: As a project team might need specific resources for a particular project and is not utilized for any other projects within the organization, then it would be wise to lease the particular resource.
Breaking down the complex activity to estimate: Although WBS is made and activity list is created, a few tasks may be still large to estimate. For this situation, a further breakdown of a task should be possible amid the Estimate Activity Resources process.
Quantify Resource Requirements By Activity: If you are dealing with projects and you realize that you will require analysts, engineers, testers and so forth. Do you know the exact number of resources for different job roles you will need? Estimate activity resources process will evaluate resource necessities by activity.
Update Project Documents: As in numerous different processes, activities done in the estimate activity resources process require an update of project archives too.
What’s the Key Benefit? Estimating the Activity Resources assists the project management team to categorize the type, quantity, and characteristics of resources that are required to complete the activity which allows more accurate cost and duration estimates.
For project managers to decide the estimate activity resources, it is imperative to scrutinize the activity list such as schedule management list, resource calendars, hierarchical process resources, and endeavor ecological elements to name few examples. Viable estimation of activity resources can prompt the identification of the activity resource prerequisites and resource breakdown structure. It can likewise create updates on the project documents.
The practical usage of activity resource estimates will help guarantee that enough resources are procured without squandering and excessive expenditure.
Estimating Activity Resources is an essential foundation to managing a project and should be appropriately integrated among other management activities.
The capability of the project manager to evaluate the resources of the activity is exceptionally critical. Also, estimating the activity resources will likewise permit one to figure out expenses precisely as well as duration estimates. Estimating activity resources will additionally influence the costing procedure of the project life cycle.
Know more about project management best practices through Invensis Learning’s Project Management certification training on PMP, CAPM, PRINCE2, Project Management Fundamentals, P3O, and MSP. We are a trusted training partner for Fortune 500 companies and Government institutions globally. For on-site group training, please e-mail us at email@example.com.