resource requirements business plan

How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Decoding Resource Planning: A Project Manager’s Blueprint

Poor resource planning is not only stressful for project managers. It is also affecting the business. 

According to PMI, businesses waste, on average, 11.4% of their project resources . 

To avoid such situations, you need the right tools and knowledge. 

We’ll show you how easy it is to plan resources with the right project resource planning tool. 

You’ll also learn:

• The difference between resource planning and resource management
• Three key steps every resource planning process should follow
• How resource capacity differs from resource planning
• Resource planning techniques and methods

What is resource planning?

Resource planning is a project management process for identifying, allocating, and tracking project resources to fulfill project objectives. 

Project resources include people, materials, tools, and financial resources.

Resource planning is done during the initial stages of a project’s lifecycle. Identifying and allocating happen early in the planning stage, while monitoring is an ongoing process. 

With resource planning, you:

• Deliver profitable projects while keeping resource usage balanced. 
• Ensure you have the resources to complete your projects on time and within budget.

Why is resource planning important?

Here are some reasons why resource planning is essential:

• Maximizes resource use: Resource planning helps you maximize the benefits of your available resources. That way, you use resources wisely and minimize waste or redundancy.
• Boosts efficiency: When you plan your resources, you can increase productivity and streamline your workflows. 
• Manages project budgets: With resource planning, you control your finances more efficiently and avoid unnecessary expenses. 
• Balances workloads: Planning resources means you have greater visibility and can balance workloads to prevent burnout.
• Improves client satisfaction: Detailed planning helps you deliver projects on time and within budget, making your clients happy and meeting their needs. 

What are the benefits of resource planning in project management?

Here are the benefits of utilizing resource planning in project management:

• Improved project management: Understand your resource needs and allocate them effectively so you deliver successful projects on time and within budget.
• Increased productivity: Planning helps you use resources in the most efficient way possible. 
• Better team collaboration: Clarify your team members’ roles and responsibilities. Transparent allocation improves overall team cohesion and cooperation. 
• Better client management: Understand your client’s needs and allocate resources to improve client management.
• Reduced costs: Resource planning also helps you reduce costs as you allocate and use resources more wisely, leading to cost savings and better profit margins.
• Better decision-making: Use critical insights from your planning to make better hiring or layoff decisions. 

What is the resource planning process?

Making a resource plan involves the following steps:

• Identifying resource needs
• Allocating resources
• Monitoring and rebalancing resource workload

Let’s look at each of these steps more closely. 

Step #1: Identify resource needs

You need to define the project needs early in the planning stage.

You can do that by

• Defining the project scope: First, clearly map out the project scope.  
• Creating a Work Breakdown Structure (WBS): Break down the project into smaller, well-defined deliverables and project tasks.
• Identifying resource requirements: Once the WBS is complete, identify your specific resources for each task. 

Creating projects and tasks with a resource planning tool like Toggl Plan is straightforward. 

Quickly drag-and-drop tasks to boards and timelines, edit them with just a few clicks and assign them to the right people.

Step #2: Allocate resources

Resource allocation means assigning resources to specific tasks within a project. 

It’s a critical step in project management, as it helps you use the right resources at the right time. 

Once you’ve identified the project resources you need, you should:

• Check resource availability: Look at the availability of resources within your team. Consider skills, capacity, vacation plans, and current workload for human resources.

You can easily do that in Toggl Plan, which lets you check your team’s availability via the Availability Overview feature.

At a glance, visualize your team’s booked hours and availability percentage. Then, you can allocate resources more accurately based on this information. 

• Prioritize resource allocation: You don’t need all the resources throughout the project’s lifecycle. Based on the project’s objectives and deliverables, prioritize when and how you will allocate resources.

Using the Timeline View in Toggl Plan, you instantly get an overview of project and team schedules. Visualizing this allows you to allocate resources more accurately, spot potential bottlenecks, and prioritize your work .

• Consider hiring: If you need more resources, consider ways to fill resource gaps. Do you need to hire a full-time employee? Or will a freelancer do? These can be difficult hiring decisions , but sometimes, you just have to make them.
• Book resources: Finally, assign the resources to their respective tasks. 

When doing this, make sure to avoid scheduling conflicts. If you don’t, you risk project delays and unsatisfied clients. 

But steering clear of scheduling conflicts can be more challenging than it sounds. 

Without enough visibility over your schedules and resources, it’s just a matter of time before conflicts happen.

Not if you use Toggl Plan, though. 

Its Time Off feature automatically warns you when tasks and time off overlap.

Step #3: Monitor and adjust resource workloads

Managing resources is as important as allocating them. 

That means changing things if people become less available, productive, or take unexpected time off.

Toggl Plan has many features that can help you manage your project resources more easily:

• The Availability Overview panel shows each team member’s workload and booking percentage.
• The Time Off feature updates you on your team’s vacations, days off, or national holidays. 
• The Google Calendar integration automatically imports events and meetings from Google Calendar to the Team Timeline .
• Seamless integration with Toggl Track lets you track time spent on tasks with just a few clicks. 

Keeping accurate records of your team’s working hours helps you understand how long tasks take. Take this into account when managing your resources. 

Resource planning example

Let’s look at an example of how to do resource planning for a marketing agency. 

Here are four steps to take when planning resources:

• Define the project’s scope and deliverables:   What do you want to achieve with this project? Set clear goals, timelines, and requirements. For example, the marketing agency could work on an advertising campaign that needs to reach a certain number of impressions and website visits within a month. 
• Identify project resources : What skills do you need to deliver this project? For example, copywriting, graphic design, and marketing specialists. Also, how many people do you need to achieve the project’s goals? You may need two copywriters, one graphic designer , and one marketing specialist. 
• Allocate and schedule resources : Create a project schedule and assign team members to tasks in the schedule. You may need to adjust the schedule based on your team members’s workload and time off. For example, ad writing tasks should go to the copywriter, the marketing specialist should take on strategy-building tasks, and the graphic designer should receive design tasks. 
• Track project progress and workloads : Constantly monitor your team’s workload to make sure nobody works too much or too little. Reassign upcoming tasks to balance workloads and add or release resources based on the actual workload. 

Resource planning vs resource management

Resource planning and resource management are two closely related terms in project management. 

Some people use them interchangeably. But they also have their differences. 

Let’s look at some key differences between resource planning and resource management:

Resource planning vs capacity planning

Resource planning and capacity planning are closely related but happen at different organizational levels. 

Here are the critical differences between resource planning and capacity planning:

Resource planning techniques and methods to know

Resource planning techniques help you allocate resources effectively. 

Some examples include:

• Work Breakdown Structure (WBS ): a method to break a project into smaller, more manageable deliverables and tasks.
• Gantt chart timelines: a graphical representation of a project and resource schedules for visual resource planning.
• Capacity planning: a technique to meet future resource needs by analyzing current usage and forecasting demand.
• Resource leveling : a technique used to prevent the overallocation of resources by delaying or rescheduling tasks as needed.
• Resource smoothing : a technique used to avoid the overallocation of resources by delaying project tasks without affecting the finish date.
• Resource utilization is a technique to ensure optimum resource usage while balancing workloads.
• Resource allocation matrix: a tool or template used to represent how to assign resources to tasks and projects.

What are resource planning tools and software?

Resource planning tools are software apps that help project managers manage resources. 

Depending on your needs, you can use a resource planning tool for:

• Project scheduling: When scheduling projects, you need to consider available resources. A resource planning tool can help you easily spot available resources. 
• Staffing or capacity planning: Ensure adequate capacity to match forecasted demand.
• Scheduling or shift management: Plan and schedule equipment, tools, materials, and people.
• Workload management: Plan and track the workload of your resources, particularly people, to ensure that no one is overworked or underworked.
• Budgeting: Track and manage financial resources.

Project resource planning templates

You can also use Excel or Google Sheets resource planning templates to plan your project resources.

According to Wellingtone , 35% of project managers use MS Excel to build resource plans.

But these templates have some limitations:

• Limited functionality: You can only use templates for specific tasks. They may have a different level of functionality than dedicated resource management tools.
• Not scalable: Templates are often designed for tiny teams and may not be suitable for agencies that manage multiple projects and resources.
• Limited collaboration: Templates may not have built-in collaboration features that a resource management tool has.
• Lack of security: Templates are prone to security risks. A dedicated resource management tool has built-in security and data backup features.
• Data validation issues : Templates don’t have built-in data validation checks, which can lead to inaccuracies, inconsistencies, and poor resource planning.

Project resource planning best practices

Now that you know what it takes to manage resources, let’s look at some resource planning tips.

1. Document the project resource plan

While documenting the resource plan may seem like a waste of time, it has several advantages.

Some of them are:

• Improved communication
• Better tracking
• Evidence of billable work

How can you document your resource plan?

Here are three options:

Spreadsheet: Use a spreadsheet to easily document your resource plan with columns for task names, types of resources, quantities, skills required, and start or end dates.

Word document: A Word document can help you flexibly document your resource plan. Although it can have limitations like needing more visibility, lots of manual work, and being time-consuming. 

Resource management software: Use a resource management tool like Toggl Plan to organize and manage your resource plan. Resource management software is a better option compared to spreadsheets or Word documents as it provides a centralized and dynamic platform for documenting resource plans. 

With Toggl Plan’s Project and Team Timelines, you can create a visual resource plan that the whole team can easily access. 

2. Continually review and adjust the resource plans

Resource planning is an ongoing process in a project’s lifecycle. 

You’ll need to monitor and optimize resource utilization from start to finish. 

If not, you risk using your resources poorly.

Sub-optimal resource utilization can be of two kinds:

• Underutilization: Poor utilization of resources leads to losses. Whether you work on fixed-price or time-and-material-based projects, you’re paying a full salary to your full-time employees.

Your agency will struggle to deliver profitable projects if you don’t use resources to their full capacity.

• Overutilization: Also, you don’t want to overwork your employees. Inevitably, this results in poor productivity, stress, and burnout.

Overutilization eventually leads to attrition and more considerable hiring costs.

With Toggl Plan, you can avoid both. Use the Team Timeline to easily visualize each team member’s workload. 

Also, the Availability Overview panel gives you quick insights into your team’s availability and booking percentage. 

3. Track time irrespective of your revenue model

How much billable time should you budget for vs. how much should you aim for?

Unfortunately, there’s no simple answer. It depends on many factors like:

• The markup on project and resource costs
• Individual responsibilities of project team members
• Time spent on internal meetings, communication, training, etc.

Marcel Petitpas , who helps agencies become profitable, recommends the following as weekly benchmarks:

Consider using time-tracking software to stay on top of how your team spends their time.

Common resource planning mistakes to avoid

To create effective resource plans, you need to know what to do and what not to do. 

Here are some common mistakes to look out for:

• Overallocation: Booking more than necessary resources can lead to waste and inflated project costs.
• Underallocation: Not allocating enough resources can cause delays and increased project risks .
• Lack of forecasting: Failing to forecast resource requirements leads to resource shortages in future projects.
• Undocumented resource plan: You can avoid miscommunications with a documented resource plan. And you don’t have a baseline to compare usage against. 
• Ignoring resource availability: Not considering peoples’ vacation plans or commitments to other projects leads to scheduling conflicts.
• Failing to plan capacity: If your organization’s resource capacity plan isn’t in sync with forecasted demand, your resource planning efforts will likely fail.

Toggl Plan can help you easily plan resources while considering time spent on admin tasks or time off. 

The Time Off feature briefly overviews your team’s time off and includes pre-populated public holidays.

It also automatically sends scheduling conflict alerts when tasks and time off overlap. 

That way, you can plan resource capacity more realistically. 

• Not using the right resource planning software: Most project management tools are good at task management. But they need more resource planning features.

Level up your resource planning with Toggl Plan

Managing resources may seem like a chore to most project managers.

There’s much to do from identifying resources, allocating them, and tracking resource usage during a project’s lifecycle.

Keeping all this information in your head is the surest recipe for project failure. And resource planning templates don’t work well in the long run.

Instead, you can use resource management tools alongside your task, project, or portfolio management software.

Consider using a visual resource planning tool such as Toggl Plan .

Resource planning features in Toggl plan:

• Create unlimited drag-and-drop timelines for all your teams. Automatically sync with project schedules to see real-time changes and scheduling conflicts.
• Get a bird’s eye view of your team’s schedule and workload. Easily track and balance your team’s workload.
• Plan and track time off to avoid scheduling conflicts with your team’s vacation time.
• Zoom in and out on a week, month, quarter, and year. See your team’s capacity and utilization in the short and long term.
• Make adjustments to your team and project schedules on the go with simple drag-and-drop.

Try Toggl Plan for free .

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A straightforward guide to resource planning (according to resource planners)

Learn how to build a resource plan with practical methods and tools so your team knows what work to do (and when to do it).

Table of contents

The process of planning resources helps answer two of the most important questions a project or resource manager can ask:

• How do I ensure the project gets finished without overworking my team?
• How can we deliver this on time and within budget?

In this introductory guide, you’ll learn what resource planning is, its importance, what you should look for in a resource planner, and where you should get started creating your resource plan.

We wrote and updated it on the back of several conversations with Float customers who work as resource managers, project planners, and operations managers at companies ranging from 2-3 people to over 10,000 and included a quick overview of creating your resource management plan based on our findings.

What is resource planning?

Resource planning is the process of determining what resources are required to deliver projects and then allocating and scheduling the work based on team capacity.

Planning your resources involves:

• Understanding who needs to work on what project and when
• Figuring out who is available to do the work
• Deciding what’s the best use of your team’s time
• Finding compromises between competing priorities (and project managers 😅)

For example, one of our customers ( Scholz & Friends ) runs weekly resource planning meetings that involve all the project managers in the agency.

They meet to ensure the following week’s schedule is clear for everyone, address any potential schedule conflicts or resource demands as a group, and make adjustments. They also ensure that team members with availability are assigned to tasks, and they all review allocations for the following week.

Once the decisions are solidified, they update Float with all allocations so that all the team members know what they are doing and when.

Why is resource planning important?

Effective resource planning provides a reliable basis to start projects and improves the chance of delivering them on time and within budget . Creating a comprehensive resourcing plan before the start of a project helps you:

• Increase efficiency, as you know what resources you need and how they’re allocated to project tasks
• Improve project success rates by matching the right skill sets to the right tasks
• Track capacity and availability so if unforeseen resource needs arise, you’ll be ready to address them
• Monitor progress to keep projects on budget and work on track. You can see what each person should be working on and for how long
• Plan and predict your resource availability for future projects, which helps your team become more organized in the long term
• Improve job satisfaction and retention in your team—less burnout or overwhelmed team members

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‍ Michael Luchen

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‍ Director of Product at Float

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Resource planning promotes focus by avoiding over-allocating projects to team members. It allows organizations to see if their current staffing is a surplus (they can take on additional projects) or if there is a shortage for the projects they want to take on—so it helps prevent over-hiring or under-staffing, optimizing the spend of a company.

Not only does it inform the re-prioritization of projects (“what’s best next?”), but it also quantifies the work so that organizations can prevent burnout.

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What happens when you don’t plan your resources?

Not planning your resources leads to overhiring and underutilization. Remember the former recruiter at a major tech company who shared that she and many of her colleagues had little to no work to do despite being at the company for several months—and then a few months later; there were mass layoffs and a hiring freeze? That’s a more common scenario than you’d think.  You might be wondering, “Why do these companies keep hiring and then not utilizing so many people?”

While there are many answers to this question, one major reason could be poor resource planning. Without a process for identifying required skills and forecasting people according to an organization’s needs, there will be over-hiring, misalignment of roles, and underutilization.

On the other hand, efficient resource planning ensures that you only hire when you need to and that your people’s tasks align with their roles. When done right, these tasks don’t just provide opportunities for growth for your team: your company also saves money and focuses on activities that can improve the bottom line.

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Plan your team’s best work with Float’s resource management software. Get an accurate view of your team’s capacity to schedule tasks with confidence.

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How to create a resource plan: 5 steps in the resource planning process

We’ve spoken to several of our customers to understand how they go about planning project resources. Based on what we’ve learned and observed, we have outlined a process you can use to get started.

Resource planning is hardly ever a one-person activity. It might require organizing a resource meeting with project or operations managers. Alternatively, you could run async planning meetings in Slack (with the help of Notion docs) as we do at Float.

Whatever process you choose, your resource planning should look roughly like this 👇🏿

1. Lay out project tasks and the resources you have

Outline your project tasks and list your resources. Are some tasks of higher priority than others? Are there tasks that need to be frontloaded? Who is available to take on work? What resource is double booked?

For example, if you are using Float, you’d probably start by looking at your Schedule to determine availability like this:

2. Assign work based on availability, skills, and interests

Match tasks to team members who can take on work using your resource management tool.  When assigning tasks, consider the skills and interests of team members. Allocations in your resource management tool should be the single source of truth so everyone knows what they should be doing and when.

You can learn more in this post about resource allocation .

3. Consider the future demands on resources

An important (but difficult) step is predicting what work might come and having available people to do it. You need to plan for unexpected tasks that might arise in the future and allocate some extra time or resources to ensure you have people available to handle them.

4. Get feedback from stakeholders on proposed allocations

Unless a team member is assigned to your project exclusively, you should stay in contact with other PMs or functional leaders to keep tabs on the demands on the resource. Ideally, you should ask for feedback from the team members to avoid schedule conflicts and overbooking.  It could be as easy as sending a message before delegating a task to a shared resource.

5. Make adjustments to your resource plan when needed

You’ll need to update the resource plan regularly (we recommend once a week) as the project progresses because of unexpected changes, slow approvals, unforeseen scope adjustments, etc.

Do you need resource planning tools?

Yes, you do.

We might be a bit biased on this point because Float is a resource management software—but our answer actually comes from thousands of our customers who told us that even though spreadsheets and DIY solutions (including keeping it all in your head!) can do the job, they become a nightmare as your team grows.

For example, the capacity planning team at Scholz and Friends used to plan their resources in spreadsheets. As the agency expanded, they realized the tool was inadequate.

“Excel is great, but it can only do as much,” says Comfort Agemo, Senior Capacity and Freelance Manager at Scholz and Friends.

And even for smaller teams under 50 people, spreadsheets aren’t the easiest or most accurate tools to use( and often require one person who is an Excel pro to tame them).

“I’ve planned in spreadsheets in the past and there’s a couple of big issues. Probably the biggest one is how difficult it is to move things around. Most of the time, things change and the plan needs updating. Also, in spreadsheets, you typically edit numbers in cells - you can’t edit the allocation in context. The other big piece is that in spreadsheets, the calculations are often exposed to the user and can be accidentally edited or deleted by someone else,” says Alice Winthrop, senior product manager at Float.

Once you know how to pick tools, take a look at this list of the best resource management software we curated for you, complete with comparisons of features. You can also quickly download one of our free resource planning templates and streamline the process even further.

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Consider the variable resource inputs you need to track over time—things like billable hours, skill sets, and ongoing tasks for each team member. Plus national holidays, personal leave, and sick leave. There are so many moving parts—and with resource planning software , you can track all that and more to have a bird’s eye view of resource capacity whenever you need it.

➡️ Learn how to evaluate tools and choose the best resource management software .

Once you know how to pick tools, take a look at this list of the best resource management software we curated for you, complete with comparisons of features.

5 key features to look for in a resource planning tool

If you are considering a resource planning tool, there are some must-haves and some nice-to-haves to take into account.

1. Multi-project organization features

You should be able to plan different projects in one tool and have a central view of how the allocations look as a whole. Ideally, the tool should provide the option to color code projects so it is easier to distinguish between them.

2. Real-time updates

Updates should happen in real-time so that as soon as something changes (like a team member calling in sick) and project timelines change, team members are notified of the new resource plan. For example, email or chat notifications will be sent to team members once you make changes to allocations in Float.

3. High-level view of teamwork schedules and resource availability

You should be able to visualize your entire team’s availability on one screen and decide how to assign (and reassign, if necessary) each task to a resource based on skill sets and capacity. For example, your system should give you an at-a-glance sense of key information like their daily project schedule, job titles, and work hours.

4. Forecasting and budget tracking

The resource planning tool you choose should help you track any project’s performance alongside its resources’ billable hours. Once you allocate more than that, the tool should clearly show you that you are over budget within your project budget report so you can take quick remedial action.

5. Project reporting tools for smarter decision-making

Another essential feature is a reporting dashboard where you can see precise analysis of project vitals like project budgets, resource utilization rates , and scheduled hours.

How to plan your resources in Float

We’ve been hinting (more like strongly suggesting 😉) that you use Float for your resource planning, and at this point, you’re probably wondering how it works.

Let’s show you 👇🏿

1. Create a data repository of your people (resources)

Create a centralized repository of your people to see information about their skills, roles, capacity, and locations at a glance. This inventory will help you track resources , organize your planning, find staffing gaps , and quickly determine the best person to work with.  

Now if you are considering using a spreadsheet, we are going to have to stop you right there. Spreadsheets offer limited functionalities and are inflexible for the constant changes in projects.  

Instead, you can use a resource planning tool like Float. You can add roles, include billable rates, set custom work hours and locations, and add their skills.

Here’s a detailed video on how to create your data repository👇🏿

2. Set up systems for managing capacity

Put systems in place that will keep you on top of your team’s capacity. Now these systems don’t require you to build something completely new or complex. For example, you can set leave policies in place to guide your team members when they need to take time off.

This is important because capacity is often nebulous. Project managers tend to think that the team has more availability than they actually do.

Take, for example, the 40-hour work week. These hours are rarely spent on work alone. There are meetings, admin tasks, ad-hoc project tasks , and in some cases, sick leave.

“It’s important to understand your organization’s baseline capacity when it comes to planning projects,” Michael Luchen, director of product says. “Think of admin and management tasks they might have to do. For example, if the design lead has to do admin work for an hour or two a day and then meet with team members for another hour, that should be allocated on their schedule.”

There are various systems you can set up to manage your team’s capacity .

• Create leave policies. Determine beforehand the specific conditions under which leave can be taken. This could be time off with pay for a limited number of days or a compulsory annual leave that must be taken every year, or sick leave when the team member falls ill.

➡️ Learn how to schedule and manage your team’s time off .  

• Import public holidays to your resource planning tool. At Float, we have 40+ workers across different continents. It’s quite common for team members to have a public holiday during a project. To avoid missing deadlines, we plan around holidays and don’t assign them tasks on their days off. Each team member’s holiday is set in Float and helps managers know when they’d be out before time.  

➡️ Learn how to set public and team holidays

• Manage PTO requests. Ensure that time off requests are reviewed before they are approved. This process should involve the manager of the team member as they would have a good idea of the person’s workload and can approve or decline the request.

➡️ Learn about time off approvals

• Encourage your team to sync their calendar to your resource planning tool. Meetings often take up chunks of the team’s time without project managers noticing. Stay on top of upcoming and recurring meetings so you have a realistic idea of your team’s capacity.

➡️ Learn how to sync your Google Calendar with Float

3. Forecast resources required and their availability  

Determine the people you need for your project based on the project requirements. What job roles are needed? What skills are needed? This will be a good time to refer to your resource repository.

Then find out if these people are available to work on your project. Are they already allocated to another project? Do they have some time off during your project?

➡️ Learn how to create resource breakdown structures for projects

Forecasting your resources is important because it shows you who you need on your team to complete your project. It also reveals staffing gaps and potential schedule conflicts.

However, this step is very speculative because humans can’t see into the future. Consider creating a tentative project plan. This approach has helped Georgia McGillivray , the former operations manager at MetaLab plan resources better.

“We’re able to plug tentative projects into Float and see three months into the future. That gives our executives and partnerships team a line of sight into how we’ll staff future projects and our ability to take on additional projects.”

➡️ Learn how to create tentative projects in Float .

‍ Emily Feliciano

‍ Creative Resource Manager at Atlassian

After years in the industry (both in-house and agency) and using everything from Excel spreadsheets to automated resourcing software, Float is effectively the most nimble and aesthetically appealing tool on the market. I work with creatives, and we need to look at data in a digestible way. Float makes it easy and efficient to do so. I love the customization options, tools that it integrates with, and how you can get both granular and high-level information. It’s been my top tool for years, and I always try to get new places to adopt it.

4. Match resources to tasks

Research shows that job satisfaction increases when individuals’ job roles align closely with their assigned tasks. Matching resources to tasks is an important step in your resource plan as it influences the performance and engagement of your team.

For example, Angela Faunce Leaf, executive producer at Tilt Creation + Production ensures that she assigns her people to work that complements their skills and helps them grow.

“Everyone has a core set of skills that may range from the remarkable to the adequate. And there are also parts of everyone’s job that they love, like, or hate. I try to build on this and get to know each team member’s preferences and priorities.”

She finds out what her team is interested in from conversations, regular check-ins with team members, performance reviews, and project post-mortems.

She also keeps track of interests using tags in Float .

“I also use ‘tags’ for some people to note special skills or interests. I am often surprised at how many folks have skill sets that no one knows about. I once worked with a project manager who was a food stylist in a previous job - needless to say, that fact was good to know and came in handy in a pinch.”

5. Review available data on project time

Look at past project data to understand how time was spent on previous projects. This retrospective approach is especially helpful when planning resources for projects with similar tasks. It will help you know if your previous plans were accurate or if they were far off the mark. You can also spot areas of improvement.

For example, you might notice that a bottleneck slows down the project just before the final product is delivered. When creating a new resource plan, you are better prepared to eliminate or avoid the bottleneck.

If you’re already tracking your team’s time on Float, you can find helpful insights in your Project and People reports.

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If you have not started tracking time spent on projects, the best time to begin is now. Time tracking in Float is simple and collaborative.

</tip>

➡️ Learn how Impression streamlines its resource planning and time tracking with Float

6. Review project reports regularly

The best-laid plans might not work out as you expect, and that’s fine.

For that reason, you should review project reports to monitor the health of your project. Are you over or under budget? Do you need to bring in a contractor to help complete specific tasks? Are any resources underutilized?

For Float users, Project and People reports will come in handy.

To access these reports, click the Report tab. Then navigate to Projects to see the health of your project.

The dashboard shows project information like scheduled hours, logged hours, estimated budget, and actual costs.

We recommend that you try resource planning software like Float. We have several features designed to help you plan better:

• Use tags to add skills, notes, and departments to each resource
• Gauge your team’s bandwidth using task hours and overtime indicators
• Drag and drop an allocation to move it to another person
• Budget expenses and compare actual costs with estimated costs
• Resize allocations to increase the daily hours or time range
• Split allocations and move one part to another team member

Resource planning made easy

If you’re still planning your projects with spreadsheets, chances are you’re not maximizing your team’s time or tracking budgets efficiently. This is exactly how project deadlines and budgets get thrown off track.

With a tool like Float, planning your team’s time and scheduling your resources can save you up to four hours a week!

But the real win comes from keeping every team member on the same page. They will know what projects they’re working on, when they need to be finished, and what the overall project pipeline looks like.

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Try the #1 rated resource management software

Float is the #1 rated resource management software on G2 for planning projects and scheduling your team's time.

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The key components of resource planning are:

• Identifying project goals and requirements • Assessing available resources and their capacity • Allocating resources based on project priorities and resource constraints • Monitoring resource usage and adjusting plans as optimization is needed • Anticipating and mitigating potential resource shortages or bottlenecks

Resource planning offers several benefits:

• Improved resource allocation and utilization • Enhanced project efficiency and productivity • Better alignment of resources with organizational goals • Reduced costs and waste (of time, resources, expertise) • Increased transparency and accountability in resource management

The common challenges in resource planning—which can usually be solved via dedicated resource management and planning tool—include:

• Limited visibility into resource availability and utilization • Uncertainty and fluctuations in resource demand • Conflicting priorities and competing resource needs • Lack of integration between different departments or project teams • Inadequate tools or processes for resource planning and management

Related reads

The ultimate guide to people-centric resource management for healthy, happy teams.

Less guesswork, more getting things done: a tactical guide to capacity planning

From burnout to balance: using resource allocation to help teams do their best work.

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What is Resource Planning and Why is it Important?

“How many and what resources do I need for the coming weeks, months, quarters, or years”? “Should I hire more people to meet future demands or leverage sales efforts to keep everyone occupied with work”? “How can I avoid billing loss and control project costs before it’s too late?”

These are the pertinent questions that stakeholders ask themselves on an everyday basis. To get the correct answers, we need efficient resource planning.

Without implementing the proper process and technique, making any decision will be like throwing darts in the air.

Resource planning can address these challenges in today’s dynamic business conditions. It helps plan resources intelligently from the ground up and continuously optimize your workforce. However, taking a shortcut and failing to make a timely decision will adversely affect the organization’s business objective.

This guide is curated for enterprises to gain a detailed understanding of resource planning in project management.

Let’s dive deep into it.

Resource planning definition

Resource planning is the process of identifying, forecasting, and allocating best-fit resources , i.e., human resources, equipment, assets, facilities, and more, to the projects at the right time and cost.

It also ensures the efficient and effective utilization of resources across the organization. In other words, it’s the strategic planning process to make the best use of resources depending on their capacity/availability and deliver every project within time and budget.

Let’s take an example: your firm is an IT company, and you have a software development project in the pipeline received from a global client for a long-term horizon.

Here, project managers will look after the client’s requirements, assess the scope of the project, and will also predict and evaluate the resource demand. As a part of the process, they will request resources from resource managers to fulfill this demand.

The resource managers will now assess the new requirement, find out the gap between the demand and the available workforce, and look for different ways to fill this gap. This will include hiring a new workforce from the market or juggling resources available within the organization. Thus, the ability to forecast requirements and develop a strategy to plan, allocate, schedule, and utilize the resources and their competencies effectively is termed resource planning.

Once you know what resource planning is, let’s understand its importance in project management.

Importance of resource planning in project management

According to a PMI survey , “26% of companies with a dedicated resource planning solution can estimate and allocate resources to deliver projects on time.”

Thus, resource planning is a crucial part of the project management process as it plays a key role in a project’s success.

Here is a list of the benefits and how planning resources makes a difference in the project management landscape:

Allows resource planning for pipeline projects

Creating more projects in the pipeline is desirable, but not having enough resources to execute them causes project bottlenecks, delays in meeting deadlines, and impacts the quality. An intelligent resource plan and timely forecasting help managers predict all pipeline project requirements in advance.

Thereby, resource managers can either allocate a cost-effective global resource or hire an on-demand or permanent workforce with a suitable skill set. This helps reduce last-minute hiring activities, which can lead to cost escalation and compromise quality.

Bridges the capacity gap proactively

Demand forecasting, one of the significant pillars of resource planning, identifies the excess or shortage of resources by comparing the resource demand against the existing capacity. Based on this data, managers can implement the right resourcing treatments to bridge the capacity and demand gap.

CASE I: Excess of resources

When the resource demand decreases vis-a-vis available capacity, it results in excess resources. This excess capacity can be mitigated by bringing future project work ahead, adjusting timelines, redeploying resource capacity in other projects, etc.

CASE II: Shortfall of resources

When the resource demand is higher than the capacity, there is a shortage of resources. It can be resolved by exploring two different resourcing channels.

Internal Channels:

Internal recruitment focuses on the employees already on a firm’s payroll. This includes selecting an employee from the bench based on their skills and qualifications or transferring resources from different projects.

External Channels:

If the required skill is absent in the organization’s internal network, then the resource managers hire the resources from external sources. It includes hiring resources through recommendations/networks and recruiting freelance/contingent workforce from partner vendors.

Minimize project resource costs significantly

According to the Deloitte Global Cost Survey 2020: “Reducing project resource cost takes precedence over other business initiatives.”

Allocating the right resources to the right project ensures the timely delivery of the project within the budget. If resources are underqualified, a delay in project timelines is inevitable, and if overqualified, it can spike project costs . However, with an effective resource planner, managers can make data-driven decisions to eliminate the deployment of over/under-skilled resources on project tasks.

This will enable managers to implement suitable resourcing measures at the right time. For instance, they can allocate a cost-effective global/local resource or a benched resource to a task. Moreover, they will have enough lead time to conduct planned hiring in place of last-minute activities and create the right resource mix that suits the project budget.

Forecast and maximize profitable resource utilization

Resource planning and forecasting provide foresight into utilization within a project. A structured resource plan includes mobilizing resources from non-billable to strategic/billable projects for increased revenue based on their skill set. This prevents under or overutilization of resources and helps improve productivity and employee satisfaction.

Furthermore, an efficient resource scheduler allows managers to view the resource’s present and future allocations on one platform. They can also have a periodic check on forecast vs. actual resource utilization report and accordingly, optimize the utilization levels of the resources.

Read More: What is Resource Utilization and its Significance?

Ensures competent resource allocation across a matrix organization

Resource planning in project management helps managers gain a centralized view into all resource-related information, such as skill sets, cost rate, location, resource capacity, among others. This visibility and a systematic resource-requesting process help managers leverage the shared service model of a matrix organization. Thus, they can filter and load the appropriate resources to the project/tasks across departments.

Further, it empowers managers to allocate global resources from low-cost locations and control project costs. Moreover, the advanced resource scheduler ensures that strategic resources are not assigned to only high-priority projects but are uniformly distributed across the enterprise. This ascertains competent resource allocation in projects and allows resources to work on different assignments and improve their portfolios.

Delivers project on time and within budget

PwC Project Management Insights states that “30% of projects fail due to a lack of resources.”

The benchmark for successful delivery is meeting project deadlines and avoiding budget overruns. Efficient resource planning ensures that all project resourcing requirements are identified and fulfilled. This also involves periodically reviewing project performance throughout their lifecycle as resource demand fluctuates occasionally.

However, by using forecast vs. actual reports, resource utilization heatmap, etc., managers can monitor and control project budgets. Regular monitoring will ultimately lead to accomplishing the most critical project metrics, such as client satisfaction, higher retention, enhanced work rate, and increased brand loyalty.

Let’s gain insight into the critical elements of resource planning.

Essential components of resource planning template

A robust resource planning software will enable managers to effectively manage resources, mitigate risks, and drive projects to success. Here are some salient features that are foundational to efficient resource planning.

Multi-dimensional resource planner

Identifying the project’s resource requirements is a fundamental aspect of resource planning. This involves analyzing the quantity and type of resources required, i.e., human or non-human. Moreover, it also includes a thorough evaluation of the skills, competencies, and subsequent proficiency levels needed for accomplishing projects and subsequent tasks.

With a multidimensional resource planner, managers have visibility into resource profiles across multipe dimesions such as as team, departments, location, etc. It empowers them to allocate appropriate resources in real time to the projects. In other words, it allows managers assign the best-available-best-fit instead of the first-visible-first-fit resource, enabling competent allocation for all projects.

Project pipeline planning

Once a pipeline project reaches a certain probability stage, the manager estimates the resource requirements and initiates the requisition process. The corresponding resource manager then begins the fulfillment of the request. But first, they must analyze if the organization possesses adequate internal resources to start the project. Therefore, the resource manager compares the existing resource capacity against the project demand from multiple perspectives such as role, department, team, skills, etc.

This meticulous evaluation helps firms identify the shortages or excesses ahead of time. Accordingly, managers can apply appropriate resourcing strategies such as training/upskilling, out-rotation and backfill strategy, or staggered hiring for niche resources. This approach minimizes wasteful hiring/firing cycles to ensure that the right resources are available for projects at the right time and cost.

Resource utilization forecasting

Resource forecasting techniques enable firms to optimize billable and strategic utilization. It allows mobilizing resources from non-billable to billable or strategic work. Resource planner helps to control project financials by comparing forecasted with actual utilization . It also detects and proactively mitigates under and over-resource utilization.

Further, managers can refer to comprehensive utilization reports, color-coded heatmaps, etc., to identify under/overutilization of resources. Consequently, they can implement resource optimization techniques such as levelling and smoothing to ensure optimal profitable utilization and productivity.

Resource capacity planning

Forward planning resource demand for current and pipeline projects is essential to avoid last-minute scuffles for competent professionals. With robust resource capacity planning, organizations can analyze the enterprise’s resource capacity vs. project demand gap. This foresight helps identify resource excess or shortage and implement corrective steps to bridge the gap.

In the case of a resource shortage, managers can facilitate proactive strategies such as re-training employees or hiring a contingent workforce. Conversely, when there is a resource excess, they can bring forward the project dates. Simultaneously, capacity resource planning helps minimize bench time by adjusting timelines or selling excess capacity at discounted rates and building an optimized project team that is future-ready.

Read More: What is Resource Capacity Planning? An Ultimate Guide for Every Project Manager

Bench management

With a resource planner, managers can gain early foresight into the workforce that will land on the bench due sudden ramp-down activities. For instance, when a project finishes and the next one begins, managers are prepared well in advance and can proactively allocate these resources to suitable project vacancies on time.

Resource managers can look into project vacancy reports and plan work for resources before they hit the bench. This will reduce bench time between projects for most resources and improve the organization’s bottom line. Additionally, with efficient bench management, managers can provide training or shadowing opportunities to selected employees to enhance their billability.

Reporting using real-time business intelligence

Modern resource planners provide real-time business intelligence reporting and analytics to fast-track decision-making in a rapidly changing business environment. These configurable dashboards and custom reports empower end-users to slice and dice relevant information effortlessly and present insights through visually intuitive graphs and reports.

Moreover, intelligent BI uses a combination of security rights, portal designs, and filters, allowing the end-user to view relevant data and prevent information overload. Additionally, it will enable managers to tailor reports to gain visibility into data matching their specific requirements. This streamlined accessibility empowers managers to make faster decisions and improves the overall resource health index.

What-if analysis for resource simulation

What-if analysis within a resource planner allows firms to build and simulate different resource scenarios in a multi-project environment. This helps managers to compare different scenarios and their potential outcomes. Accordingly, the manager can form different resource mixes, with the revenues earned, to find the most profitable project.

Thus, after deriving the best scenario, managers can apply it to the resource plan. Moreover, what-if analysis also helps prioritize profitable projects based on criteria like budget and timeline. As a result, it enables organizations to manage multiple projects’ demands with limited resources.

Creating an efficient resource plan is essential as it optimizes resource utilization, minimizes wastage, and ensures financial stability throughout the project. Here is a detailed step-by-step breakdown of the same.

How to create an efficient resource plan in 7 steps?

Here are seven distinct steps by which managers can create an efficient project resource plan:

Step 1: Understand client and resource requirements

At the outset, managers kickstart the resource planning process by thoroughly understanding both the project requirements and the resources available within the organization. This includes assessing the project scope, objectives, timelines, and budget.

Based on that, project managers can gauge the resource requirements in terms of skills, types, and number. This initial evaluation helps managers determine whether the existing skills and competency of the workforce align with the overall project goals and take appropriate corrective measures. Therefore, it helps avoid any last-minute firefighting, ensuring successful project delivery.

Step 2: Fulfill the project demand by identifying the gap

After a project manager determines the project requirements, the next step involves requesting the necessary resources from resource managers to fulfill the project demand. Resource managers play a pivotal role in assessing the capacity versus demand gap.

They meticulously analyze shortages or excesses of resources from multiple perspectives, i.e., role, skills, competency, etc. This proactive approach enables organizations to foresee resource challenges, allowing for strategic planning and resource allocation.

Step 3: Implement appropriate resource strategies to bridge the gap

After identifying the shortage and excess of resources, managers must take proactive measures to bridge resource gaps in the short or long term. This visibility into resource gaps allows sufficient lead time for the managers to initiate forward planning and take appropriate resourcing measures to bridge the gap.

For instance, in case of shortages, organizations may facilitate re-training/upskilling resources, juggling project priorities, or hiring a permanent/contingent workforce to avoid last-minute hiring/firing costs. Conversely, when the resources are in excess, managers can either bring forward project dates or sell excess capacity to optimize the utilization of every resource and ensure successful project delivery.

Step 4: Allocate the right resources to the right project

Effective resource allocation is a critical step in the planning process. By leveraging the centralized view and advanced filters, managers can strategically allocate resources based on availability, skills, competencies, and interests. This ensures that managers align the right skilled workforce with appropriate expertise to projects for optimal project success.

Managers can also create the right resource mix of senior/junior employees or contingent/permanent workforce, depending on the project requirements. It will help them control the project budget without compromising the quality of deliverables. This way, the company can consistently complete projects on time and within budget by allocating the most suitable resources.

Step 5: Consider factors that affect resourcing strategies

To effectively carry out the allocation of appropriately skilled resources to the project, managers need to consider the following factors:

• Long-term/short-term assignment

The foremost step to consider while recruiting resources is whether a firm is filling a position for a short-term or long-term assignment. For the short term, hiring a contingent workforce or freelancer is an ideal choice. However, for a long-term assignment, focusing on permanent hiring with lead time is essential. Therefore, considering the project length when hiring helps minimize wasteful hiring/firing cycles.

• Generic vs. niche skill

Generic skilled resources are relatively easy to plan for, as they are readily available within the organization. On the other hand, hiring resources with niche skills may require additional lead time due to their scarcity, which often results in higher costs. Additionally, once their assignment is completed, redeploying them within the organization can prove challenging.

• Cost of the resource

It is important that the resource managers hire the right resources with a defined skill set and experience for the project. They must look into the cost rate of the resource that fits the budget of projects. Furthermore, managers should also factor onsite, offshore, and near-shore options in the recruitment strategy to minimize the overall project resource costs.

• Attrition & succession planning

Managers need to ensure that the sudden resignation of critical resources does not jeopardize a project’s delivery. Therefore, they must implement robust succession plans to identify and train replacements for key positions within the organization. An intelligent resource planner provides a real-time competency matrix that helps managers select competent employees for leadership roles. Therefore, it not only addresses the resourcing needs of the organization but also helps monitor the resource health index.

Read More: Ten Effective Strategies to Reduce Employee Turnover

Step 6: Monitor and control project resources

Once resources have been allocated to project tasks, it’s important to regularly track and monitor the utilization of each professional to prevent instances of under/overutilization. In case of underutilization, managers can bring forth project timelines. On the other hand, managers can implement optimization techniques like resource leveling and smoothing to mitigate overloading.

Further, project managers must anticipate and plan ahead for resource related risks such as unplanned absenteeism, turnover, lower productivity, etc. They must create risk mitigation strategies to control these bottlenecks adequately and prevent them from derailing the project’s progress. This will ensure timely project delivery within the pre-defined budget and quality standards.

Step 7: Conduct a post-project analysis

Upon project completion, it is crucial for managers to conduct a thorough post-project analysis to evaluate the effectiveness of the resource plans and identify areas of achievement and improvement. This will help scrutinize whether resources were allocated efficiently, if project deadlines were met as planned, and if any unexpected circumstances arose.

With these insights, firms can refine and enhance future resource planning efforts by identifying areas of success and potential improvement. They can develop robust and efficient resource plans that align resources with project needs, minimize discrepancies, and ultimately bolster project success rates.

Finally, these are the essential components in a typical resource planning template, which can help effectively plan your workforce. Given below are some of the common mistakes of resource planning in project management. Read on:

Common mistakes of resource planning in project management

The project resource cost can blow out of proportion, and project delivery is significantly impacted without a proper resourcing strategy. This section describes some of the common mistakes made in this area.

Using silos of spreadsheets for resource planning

Despite its limitations, many organizations still use spreadsheets to plan their resources because they are easily accessible. While this software comes at a cost, it offers significant benefits over spreadsheets. Excel resource planner causes improper allocation, double booking, and creates additional work. This system is very limiting and a nightmare to maintain.

Marketwatch states that “88% of spreadsheets are prone to errors.”

Planning resources without overall visibility

Many managers continue to allocate resources without having complete visibility of their skills, competencies, and existing bookings. As a result, it becomes difficult to allocate the right resources to suitable projects at the right time. Restricted visibility also hinders identifying and leveraging quality resources from low-cost locations.

Read More: 7 Reasons Why You Shouldn’t Use Excel for Resource Planning

Lack of resource forecasting for pipeline projects

Resource planning for future projects is often taken up at the eleventh hour. The resource managers make the mistake of only taking up the planning activities when the deal is signed. Ideally, it should start after the opportunity reaches a certain probability of closure so there is sufficient lead time to address resource requirements. This results in last-minute activities that create an unbalanced pool as the quality of the resources is compromised.

Not maintaining the right mix of permanent and contingent workforce

Businesses try to fulfill project requirements using full-time employees as it is perceived to be a more cost-effective solution. However, if a niche resource is hired for a shorter duration, it becomes challenging to redeploy him after the assignment is complete. Therefore, a resource plan should maintain a judicious blend of permanent and contingent resources. For short-term assignments, a contingent workforce will be less expensive than hiring full-time resources.

Allocating under or over-skilled resources to the projects

One of the common mistakes of resource planning in project management is assigning under or overqualified resources to tasks. When resources are under-skilled for the job, it causes project delays. On the other hand, over-skilled resources spike project costs. Not assigning tasks per skills and interests leads to decreased employee engagement and loss of productivity.

Read More: Resource Allocation: A Guide on How to Apply it to Project Management

Unplanned hiring without analyzing project demands

Resource managers often resort to last-minute hiring activities to fulfill project resource requirements. This unplanned hiring compromises quality and leads to a large bench of mismatched skill sets. So, analyzing project demands with matching skill sets is a prerequisite for informed hiring decisions.

Knowing the common mistakes of project resource planning, let’s understand the responsibilities of resource and project managers.

Responsibilities of project managers and resource managers

Project managers operate on a project level with projects of different sizes and complexities. A project manager can manage single or multiple projects and ensure they are completed within a stipulated time and budget. However, resource managers operate at the organizational level and oversee allocating resources to several projects.

The project manager initiates the resource request for an open position within his project, and the resource manager’s job is to fulfill the same. Once a resource is allocated to a project for a particular period, the resource manager’s responsibility ends. However, the project manager’s job only begins to ensure that the resource carries out the delivery responsibilities.

Role of resource manager

In summary, a resource manager is responsible for the following:

• Planning and allocation based on resource skills, previous experience, and availability.
• Conducts capacity planning to address issues of shortfall and excesses of resources.
• Support project managers with the project resource management plan and related activities.
• Address resource concerns by reallocating resources, negotiating, or assigning additional staff.
• Collate new project requirements from the business and provide them to the hiring team.
• Certain limited HR-related functions.
• Collaboration with other departments, e.g., HR, PMO, Sales, Learning & Development.
• Generating reports and analytics for senior management.

Role of a project manager

The corresponding roles of a project manager are:

• Create a project management plan and define the scope and delivery objectives of the project.
• Capture resource requirements and request for fulfillment.
• Streamline communications with stakeholders/ team members and customers.
• Carry out operational reviews as per project KPIs.
• Estimate time and cost and monitor the budget.
• Report the project’s progress, analyze potential risks, and provide a mitigation strategy.
• Document the project and set the expectations for various team members.
• Work with the empaneled vendors for contingent resources.

Read More: Project Management vs. Resource Management

These are some of the significant responsibilities of resource and project managers. Now, let’s learn about some benefits of resource planning across industries.

How resource planning benefits different industries?

Resources are fundamentally the greatest asset of any organization. It means the profitability of any company is mainly reliant on intelligent resource planning. A key aspect while planning for resources is that it helps to efficiently use workforce potential to get the best possible outcome.

Let us discuss some of the specific industries where efficient resource planning could benefit significantly:

IT industry

Due to the rapid advancement in technology, computing, and automation, IT companies face widened tech skills gaps within their workforce. Technology is changing at a fast pace, and IT professionals are under constant pressure to acquire new skills throughout their professional careers. Timely forecasting and efficient resource planning will help managers predict the demand for niche skill sets well in advance. Then, managers can employ rotation/upskilling methods to gauge these gaps and create an augmented workforce.

Audit and accounting firm

Most of the audit and accounting firms are run by their partners. These firms consider billable utilization a critical KPI to ensure profitability and sustainability. So, depending on the accounting project’s needs, an effective resource planning solution helps to forecast resource requirements (Accountants, auditors, financial analysts, tax consultants, audit interns, etc.) and utilize them for productive activities. It also enables firms to hire interns regularly, give them on-the-job training, and make them billable.

Similar to audit and accounting firms, law firms are also run by their partners. Bringing in a client when the firm has inadequate staffing can be detrimental to its reputation and profitability. An effective forecasting and resource planning strategy helps assess future demands and find the right resource (lawyers, legal secretaries, etc.) at the right cost, age demographics, etc. It also enables partners to build an on-demand workforce , create a skill database, and define the total billable hours.

Engineering industry

The increased demand in manufacturing has caused skill shortages in the core engineering industry, where competition is fierce for experienced workers (automobile engineers, machinists, designers, etc.). An engineering resource planning solution helps managers provide reskilling and on-the-job learning opportunities for the employees. Thus, it helps to replenish an aging workforce, fill critical positions, and match them to the best potential projects based on talents and interests.

Read More: What Is Engineering Resource Planning?

Construction industry

Construction and infrastructure projects possess highly volatile resource demands due to changing climatic conditions and sudden increases in maintenance activities. With resource planning solutions, managers gain visibility of all construction resources and recruit skilled labor, architects, civil engineers, etc., throughout the projects. Thus, it maximizes the workforce’s productive utilization and ensures minimal resource conflicts. Therefore, efficient resource planning is key to managing construction resources effectively and preventing hiring/firing costs.

Consulting & professional service industry

The professional service industry has a unique challenge to balance resource demands across various clients. With efficient resource planning, managers can keep track of resources and their specialized skills. Since the consultants are deployed at a premium rate, keeping them engaged in client billable activities and reducing idle time for maximum profitability is crucial. At the same time, they need to be provided enough opportunities to acquire new skills and ensure no employee burnout.

Video game industry

The game development industry requires a highly competent team of niche-skilled resources. Efficient resource planning enables managers to diversify their expertise to the maximum potential and fulfill the gaming project resource demand. It also helps to identify in-demand skills and cross-train them to build an optimized workforce of game designers, level artists, programmers, QA teams, etc. Thus, effective resource planning can become a game-changer in fast-tracking the development cycle.

Read More: How can Robust Resource Management Future Proof the Gaming Industry

Now that we have learned about the benefits, let’s discuss the best practices for effective resource planning.

Best practices for effective resource planning

Enlisted below are some best practices to consider when engaging in resource planning:

Define clear project goals and objectives

Effective resource planning begins with clearly defining project goals, objectives, and deliverables. This step is crucial as it provides a solid foundation for determining the necessary resources and their allocation across multiple projects.

When the project scope is well-defined, it becomes easier to identify the skills, expertise, and types of resources required to achieve those objectives. In addition, clarity in project goals enables efficient resource planning from the outset, ensuring that resources are aligned with the project’s strategic direction.

Conduct a comprehensive resource assessment

Before scheduling and allocating resources, conducting a thorough assessment is important to determine the specific resource requirements. It involves identifying the types and quantity of resources needed, considering factors such as skills, expertise, availability, and capacity.

After assessing, managers can accurately gauge the resource demand for each project phase. This helps avoid scheduling conflicts such as staff shortages or double bookings, enabling optimal resource allocation and utilization throughout the project lifecycle.

Collaborate with stakeholders

Involving key stakeholders, such as project managers, team members, and department heads, in the resource planning process is crucial. That’s because collaborative discussions with stakeholders help understand project priorities, identify potential resource conflicts, and obtain valuable input.

Additionally, stakeholder involvement ensures that resource planning aligns with project goals and organizational objectives. Organizations can leverage stakeholders’ collective expertise and insights by fostering a collaborative approach, resulting in more informed resource-planning decisions.

Monitor and track resource utilization

Continuous monitoring and tracking of resource utilization throughout the project lifecycle are essential to facilitate effective resource planning. By regularly assessing resource allocation against actual utilization, project managers can identify potential bottlenecks, such as workload imbalances or under/overutilization of resources.

This monitoring process provides valuable insights into resource efficiency and enables timely adjustments. By having real-time visibility into resource utilization, supervisors can optimize resource assignment, ensure even work distribution, and mitigate risks associated with resource constraints.

Foster flexibility and adaptability

Resource planning should incorporate flexibility to accommodate changes that may arise during the different stages of the project. It’s essential to anticipate the need for resource adjustments and establish a process for reshuffling staff when necessary. This flexibility allows for agile resource planning, ensuring that resources can be allocated or reassigned based on evolving project requirements.

By fostering flexibility and adaptability, organizations can respond more effectively to unexpected changes or shifts in project priorities, resulting in improved project execution and better client satisfaction.

Organizations can optimize resource planning efforts and ensure successful project delivery by following these best practices. Now, let’s understand operational and strategic resource planning in project management.

Operational and strategic resource planning in project management

Planning implies thinking in advance about what we need to do to realize the business objectives. Strategic planning aims to attain long-term goals , while operational planning helps achieve the short-term objectives of an organization. Let’s understand in detail:

What is strategic resource planning?

Strategic planning is usually undertaken by top-level management to decide the future direction. It is not limited to projects within a particular department or unit but covers the entire organization. Strategic resource planning looks into the overall long-term resourcing strategy.

It can change drastically based on individual priorities. For example, If an IT firm plans to outsource a temporary requirement, i.e., the resourcing strategy will shift from FTE to contingent staff for IT infrastructure improvements. Similarly, a niche skilled resource’s out-rotation from an existing project to start a new initiative will come under strategic resource planning.

What is operational resource planning?

Operational planning addresses the day-to-day activities of a business. It also supports strategic planning to accomplish the overall organizational goals. First, we decide on the short-term objectives and then determine how to achieve them.

Operational resource planning includes regular business activities and operations as per organizational guidelines. For example, it covers pipeline project management , management of FTE and contingency resources, forecasting billable and total utilization, and more.

Read More: What Is Operational Workforce Planning and Its Importance?

Factors that can influence operational and strategic resource planning

Strategic and operational resource planning parameters are linked with an organization’s mission, vision, strategies, goals, and objectives. In addition, the following can influence strategic and operational resource planning decisions.

It defines an organization’s hiring policy for full-time resources and directly influences decisions made on a resource plan. It also covers compensation and benefits, an essential consideration for regular employees.

Hybrid delivery

The project team is created using a combination of in-house and vendor resources. An in-house workforce performs the critical positions requiring specific domain knowledge. One-time activities such as software development are accomplished using vendor resources.

Outsourcing vs. in-sourcing

Due to globalization, many businesses outsource certain functions to other organizations. Some organizations also have stricter policies that their confidential data cannot leave the company’s boundary.

Multi-locational policy

Due to the cost pressure, many projects are being executed from different locations. Therefore, project costs can be minimized using generic resources from a low-cost area. In addition, the high-skilled resources can be located based on their availability, who can take up leadership roles related to delivery.

Training and development

Full-time resources must learn new skills for their self-development and compete in a dynamically changing environment. Therefore, it may not always be practical to hire new resources. However, a new skill can be acquired by cross-training an existing employee.

Resource leveling and smoothing

The essential function of resource leveling is to optimize workforce allocation by adjusting the project schedule to resolve conflicts caused by resources’ over-allocation. On the other hand, resource smoothing optimizes distribution by adding new resources without affecting the critical path and timeline. Both of these techniques influence decisions toward a resource plan.

How to address market volatility using operational and strategic resource planning?

Effective resource planning is a critical success factor for an organization’s growth and sustainability. Unfortunately, the outbreak of the COVID-19 virus upset the world’s business model at the beginning of 2020.

Many organizations try to stay afloat in these volatile market conditions with a shrinking budget. Acute cost pressure and skill shortages have also become routine activities. Following strategies can help an organization sustain its profitability while planning for project resources.

Short-term strategy

• Effective capacity planning and identifying the gaps between capacity and demand
• Address the shortage of resources using a combination of FTE and contingent resources
• Either re-train existing employees or go for new hires depending on the requirements
• Identify new projects, adjust the project timelines, and sell services for excess capacity
• Mobilize employees from non-billable or low-priority work to billable or high-priority projects as a routine activity.
• Revisit our rotation/backfill policy for starting new projects with niche skills

Long-term strategy

• Decide non-critical functions that can be outsourced
• Identify at least two to three vendors who can work as strategic partners for outsourcing
• Decide on a multi-locational policy to take advantage of resources from low-cost location
• Adapt a hybrid delivery model for cost efficiency

Read More: What Is Strategic Workforce Planning and Why It Is Important?

This is how operational and strategic resource plan helps firms achieve their business goals. Listed below are some of the critical trends of resource planning in project management.

Emerging trends of resource planning in project management

Over the years, the project management landscape has undergone several changes due to technological advancements, management paradigms, etc. Therefore, organizations must embrace newer ways to manage projects successfully to keep pace with these changes. Listed below are some of the emerging trends of resource planning in project management:

Replace silos of spreadsheets with an enterprise resource plan

Silos of spreadsheets and home-grown tools are inadequate for efficient resource planning, adversely impacting business performance. Hence, companies are shifting towards enterprise-level software that centralizes resource-related information and maintains a single source of truth.

Taking resource scheduling to the next level

Today, resource scheduling is not just a simple process of allocating resources against projects. It has evolved into a full-fledged enterprise-level process that ensures maximum efficiency and utilization of resources.

Resource capacity planning for business efficiency

Resource capacity planning is not a luxury for businesses any more. It has become an essential part of the resource planner. It future-proofs your workforce against market volatility by analyzing the demand capacity gap and bridging it proactively.

Resource forecasting to maximize effective utilization

Billable and strategic utilization of the workforce is a crucial indicator of business profitability. Therefore, getting a real-time view of future utilization has become critical while planning for resources. Resource forecasting helps in taking proactive measures to improve future allocations.

Integrating resource management processes with other applications

Traditional resource plans include inefficient and time-consuming processes. Enterprise-level resource planner streamlines them using efficient workflows, alerts, and analytics. It also integrates effortlessly with multiple business applications to maintain a single source of truth across the enterprise.

Monitoring and controlling project resource cost

Enterprise-level resource planner offers various capabilities to monitor and effectively reduce project costs . Some of them are forecasting, capacity planning, resource modeling, pipeline management, bench management, etc.

These are some of the evolving trends of resource planning in project management.

An efficient resource plan fosters you to accomplish more in the same amount of time from the most valuable resources- the people.

Therefore, it is imperative to implement effective resource planning to utilize the workforce to its maximum potential. When resources are planned efficiently, it helps a business to manage risks, reduce delays, optimize resource utilization, etc.

Moreover, implementing the above-mentioned processes with the right resource management software will help you manage your resources intelligently and enhance profitability while maintaining a competitive edge.

Unlock Your Business’s Full Potential Through Strategic Resource Planning Today!

Read More: Glossary of Resource Workforce Planning, Scheduling and Management

SAVIOM Solution

SAVIOM is the market leader in offering the most powerful and configurable solution for managing your enterprise resources effectively and efficiently. With over 20 years of experience, this Australian-based MNC has created its global presence across 50 countries and helped more than 100 customers achieve their business goals. SAVIOM also has products for project portfolio management and professional service automation, and that is customizable as per business requirements.t is customizable as per business requirements.

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How to Prepare a Dynamic Resource Management Plan: Step-by-Step Guide

Audio version:

Project teams often wonder how to allocate resources in project management properly. They compose a resource management plan to optimize asset utilization, whether for a single project or an entire portfolio of work.

Is it easy to create a plan that will significantly improve resource allocation in project management and be several steps ahead of competitors’ strategies?

In this straightforward guide, you’ll learn what a professional resource plan is, its importance and benefits, what you should look for in such a plan, and what steps should be taken to create a stunning one.

Let’s try to sort everything out.

What is a resource management plan?

What should be included in a resource management plan.

• Benefits of a resource management plan .
• How to create a resource management plan .
• 4 resource management plan best practices .

A resource management plan is a consistent strategy for scheduling, allocating, and evaluating resources over the course of a project’s lifecycle.

The ultimate goal of this plan is to maximize resource utilization, decrease wastage, and avoid schedule variance. 

It can be defined as a guideline and one of the key resource management best practices for managers and their teams. This plan may detail how they will acquire, predict, manage, control, and release all assets they need for a particular project.

Professionals in the project management field emphasize the importance of developing a resource management plan at the very beginning of a project’s lifecycle to avoid unnecessary problems later on.

One of the vivid examples is Brian E. Porter, a trainer of the American Management Association and consultant with more than 25 years of experience in PM. He claims :

Resource planning is an essential requirement for a project. In multi-project management, we might have the challenge of not having the resource that we want and when we want it. We can not get the exact individual that we’re looking for. So we must communicate our entire resource planning needs through a resource management plan.

• Acquired resources.
• Resource allocation strategy.
• Resource schedule.
• Project organization chart.
• Timeframes.
• Estimated costs.
• Contingency strategy
• Roles and responsibilities.
• Performance metrics.

An average project resource management plan usually includes the elements listed below. 

• Acquired resources. This is a kind of inventory of all assets that will be used for the successful completion of a certain project.
• Resource allocation strategy. This is about a certain way of how available resources will be allocated to different tasks. It typically involves assigning specific individuals or departments to particular activities.
• Resource schedule. This element of a plan involves a schedule that outlines when and for how long each resource will be needed throughout a project timeline.
• Project organization chart . Task and resource scheduling , team involvement, and reporting should be represented in a visual structure. It can be any convenient system but one of the most effective is an online Gantt chart .
• Timeframes. By tracking the time required for each resource, you’ll get a better idea of how each asset fits into your overall schedule.
• Estimated costs. It’s about budget issues associated with each resource (equipment rental, salaries, or other expenses).
• Contingency strategy . This plan should also contain a part for addressing resource shortages or unexpected changes in asset availability. It may involve adjusting the schedule or identifying backup resources.
• Roles and responsibilities. Clearly defined roles and responsibilities involved in resource management processes are also a vital element of such a plan.
• Performance metrics. This point is about establishing key performance indicators (KPIs) that measure the effectiveness of resource management efforts and lead to adjustments when needed.

Let’s also define the vivid advantages of a plan for effective resource management .

Benefits of a resource management plan

When you possess a comprehensive resource management plan in project management, it gives you a multitude of undoubtful benefits. Below are the most conspicuous among them.

• Smart resource allocation . This type of PM plan helps allocate resources in the right manner. It fulfills the ultimate dream of project managers to optimize asset utilization while minimizing waste and extra expenses.
• Realistic schedules. A meticulously designed plan based on a resource calendar helps generate realistic project schedules. It identifies the required assets for specific tasks, taking into account their sequence and completion time.
• Well-balanced workload. One of the most demanded project assets is personnel. When individuals face an overwhelming workload and tight schedules, burnout becomes a significant issue. Strategic resource management planning and appropriate workload management tools can help distribute workloads evenly, promoting team motivation and engagement.
• Mitigated conflicts and risks. Unforeseen conflicts and sudden risks can disrupt projects and lead to project delays . A well-defined plan enhances risk assessment and conflict resolution by identifying potential resource constraints and bottlenecks. This clarity empowers employees to understand what their colleagues do.
• Accurate budgeting. Comprehensive information about resource needs and costs is essential for precise budgeting and efficient cost control.
• Performance monitoring. A resource management plan outlines a project’s path, enabling the comparison of completed activities against the schedule. It leads to better project performance evaluation.
• Reduced downtime. This type of plan promotes efficient allocation of project assets, reducing idle periods and preventing resource wastage.
• Satisfied project participants. A smart project resource management plan fosters transparency among managers, staff, and other parties involved. All stakeholders understand that resources are available when required. They have a clear visibility into ongoing and upcoming events.

Keeping this information in mind, you can begin the practical preparation of your future strategic masterpiece related to planning and organizing different resource types in project management .

How to create a resource management plan: 9 steps for a smooth process

There is no absolute rule or magic guide to creating a perfect resource management plan in project management. PM professionals rely on their knowledge base while project managers without experience most often use available guidance for exemplary planning. 

However, both can use a specific structure and stages that will help them prepare such a plan quickly and without unnecessary headaches.

It’s time to work it out step by step, so here we go.

• Initiate a resource identification and acquisition strategy .
• Act following your company’s resource-related policy .
• Visualize resources .
• Match the right resources to the right tasks .
• Choose a proper resource allocation method .
• Control deadlines .
• Keep workload under control .
• Make changes if necessary .
• Perform post-project analysis and report regularly .

1. Initiate a resource identification and acquisition strategy

In the realm of project management, the initial step in developing a resource management plan entails a comprehensive understanding of all project requirements and resources accessible within a company. This process traditionally involves assessing a project scope, core objectives, financial aspects, and schedules.

This vital information serves as the foundation for determining the precise resources indispensable for the successful execution of your project.

Project resources are usually categorized into the following groups:

• Workforce. These are usually personnel who provide their efforts to a project.
• Workspaces. It primarily refers to places for work, such as offices, meeting rooms, workshops, or any building where your team operates.
• Tools. It is about various physical instruments or software solutions necessary for managing project activities from A to Z.
• Supplies. They include any expendable materials, ranging from office stuff to fuel for buses.
• Finances. It’s about the total funds required for procuring any of the aforementioned resources.

Alternatively, as a reference, you can use a previous successful project to guide you. It will help you eliminate upfront PM work and accurately predict the current project’s chances of success.

2. Act following your company’s resource-related policy

Once you understand your asset needs and choose resource management techniques , it’s crucial to ensure they align with the resource policy of your organization.

Here are two typical examples:

• If a project requires hiring full-time, part-time, or contract personnel, you must consult with the HR department.
• If your project processes involve purchasing certain equipment, tools, materials, or software, you should engage with your finance team and a responsible procurement manager.

The key goal is to adhere to your company’s procedures and workflows while minimizing project disruptions.

3. Visualize resources

Professional visualization makes planning efforts much easier, especially if you need to improve the process of resource planning for multiple projects. While some managers still rely on Excel spreadsheets or simple Excel alternatives , smart resource management tools simplify the process by storing data in one easily accessed and easily viewed location. 

The truth is that modern resource management software allows teams to drill down into certain resources to understand their roles, rates, skills, or availability.

By the way, 79% of professionals surveyed within the State of Resource Management report (2022) are satisfied or highly satisfied with the specific resource management software they use.

One of the most demanded solutions for planning and managing resources online is GanttPRO.

This Gantt chart generator serves as a trustworthy assistant for PM professionals and enthusiasts who need a robust online platform without switching between different solutions. It enables precise task scheduling, efficient resource allocation, seamless team collaboration, and much more.

The software combines all essential PM features and guarantees that its users have a clear overview of their projects in one place.

At this point, you probably wonder how it works to generate a resource management plan. We’ll explore the next steps of resource planning using this Gantt chart maker as an example.

Project teams rely on GanttPRO while managing resources because it provides a handy Gantt chart with resource allocation for getting all things done as quickly as possible.

When you start using this platform, you gain confidence and professional motivation. Its functionality is user-friendly and intuitive. Additionally, there are ready-made Gantt chart templates available for various purposes to help users get started swiftly.

Why is GanttPRO a reliable choice for planning and managing project resources?

First of all, let’s turn to experts.

Ben Emmons, the director of special projects at MagMod, a company that produces flash modification systems, notes :

We needed a flexible project management tool since multiple departments had differing requirements and project complexity. Some projects were very short and needed to be initialized quickly and others were very complex requiring a critical path, resource management, and workload monitoring. GanttPRO provides the full spectrum of features without feeling overwhelming or being too expensive.

It was the example of using the Gantt chart maker for production planning and work tracking. However, GanttPRO is widely used in a variety of industries.

PM experts worldwide apply it for software development, retail, healthcare, manufacturing, resource management in construction , event planning, marketing resource management , and beyond.

George Rossle, a production manager at A+ Construction Pro is also totally satisfied with GanttPRO, applying it as construction project management software :

For us, GanttPRO is a basic tool for planning and management. We invite our colleagues to projects as well as create resources. We use the software for deadline management and time tracking, file sharing, and smart scheduling.

From experts’ thoughts, let’s move on to the GanttPRO functionality designed for planning and managing project resources.

To plan your project assets and manage them, you first need to divide your project into manageable activities and tasks. Each of them should have a fixed budget, due date, and start and end date.

GanttPRO comes with a work breakdown structure (WBS) that helps systemize tasks without extra effort. 

Having a clear structure of tasks, you will probably need to connect many of them. The convenient drag-and-drop feature allows you to visualize task dependencies in seconds, just like placing project milestones on a timeline.

After gathering your tasks in one place, it’s possible to invite project participants and fill your project with other resources.

GanttPRO users are allowed to invite team members and specify their roles, as well as set costs and calendars for them. 

Organizing virtual resources is also a matter of seconds. Then you can specify costs for all resources per hour, per item, or just cost.

4. Match the right resources to the right tasks

After thorough task organization, you can allocate relevant resources to certain activities.

In GanttPRO, assigning resources and setting their working hours to avoid overwork or downtime is a piece of cake. You may allocate one or several resources to each task.

5. Choose a proper resource allocation method

Project teams should be prepared for potential resource shortages and excesses of their assets while taking proactive steps to keep things in order.

Professional resource allocation methods assist them in resolving resource conflicts and preventing the underutilization or overuse of assets. These approaches help reduce missed deadlines, work disruptions, and project delays.

Among the various methods available, 4 are particularly in demand:

• CPM (the critical path method).
• CCM (the critical chain method).
• Resource leveling.
• Resource smoothing.

Whether you choose one method or a combination of them, effective resource allocation remains a critical success factor for your projects.

GanttPRO helps implement resource allocation methods and work on project asset utilization with the help of a handy Gantt diagram.

For instance, below you can see how to apply the critical path method. You’ll need just a click to visualize a critical path to let GanttPRO activate a sequence of critical activities, displaying it in red.

6. Control deadlines

Deadline control is also a crucial process that project managers should keep in mind when developing their resource organization plan. 

Remember that even one missed deadline can ruin your project performance and harm the work of your colleagues.

That is where GanttPRO also comes to the rescue as it assists project teams in:

• Maintaining schedules for completing each task.
• Managing deadlines.
• Monitoring teammates’ activity.
• Preventing project delays.
• Analyzing project data in one place.

Online notifications facilitate work distribution, allowing team members to finish their work promptly.

7. Keep workload under control

Resource workload management is crucial for maintaining budget compliance. 

Teams that permanently review and optimize resource allocation increase their project value and ultimately yield higher returns. This approach also helps minimize employee burnout.

In GanttPRO, you can easily perform resource and workload planning in a centralized way.

Here’s what Allan Cid, an experienced PM, thinks about it :

I like that I can create a workload for my team. This way, I can measure whether I give too much workload to a worker on a project or not. GanttPRO sorts out the hours used in different projects. So, if I have a worker working on Project A, Project B, and Project C, I can see what their workload looks like for a week or a day and reassign tasks if needed. That’s great.

Workloads of employees are automatically calculated. It’s easy to redistribute tasks between team members if needed.

The user-friendly drag-and-drop feature makes the process of reallocating project resources an easy thing. It looks beneficial when dealing with resource overload or underutilization.

8. Make changes if necessary

High-quality visualization simplifies resource management. Controlling project assets may involve repositioning them as high-value or high-priority projects come along. It may require the use of already booked individuals. 

Such repositioning is the basis of Resource leveling, one of the methods we mentioned above.

Because of its dynamic nature, this phase of creating a resource management plan persists throughout the project lifecycle. It highlights the significance of a PM tool that can display availability and enable task assignment with ease.

9. Perform post-project analysis and report regularly

Conducting post-project reviews is not always valued by managers as it is required, although this process is very important for understanding further progress and working with new projects.

It’s time when you can compare your projected resources and schedules to the actual assets used. 

Reporting is also a matter. In GanttPRO, real-time synchronization of information eliminates the need for manual report compilation. Users can generate two types of reports:

• Time log by people.
• Budget analysis.

Professional resource management software

Create a resource management plan with a handy Gantt chart.

4 resource management plan best practices

Specific steps and stages of developing a resource management plan may be changed, shortened, or complemented with extra steps. However, there are best practices that are beyond doubt.

Here are the core practices you may surely consider when generating your next project resource management plan.

1. The role of previous resource planning data

Storing data from past projects or similar practices is beneficial for future project resource planning. 

This data can include all changes and modifications, resource reallocation, tasks and events, as well as time utilization.

2. The significance of well-defined approach

Many powerful methods and techniques greatly assist businesses in creating effective resource management plans. Some of them were mentioned earlier.

In addition to those, it’s essential to consider the following approaches:

• Project-based planning. This approach means that resources are allocated to tasks with a focus on executing them efficiently, prioritizing the completion of a plan over its optimization.
• Resource-based planning . According to this approach, tasks are allocated to available resources. It is especially useful when companies operate on a tight budget, ensuring optimal resource utilization.

3. The power of professional resource management software

Effective resource management software minimizes or eliminates inconvenient manual planning, saving time and effort. It enhances accessibility and collaboration for the entire team. 

Project managers require real-time data updates and continuous access to resource visualization. Therefore, the advanced features of modern resource scheduling tools play a crucial role in this regard.

4. The aspect of managing uncertainty

Numerous factors can lead to deviations from planned outcomes.

Companies dealing with complex projects with significant human and material resources often encounter substantial uncertainty. This uncertainty may stem from the lack of essential information and various external or internal events capable of impacting workflow.

The central idea is that while uncertainty cannot be eliminated, it can be anticipated and managed. You can prioritize tasks, avoid rigid deadlines, and encourage team members to complete assignments promptly.

When faced with decision-making in uncertain conditions, try to forecast potential outcomes based on current actions or circumstances.

Flesh out an effective resource management plan with the best software

A carefully prepared project resource management plan is essential for smooth work management and process coordination. 

It may seem time-consuming to make it comprehensive and detailed. However, its obvious benefits and usefulness are worth the efforts spent on its creation.

Robust software solutions like GanttPRO provide teams with advanced online resource management tools for professional scheduling, real-time tracking, and analyzing all resource planning initiatives related to your project.

Frequently asked questions about a resource management plan

What are the components of a resource management plan.

A resource management plan may contain various components, depending on the nature of a certain project and other factors. Typically these components include acquired resources, a resource allocation strategy, schedules, an organization chart, timeframes, estimated costs, a contingency strategy, roles and responsibilities, and performance metrics.

Why is a resource management plan important?

A project resource management plan is important because it helps businesses efficiently allocate and utilize their resources, including personnel, finances, equipment, time, and other assets. It ensures that these resources are used effectively to achieve business objectives while minimizing waste and optimizing productivity.

Paolo Kukhnavets

Paolo writes about the exciting world of project management, innovative tools, planning strategies, time management, productivity, and more. He has a professional journalism education, over ten years of writing experience, and a vast bag of enthusiasm to comprehend and learn new things every day. In his other life, he is addicted to traveling, gym, and sci-fi movies. He cycles and runs a lot.

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• Operations > Operations Management > Capacity Planning

Resource Requirements Planning

Capacity Planning

In simple layman's terms, Resource Requirements Planning (RRP) boils down to a sanity check on a company's Sales & Operations Plan. If your business is prepared to meet changing marketplace demand, no problem. But if you're not, you may need to make some difficult decisions.

Having too much business isn't always a good thing.

If your business is a success, you will eventually have to increase your capacity to keep up with growing customer demand. If you increase your capacity too much, you'll have more inventory than you know what to do with. But if you don't increase your capacity enough, you could lose customers to the competition.

Capacity planning helps businesses strike a balance between production and demand. If it's done right, it can accurately match production resources with the demand that exists in the marketplace. The downside is that capacity planning isn't as simple as it sounds - it's a multi-stage process that employs various tools to gauge your company's production readiness.

One of those tools is called Resource Requirements Planning (RRP). Resource Requirements Planning isn't a technique or a formula; it's a strategy for measuring a company's ability to keep pace with a Sales and Operations Plan (the larger planning process through which products are produced and brought to market).

Resource Requirements Planning varies from one business to the next. However, there are some generalities about RRP that hold true across the board:

• Resource Requirements Planning is a long-run planning strategy. Resource Requirements Planning is typically a long-term approach to capacity planning and management - an early stage assessment of whether or not the company's production resources are up to the tasks prescribed by the business plan. At this stage of the planning process, the focus is primarily on labor, equipment, and other resources that require a little time to acquire.
• Resource acquisition . If Resource Requirements Planning demonstrates that the company has adequate resources to achieve the Sales & Operation Plan, no additional action is required, at least at this stage of the capacity planning process. If RRP shows that the company is under resourced, one possible response is to acquire additional facilities, capital, equipment, or workers to achieve the necessary capacity. Since the individuals involved with both Sales & Operation Planning and RRP are senior-level staff, it's assumed they have the ability to approve the necessary resource acquisitions.
• Scaling back. If capital acquisition is not a possibility, another response to a resource shortfall is to scale back the Sales & Operations Plan or Aggregate Production Plan to a level that can be achieved with current or prorated levels of resources.

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The Business Requirement Document: What It Is and How to Write It [+5 Templates]

Published: September 28, 2022

A business requirement document (BRD) is a starting point for any software project or business solution. This document aligns team members on what to build, why to build it, and how to get it done.

This article explores the basics of business requirement documents. That includes why you need one, how to write one effectively, and more. We’ve also included the 5 coolest BRD examples from big-name companies.

Keep reading for the complete guide.

Table of Contents

What is a Business Requirement Document Why is It Important to Document Business Requirements How to Write a Business Requirement Document in 9 Easy Steps Examples of Business Requirement Documents

What is a business requirement document?

A business requirement document (or a BRD) is a well-structured formal description of an upcoming project. It explains why a company needs to build a new software or a business solution. BRDs also cover the problems projects will solve and how much money they will bring (or how much a company may lose if the software isn’t built).

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BRDs capture every step of product development, from an executive summary to expected outcomes. Business requirement documents often include:

• Current pain points and project objectives.
• What resources a company needs.
• The delivery stages and milestones of a project.
• The functional requirements of a new solution (technical and non-technical).
• Project constraints (everything that may slow down or hinder the progress of a project).
• Stakeholders.
• Expected ROI.

The structure of business requirement documents may vary depending on the project type. For instance, you’ll cut off technical functional requirements if the solution you aim to build isn’t software.

We’ll explain how to write a BRD in full. You can see a sample template below.

Why are Business Requirement Documents Important?

BRDs paint a complete picture of a potential project. These documents bring together all the teams involved in a project launch and ensure successful project delivery.

In fact, the Project Management Institute discovered that teams without prior planning fail projects two times more frequently than prepared teams. PMI also revealed that planning helps teams meet 77% of their goals, versus 56% for those with low project management maturity .

BRDs also allow your team to:

• Monitor the overall project's health.
• Bring stakeholders and team members together to create consensus and collaboration.
• Hedge the risk of unexpected project changes.
• Understand your budget and anticipated ROI.
• Understand your project constraints and find an optimal solution to address them.
• Foster accountability among your team by setting clear, transparent goals.

How to Write a Business Requirement Document

Here, you’ll learn what to write in every section of a business requirement document. To make the process easy to understand, we’ll explain every step in an example.

So to start, imagine that your company wants to create a content management system for TikTok specialists. What you have now is a mess of Google Sheets and notes on paper. Your goal is to plan, manage, and measure TikTok performance in one place.

With that in mind, let’s start outlining our business requirements.

• Start with your executive summary.
• Communicate business objectives.
• Explain the project’s background and why it’s needed.
• Set your scope of work.
• Define the project’s functionality requirements.
• Identify your key stakeholders.
• Communicate project constraints.
• Set a schedule.
• Summarize your cost-benefit analysis.

1. Start with your executive summary.

Executive summaries describe a project concisely for your execs or other parties involved (e.g., business partners). This section offers a high-level statement of project purposes. An executive summary should capture the following:

• Current pain points and how they affect the business.
• What you offer as a solution.
• Relevant data, like expected ROI.
• A deadline for the project.

Your executive summary should be easy to understand. Your readers should learn why the project is important and worth investing in just by reading this section.

For our TikTok CMS project, the executive summary would read as follows:

Our organization is seeking a TikTok content management system to measure the TikTok team’s performance. We aim to analyze campaigns, ad spending, and ROI to scale the most beneficial campaigns.

We expect the product to be built by the end of the third quarter.

2. Communicate business objectives.

List the business objectives you hope to achieve with the project. HubSpot’s SMART system offers a simple goal-setting method. Your objectives should be specific, measurable, attainable, relevant, and time-Bound.

Let’s set objectives for our TikTok CMS:

• Increase the ROI of TikTok ads by 10% in November.
• Speed up post creation to publish 2 posts daily.
• Build an analytical report to access and analyze TikTok metrics in one place.
• Define TikTok’s best-performing campaigns to scale them.

If you cannot specify the numbers or it’s hard to predict them, detail specific results that you hope to achieve from the full implementation of the project.

3. Explain the project’s background and why it’s needed.

Name a few urgent issues you aim to solve with the project. Provide data and research to support your statement. For instance, you can compare current and expected spending. Be sure to include a summary of past experiments or projects in this section.

Here’s the background for our TikTok example:

Our team has no detailed record of our TikTok ROI. A TikTok CMS will help to cut the costs of TikTok campaigns and increase ROI. We will also determine the best-performing campaigns in terms of ROI.

4. Set your scope of work.

This is the most important part of your BRD. This section should include:

• A detailed overview of project objectives.
• Milestones.
• Project deliverables.
• Acceptance criteria.

Your scope of work identifies what needs to be done within a specific period. Be sure to clearly communicate the project requirements for every step of development. This fosters clear communication between stakeholders and team members who will be working on the project. You’ll also mitigate the risk of the project veering off course.

5. Define the project’s functionality requirements.

List all the features and necessary functionality of the product. This section includes what needs to be built and any features your new project requires. You can also describe this section under the Scope of Work.

For our TikTok CMS, we’ll need:

• A calendar task view for content management.
• Reporting features.
• Monthly performance analytics for a stand-alone post and a group of posts.
• Filtering by different campaigns.

6. Identify your key stakeholders.

This section of your BRD lists key stakeholders for your project. Take the time to outline each person’s roles and responsibilities. Make sure to include both internal and external parties.

Let’s dive into our example.

• Chief Marketing Officer: Approve TikTok CMS creation.
• Project managers: Responsible for decomposing the project, assigning team members, and ensuring the project is completed on schedule.
• TikTok team lead: Responsible for making content and gathering performance metrics.

7. Communicate project constraints.

It’s essential to specify the existing boundaries that affect project development. Your constraints can be anything from your budget, current toolkit, technical limitations, team availability, or dependencies.

Here’s a great example of project boundaries for a technical product:

8. Set a schedule.

Work hand in hand with your project managers to specify deadlines for each phase of your initiatives. BRDs for external clients should include final deadlines and estimated delivery dates around milestones.

For our TikTok CMS, here is our schedule.

• Phase 1. Complete X by December 2022
• Phase 2. Develop and conduct quality assurance of X feature by March 2023

9. Summarize your cost-benefit analysis.

A cost-benefit analysis determines whether the project's benefits outweigh its costs. Create a spreadsheet that outlines current expenses and budget lost by inefficiencies. Forecast the amount of money and other benefits a company will gain.

Your goal is to convince executives that a new project is worth the investment. Bolster your case by presenting facts and figures.

5 Outstanding Business Requirement Document Examples

We’ve gathered a collection of 5 business requirement document templates. Look through each and choose one that fits best with your project. Be sure to adjust each template to meet your project requirements.

PandaDoc BRD Template

This is a fantastic template if you want to prepare a BRD for product development. PandaDoc provides straightforward examples of what text you should put in each section. You’ll also find best practices for every entity mentioned in the template.

TechWhirl BRD Template

This template is designed specifically for new technology solutions. TechWhirl includes 17 sections that detail the project summary, scope, business process overview, business requirements, and more. You can even include data in charts and graphs.

Best for: Explaining complex business processes and dependencies.

Asana BRD Template

Asana provides a free BRD template that you can edit in real-time. This compact template includes only necessary fields, and each section has tips on what to write. This template is best for getting buy-in from internal stakeholders.

Smartsheet BRD Template

Smartsheet offers a one-size-fits-all BRD template. You can use it for small internal projects and for complex, expensive projects for external vendors. Every section is complemented by a short description or example of what should be written.

Want to see more templates? Here are 10 free BRD templates from Smartheet (all follow the same pattern).

ClickUp BRD Template

Looking for a simple BRD to guide your projects? Try this template from ClickUp. There are only basic sections (with sheets) that you can easily fill out online. Marketing and sales teams can use this template to get buy-in for CRM tweaks, API connectors development, etc.

Best for: Small inner projects with few requirements and deliverables.

Writing Your Business Requirement Document

No matter the scope of your project, a business requirement document can help you keep the process tidy. With this document, you’ll have a clear plan to guide your project. Plus, you’ll have a compact summary of the business case fueling your initiative.

If you’re looking to pitch your business as a whole, explore HubSpot’s free business proposal template. We’ll walk through how to summarize your solutions, share pricing, and set timelines.

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Free Resource Planning Templates

By Joe Weller | May 21, 2018

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Resource planning is an ordinary activity with an extraordinary ability to transform a project from idea to action, and it is essential to projects across all industries. In this article, you’ll learn more about the concept of resource planning, and also find free, downloadable templates available in Microsoft Word, Excel, and PDF formats for scheduling staff, allocating IT project resources, planning Agile sprints , and more.

Agile Resource Planning Template

‌  Download Excel Template Try Smartsheet Template   ‌ This resource capacity planning template includes a Gantt chart feature to visualize and plan resources for Agile software project sprints. Use this template to chart software development resources by quantity and skill type (for example, PMs, analysts, developers, designers, product managers, administrators, etc.). Modify the template to view the distribution of your team’s time and activities across your Agile sprint calendar (expressed in two week intervals here).

Looking for a better way to manage your resources? Look no further.

Resource Management by Smartsheet empowers your people to more effectively manage teams across projects, track time accurately, and forecast with confidence so you can make better, more informed decisions with a clear view of every project.

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Project Resource Planning Template

‌  Download Excel Template Try Smartsheet Template   ‌

Use this project resource planning template for multiple types of project and portfolio management scenarios. Schedule human resources and non-human resources (like material and equipment) in separate sections for easy analysis based on each project phase, from project origination to execution. Plan and estimate cost for full-time employees, freelance consultants, contingent staffing, software, hardware, and more.

Staff Resources Planning Template

‌ Download Staff Resources Planning Template – Excel

Resource management involves assigning tasks, roles, and responsibilities to your project teams to clarify process and participation. This resource planning template provides histogram feature to visualize and plan project activity and create an optimized project schedule based on staff resources.

Team Resource Planning Template

‌ Download Team Resource Planning Template – Excel

Use this template to forecast your project team’s bandwidth (expressed as work hours) using a heatmap visualization. Customize the template to reflect your team’s availability based on resource allocation of work hours. This is a resource utilization tool designed to help you plan and manage your team’s demand and quickly populate data based on project hours allocated and utilized.

Human Resource Planning Template

‌ Download Human Resource Planning Template – Excel

A resource allocation template provides an overview of the human resource demand (expressed as work hours) a project requires. This template features a pivot table function to quickly determine changes based on pending and active project activity by work hours/person assigned. Customize the jobs and activities to match your human resource needs.

IT Resource Planning Template

Download IT Resource Planning Template

Word  | PDF

This text-based template presents resource plans common to information technology projects such as ERP installations , hardware upgrades, or application development. Move beyond internal spreadsheets and edit this IT resource plan to earn approval for project proposals or to fund product development. The template is designed for formal presentation of IT resource planning so you can modify it as a formal business plan document.

What Is a Resource Plan?

Resource planning is a tactical project management activity in which you plan for supply (resources including people, materials, equipment, and finances) and demand (the tasks and work to accomplish). As a standalone planning tool, a resource plan can organize data on labor and material cost for project budgets, estimate consumption of resources, schedule employee time, plan daily staffing levels, and aid in workforce planning. Project management offices, manufacturers, marketing agencies, staffing firms, IT consultants, and software developers use resource planning to manage supply and demand to complete projects.

What to Cover in the Resource Plan

A resource plan is primarily an internal document and tool. However, sometimes you present the plan to an external audience as a component of a business plan or a portfolio management document. You will determine the information to include in your resource plan based on the audience and the document’s purpose. For example, you may be creating “what if” scenarios to track the availability of skilled labor across different teams or writing a staff schedule. Resource plans vary in purpose and the content, but there is a common framework for information they cover:

• Project name
• Plan version
• Plan history
• Project dates
• Project tasks or deliverables
• Monthly calendar
• Resource names
• Job locations
• Skill level or expertise
• Roles and responsibilities
• Type of resource
• Quantity of resource
• Salaries or wages
• Budget estimates
• Work in progress
• Resource requirements
• Demand assumptions (lost time)
• Approval signatures
• Glossary of terms
• References and appendix

Easily Track Resource Planning Templates with Smartsheet for Project Management

Resource Management by Smartsheet is a powerful resource management software that helps to effectively manage the who, the what, and the when behind projects.

With Resource Management by Smartsheet, you can more easily build the best team for a project, keep project schedules and budgets on track, and confidently forecast business needs.

When teams have clarity into the work getting done and by whom, there’s no telling how much more they can accomplish in the same amount of time. Watch a free demo to learn more about Resource Management by Smartsheet.

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Resource Management: Process, Tools & Techniques Explained

Businesses, nonprofits and even government agencies execute projects to improve the efficiency of their operations and achieve strategic goals. These projects require a variety of human and non-human resources such as raw materials, equipment and machinery, which need to be managed.

What Is Resource Management?

Resource management is the process of estimating what resources will be needed to complete a project, acquiring them, making a schedule for their allocation and monitoring their utilization during the execution of a project, program or portfolio of projects. Usually, the project manager or project management office (PMO) oversees this process, but some organizations have a resource manager who specializes in this area.

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Resource Planning Template

Use this free Resource Planning Template for Excel to manage your projects better.

What Is a Resource Manager?

A resource manager is a member of a project team or PMO who is responsible for leading the process of defining resource requirements, estimating costs, procuring resources and ensuring they’re properly allocated and utilized. One of its key responsibilities is to develop a resource management plan to guide the resource planning efforts of the organization.

What Is a Resource Management Plan?

A resource management plan is a document that describes all the different guidelines, operating procedures, tools and methods an organization uses to manage its resources over the execution of projects. For example, it should itemize project resources, indicate their estimated costs, a resource schedule for their allocation and supplier information, among other details.

However, a resource management plan doesn’t need to be a static document. You can use resource management software like ProjectManager to visualize your resource schedule, allocate resources and monitor their costs in real time. Get started with ProjectManager today for free.

Types of Resource Management

There are three broad resource management categories: project resource management, enterprise resource management and human resource management. As its name suggests, project resource management is the process of overseeing the use of resources such as labor, materials and equipment for the completion of project tasks. Enterprise resource management, on the other hand, consists of using these resources to manage the everyday operations of a business .

Enterprise resource management can be further divided into industry-specific types of resource management such as construction resource management and manufacturing resource management. Lastly, human resource management focuses on allocating human resources for both project and enterprise resource management.

Types of Project and Organizational Resources

Project resources can be simply defined as anything needed to execute project tasks , including the people executing the work. Here are some examples of project resources.

• Raw materials
• Human resources
• Machinery and equipment
• Financial resources
• Information and data

Why Is Resource Management Important?

Resource management is an important process for many disciplines such as project management , portfolio management and business management. Here’s how it helps in each of those fields.

Project Resource Management

Resource management is critical when managing projects. It’s important to identify your resource requirements during the initiation and planning phases of the project life cycle so you can estimate costs and create a project budget . Then it’s important to ensure you schedule the right resources at the right time so your project plan is completed on time.

Program and Project Portfolio Resource Management

Resource management is even more important for project portfolio management than it is for managing individual projects. The reason is program managers, portfolio managers and project management offices (PMOs) need to ensure they allocate resources strategically to manage multiple projects simultaneously. For example, they can minimize costs by using the same resources across projects.

Enterprise Resource Management

How you manage your business resources greatly affects its ability to function and grow beyond project or enterprise resource management, especially if you’re in resource-intensive industries such as professional services, construction or manufacturing.

Managing resources effectively has a myriad of benefits for your business such as helping you cut down costs, streamlining your operations planning and maximizing your profits.

What Is Resource Management Software?

Resource management software is a set of digital tools that can help with the stages of the resource management process. For example, ProjectManager is project resource management software equipped with tools such as Gantt charts , dashboards, timesheets, workload management charts and resource utilization reports.

There are many desktop-based and online resource management software alternatives, all of which offer a different functionality. For that reason, we’ve reviewed the best resource management software alternatives so you can make an informed decision.

Resource Management Tools

While most of these resource management tools started as analog charts, documents and diagrams, they’ve evolved and are now part of resource management software that can be used for either project or enterprise resource planning .

• Gantt chart: A Gantt chart helps organizations make a schedule for any project they’re executing and allocate resources such as team members, materials or equipment.
• Timesheet: Timesheets track employees’ work hours for payroll processing. They can either be used for tracking the time they spend completing project tasks or simply log hours from their work shifts.
• Workload management chart: A workload management calendar helps team leaders understand how work is allocated among their team members, so they can distribute the team’s workload evenly.
• Resource histogram: A simple bar chart that helps understand how resources are utilized over time.
• Resource breakdown structure: A chart that helps organizations break down projects into individual tasks and specify the resources that will be needed to execute each of them.
• Resource calendar: Resource calendars help organizations estimate what resources will be needed to complete a project on time.

Resource Management Process

As stated above, resource management is an ongoing process that starts during the project planning phase and continues until project closure. This is known as the resource management life cycle, which is made up of four stages that project managers should understand to properly manage project resources.

• Resource analysis: The process of gauging your current resource availability to determine what resources are missing for executing a project or action plan.
• Resource planning: A resource plan explains what your project resource requirements are and how they’ll be met. More importantly, it guides the team when it comes to resource management, so it should include information such as general guidelines, a description of your project resources, their quantities and when they’re needed.
• Resource scheduling: You then need to ensure that those resources are readily available. To do so, you’ll need to simply align your resource schedule with your overall project schedule and have a solid supply chain in place.
• Resource allocation: Resource allocation is an ongoing process that’s simply defined as picking the right resources at the right time to achieve project tasks. For example, there are critical tasks that need to be prioritized when creating the resource schedule.
• Resource tracking: You’ll need to keep track of the performance of your team. Use timesheets, workload charts and other resource management tools to track the work of your team members.

Most project managers use resource management software to help them as they move from one phase of the resource management process to the next.

Benefits of Resource Management

Resource management tools and techniques help organizations establish a resource management process or framework that can bring numerous benefits such as:

• Accurately defining the project resource requirements greatly facilitates the budgeting process and helps avoid unexpected costs, delays and other issues during the project execution
• Effective resource management helps maximize resource utilization rate and resource efficiency which have a direct impact on the profitability of a business in industries like construction and manufacturing
• Resources can be strategically allocated to finish projects in time when they’re behind schedule
• Resource planning allows organizations to ensure they’re well-equipped for future challenges, such as meeting estimated customer demand or implementing long-term projects and programs

Resource Plan Template

Now that we’ve learned about the different resource management phases and the techniques you can use, you’re ready to get started with resource management. This free resource management plan template is a good tool for beginners. It allows you to list your resources and keep track of their availability and costs.

However, our resource plan template must be manually updated and shared with the team. That’s time-consuming, which is why most project managers use resource planning software to help streamline the process.

Resource Management Techniques

Project managers implement the following resource management techniques to forecast , plan, allocate, level and optimize resources during the execution of a project.

Resource Forecasting

Project managers must do their best to estimate what resources are needed for a project and how those resource requirements fit with the organization’s current plans. To do this, you must define your project scope to identify all project tasks and their required resources.

Resource Capacity Planning

The resource capacity of an organization refers to the maximum amount of work it can accomplish with its current available resources over a period. Resource capacity planning is the process of ensuring resource capacity is sufficient to execute a project.

Resource Loading

A resource allocation technique that consists of determining the maximum number of work hours employees can be allocated and ensuring that 100% of their time is utilized throughout a project.

Resource Leveling

Resource leveling is the process of re-assigning work to a project team to solve overallocation or scheduling issues. By thoroughly understanding what your team members can offer, you can assign tasks based on their abilities to maximize resource efficiency.

Resource Utilization Tracking

Careful resource planning is equally as important as resource tracking. Project managers need to keep track of resource utilization to spot any resources that aren’t being used efficiently. Then they can simply reallocate those resources or change the resource management plan.

Resource Smoothing

Resource smoothing simply consists of delaying non-critical tasks to complete a project on time with the available resources. This is done by using the slack or float on each of those tasks to delay them without affecting the critical path. By delaying non-critical tasks, you can move your resources to complete critical path tasks and circle back to the least important activities.

Free Resource Management Templates

We’ve created over 100 free project management templates for Word and Excel which help plan, schedule and track projects. Here are some that can help with the resource management process.

Resource Capacity Planning Template

This free resource capacity planning template helps you list your team member’s names, indicate their total available work hours and hourly pay rate, assign work to them and automatically calculate their labor costs and resource utilization rate.

This resource plan template for Excel helps you visualize employee work hours using a calendar-like timeline, which makes it ideal for allocating organizational resources across projects over time.

Timesheet Template

This timesheet template for Excel is a project time tracking tool that allows organizations to log the work hours team members spend working on tasks for payroll processing.

Resource Management Tips & Best Practices

Here are some key tips and best practices that can help you avoid common resource planning mistakes.

Identify Resource Constraints Before Planning a Project

A resource constraint is any condition that limits the availability of resources for the completion of project tasks. For example, a piece of equipment might be scheduled for maintenance , or team members may be allocated for multiple projects, limiting their availability.

Assemble a Cross-Functional Team to Identify Resource Requirements

In most cases, these projects will require an organization-wide effort and an extensive use of resources. It’s important to assemble a cross-functional team and involve key stakeholders in the resource forecasting stage to obtain a holistic and accurate view of project resource requirements.

Consider the Level of Effort of Your Project Beyond Project Tasks

In project management, the level of effort of a project refers to all the supporting activities that are needed to complete project tasks, such as transporting resources from a warehouse to the job site or training employees.

How ProjectManager Helps With Resource Management

Resource management was developed to manage the resources in your project, which requires visibility into resource availability, workload and more. ProjectManager is project management software that gives you real-time data to make more insightful decisions when managing resources.

Plan Resources With Interactive Gantt Charts

Resources and costs can be scheduled with tasks on our Gantt chart project view . Once you set a baseline, you can also consult the planned versus actual progress of your overall project to get a heads-up if there’s a problem with resources. The progress bar tells you the progress being made on a specific task according to the planned effort. If you’re not meeting your baseline, reallocate your resources to stay on track.

Manage Workload and Keep Teams Productive

Your team is your most valuable resource. You can set up your team’s availability, workdays, holidays and PTO regardless of where they work. Once they start working, you don’t want to burn them out or leave them idle. Our color-coded workload page lets you see at a glance whether your team members are overallocated or under-allocated. A balanced workload leads to a more productive and happy team—and happier teams are more productive.

Track Your Resources With Real-Time Dashboards and Reports

You’ve planned your resource management, but as you execute the project, you have to monitor those resources. If you don’t keep an eye on how you’re using resources, you risk going over budget or missing deadlines. Our real-time project dashboard automatically collects live data and displays it in colorful graphs that chart six project metrics. In one click, you can generate reports that go deeper into the workload, time, costs and much more. All reports can be filtered and shared with stakeholders as you see fit.

Our software helps you plan, manage and report on project resources. You can allocate and track resource costs, see your team’s availability to make assignments and monitor everything with dashboards that act as instant status reports. Get everything you need to manage resources all in one place.

Related Resource Management Content

• Best Resource Management Software Rankings
• The Ultimate Guide to Resource Planning
• Resource Scheduling in Project Management
• What Is Resource Allocation? Resource Allocation Tips
• What Is Resource Loading & Why Does It Matter
• 5 Must-Have Resource Management Tools

When you’re managing resources on a project, there are a lot of balls to keep in the air, and that process can get complicated and confusing. However, with the right online tool, you’re able to plan, monitor and report on your resources with great control and accuracy. ProjectManager is online project management software that gives you the tools you need to steer your project to successful completion. Try it for yourself.

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The complete guide to resource planning

If you fail to plan, then you’re planning to fail. When you’re working on a big project, you need to know everything there is to know about your resource requirements.

That means having a firm grasp on every task that needs doing, the type and quantity of resources you’ll need to complete each task, whether there’s any resource overlap, any budget flexibility in case things go wrong — the list goes on. That’s where resource planning comes in.

This article will explain what resource planning is, why it’s important, the three stages of resource planning, and how you can use monday work management to effectively allocate and manage your resources like a boss.

What is resource planning?

Resource planning is a process in which a team allocates resources to complete a task. Those resources can either be human or non-human — such as money, infrastructure, and knowledge — and resource planning is all about allocating those resources to maximize efficiency.

You’ll often hear people refer to resource planning as “resource allocation”. Don’t worry, they’re just two terms for the same process. Call it what you want. No matter what you’ve decided to name it, resource planning enables project managers to utilize and track all of the resources they’ve got to work with.

That helps you stay organized so you’ve always got a firm view on all the “stuff” you’ve got to work with and which members of the team are using that stuff.

Why is resource planning important?

Resource planning ensures your resource capacity is being accurately tracked and managed — and by planning ahead, you’re setting yourself up to avoid catastrophe in the future.

If your project is over-resourced, you could end up wasting time and money. But if you’re under-resourced, you’ll risk missing important project milestones, disappointing stakeholders, or may even have to abandon your project entirely. According to the Project Management Institute (PMI) only 46% of young companies — and 67% of more mature companies — regularly complete projects within budget.

Worse still, only 39% finish projects on-time, and 21% of a start-up’s projects are destined to fail.

( Image Source )

When things start to head south, you’re going to run the risk of managing your team’s time ineffectively. That can lead to stress and — ultimately — burnout. That’s why one of the most critical applications of resource planning is human resource (HR) management.

Statistically speaking, employees are 8 times more likely to stay on the job if their managers are consistently helping them manage their workload. That being said, only about half of managers admit to doing that.

Translation: if you want happy employees and a successful project, you absolutely need to plan your resources wisely. That means understanding each individual’s timesheet and workload, their concerns, location, talents, and how those talents are a resource, too.

There’s a lot of human resource stuff to keep track of. That’s why you might want to draft a human resource plan as part of your wider resource management plan. That’s one for another day.

What are the benefits of resource planning?

Effective project resource planning is a critical step in every manager’s project plan and goes hand-in-hand with a few major benefits. First and foremost, resource planning enables you to avoid bottlenecks. When you’re able to identify your project resource needs from the get-go, you can then calculate and plan resource availability moving forward with a resource schedule.

That means figuring out the availability of your human resource and associated skills, where they’ll be needed, and what tools those individuals will need to get the job done. That makes your project resource management more reliable and your resource allocation processes way more consistent.

Resource planning also helps you to monitor your team’s workloads.

If your team or particular individuals are in high demand for a project, they’re at risk of excessive workload. If you’re able to develop a clear picture of what that individual needs to do over the course of a project, you should be able to nip this problem in the bud. Which is important as 44% of employees say workload causes them stress at work.

41% of workers say that stress makes them less productive. Meanwhile, stress makes 1 in 3 employees less engaged, and 15% of workers have admitted to job hunting because they’re stressed. So, you get the idea. If you can alleviate stress by conducting efficient project planning, that will lead to more engaged workers.

Finally, resource planning ensures your project is well documented. If your project fails due to a lack of resources, you should be able to demonstrate to stakeholders that you did your best with the resource capacity you were given. This ensures appropriate business accountability — and learning from this experience should allow better resource planning for the next big project.

What are the 3 stages of resource planning?

No two organizations are totally identical, and so the steps you’ve got to take to efficiently plan your resources might be different from other businesses. But, there are three basic stages of resource planning you should be aware of:

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1. Assess your resources

Before you start allocating resources , you need to develop an understanding of your project scope and what resources are available. That means figuring out exactly what tasks you need to be done, what type of resources you’ll need to complete each step, and cross-reference those requirements against what’s available to you.

After that, you’ll be able to develop a budget, project timeline, and evaluate your human resources to make sure your team will be able to cope with the project.

2. Allocate your resources

After deciding your project scope and assessing what resources you’ve got at your disposal, you can then allocate the right resource to the right task.

The resource allocation process is all about assigning and scheduling resources to a task or individual, and then deploying those project resources wherever required. If you’re working with loads of resources, this is where a Work OS (operating system) like monday.com really comes in handy.

But we’ll get to that in a minute.

3. Monitor and review your resources

Just because you’ve allocated your resources doesn’t mean you’re done managing. Resource planning is all about optimizing efficiencies and alleviating heavy workloads. As a result, the resource planning process requires you to constantly monitor and assess how you did with your resource allocation.

You might find there are places where you’ve overallocated or under-allocated some resources — this is the step where you can wrap your head around what’s going on and do something to fix it. By following these steps, you’ll be able to create an effective resource plan that will outline how your project team uses resources to maximize efficiency and avoid turning your team into a statistic.

How can monday.com help you with resource planning?

Money doesn’t grow on trees, and we understand you’re going to be working with a finite set of resources.

If you want to stretch those resources in such a way that you can achieve your huge list of tasks without burning out your team, you’re going to need a Work OS that’s flexible and easy to integrate with your existing processes and systems.

If you want to start doing a drumroll, this is the part where we introduce monday work management and explain why it’ll totally redefine everything you know about strategic resource planning. More specifically, let’s talk about our Resource Management template .

This workflow template enables you to supercharge your asset allocation with enhanced visibility, preventing you from resource conflicts where you’ve assigned the same resource to too many tasks or overstretched yourself and your team.

This template is also great because it puts asset location front and center.

With monday.com, you’ll always be able to see where your resources are in the world, who is using them, and for what task.

That’s why monday work management is perfect for project managers juggling multiple resources on various tasks and projects. Oh, and we almost forgot about ease-of-use. One of the benefits of our resource management template is that you can export your entire workflow to Excel with just one click.

Or on the flip side, you can import a spreadsheet and turn it into a sleek monday work management board in just a couple of clicks. If you want to effectively plan your team’s resources, monday.com is definitely the tool you’ve been looking for.

Resource planning sets you up for success

At the end of the day, resource planning is pretty darn important if you want your project to succeed. If you over-resource your project, it’ll waste time and money. But if you under-resource, you’ll end up with a bunch of burned-out team members and a failed project.

Resource planning will help you find that perfect balance — and monday.com’s Resource Management template will get you there. monday.com offers dozens of integrations, 8+ visualization styles (including Gantt chart), and 100s of templates that are all designed to help you efficiently resource your projects and get the job done.

So, what are you waiting for? It’s time to check out monday work management and find out how we can supercharge your resource planning.

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What is a Resource Management Plan? + How to Create One

Resource management plans outline who is working on what (and when), so that you as the project manager and the team are on the same page. Here's how to create one (with a template) to ensure the right things are getting done at the right time so the project can get done successfully.

You've completed your project plan, and now you need to plan and secure the team members to work on it. You also need to balance your plan against the budget and scope of the project—you need a resource management plan.

What Is A Resource Management Plan?

A resource management plan is a strategy for how resources will be allocated, scheduled, and used during the project life cycle .

The plan outlines which specific resources are needed, in what quantities, and when they are needed in order to fulfill the project scope .

Resources include anything that is essential to completing the project—human resources (i.e. team members), physical resources like meeting rooms, and time and materials.

What Is A Resource Management Plan For?

Resource management plans serve a few critical functions on projects and facilitate:

• Accessibility : Project team members, as well as project and resource managers can edit and revise parts of the resource plan.
• Transparency : Resource management plans allow every project manager in an organization to see what is going on and schedule resources based on other manager’s plans and their own needs. They're also used to keep track of information such as the whereabouts of equipment or team member status.
• Accuracy : Project management plans and resource plans should be updated in real-time, so project managers have up-to-date and accurate information when making decisions.

Resource Management Plan Template [Download]

This allocation spreadsheet will make it easy to keep track of hourly rates for your team members and associated costs. It's in a Google Sheets format, but you can easily import a copy in Excel, if you prefer. Just select File and then either "Make a copy" or "Download."

What To Include In A Resource Management Plan

These are the essential elements to include in your resource management plan.

1. Responsibility Assignments

Using something like a RACI chart to identify resources and their roles in a project or organization makes assigning deliverables and responsibilities clear and easy-to-understand for all stakeholders.

Employees and managers can also use project management software to estimate the duration of a specific task, assign specific roles, and generate a manageable schedule.

2. Resource Estimates

Include your estimates for who and how many team members you'll need for a project. Start by asking yourself these questions:

• What needs to be done?
• Do we have enough people?
• Who is the manager in charge?
• Do we need to hire someone?
• Do our people have the right skill sets?
• Do we need to outsource?

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3. Resource Management Charts

Duration and histogram charts help you and your project team get a better picture of how the resources you're planning to use fit the schedule. Histograms assist project managers with flagging and resolving problems with overallocation before they become issues.

4. Project Dependencies

A project dependency occurs when a team member can't complete their tasks without the completion of a prior task or another resource.

A resource dependency occurs when a task requires one specific team member to complete, but that person is not available. If a task can be completed by multiple team members, it is not resource dependent.

5. Alternatives

Selecting alternative methods, plans, and technologies is always important when putting together a resource management plan.

Having multiple alternatives can positively influence your costs, timeline, and the reliability of the project. These alternative approaches can be reviewed and stitched together for the most efficient resource planning .

Why Are Resource Management Plans Important?

Resource management plans are important for the following reasons.

1. More Accurate Project Timelines

Including a detailed timeline helps take the guesswork out of the project timeline and provides an accurate project schedule for managers and teams to measure milestones and project progress.

This helps project managers set expectations that are favorable to the stakeholders and clients.

2. Increased Employee And Team Satisfaction

By quantifying the work an employee is able to do, project managers can make better, strategic decisions regarding who takes part in a project and when. This results in a more realistic and manageable workload for team members.

Team members can easily become overworked just as resources can be overused. This can have long-term side effects: stress at work can affect sleep, health, and overall job satisfaction.

With effective resource management, project managers can pinpoint where a project is lacking and provide more insight into whether the “resource pool” is sufficient or whether to bring on a temporary hire.

3. Accurate Resource Estimates

Resource management plans make sure companies and businesses are effectively using the resources that they have and creating a balanced workload.

With a good resource management plan, project estimates become easier to come up with. Project managers are able to break down where resources are needed in terms of associated costs and allocated budget, and then better calculate costs and project margins. It can also help them plan resources for multiple projects that will be completed simultaneously.

4. Improved Project Flow

A resource management plan provides transparent information to all stakeholders, which improves accountability and keeps team members informed on what they are working on and when. This speeds up transitions between project phases.

5. Improved Transparency & Communication

Project resource management plans solve some of the most common challenges in resource management, including:

• Projects competing for resources
• Lack of communication on roles and responsibilities
• Misalignment with team capacity or resource availability

Keeping resource management plans accessible to all project managers and team members in an organization ensures everyone has an overview of current resource usage and that everyone is working from the same information when resolving conflicts.

How To Create A Resource Management Plan

Follow these key steps for creating a resource management plan.

• Review your budget & scope : This will give you an idea of what and how many resources you'll need (ex. do you need developers and/or designers, and how many of each). You'll also probably start to get an idea of which specific team members you'll want (ex. a senior designer over a more junior one).
• Check who's available : See what other projects are on your team member's plates, and what kind of time they might have available to contribute to this new project. If you want to put your senior designer on the project, but they're tied up with something else, you'll need to have a back-up plan.
• Match resources to tasks : Start allocating team members to specific tasks based on their availability and skill sets. You might need to get creative if the team is busy. If your web designer doesn't have enough capacity for a project that involves a website design, you might ask a less-specialized designer to start it, and then have your web designer review once their plate clears.
• Add time estimates : Go over the plan at a high-level with your chosen team members, and ask them to give you a rough time estimate for the work you're planning to assign to them. Consult the statement of work or project plan to see if estimates have been provided in those documents.
• Check utilization : Make sure you haven't given too much or too little work to anyone. Aim to fill about 70 to 80% of a team member's day with project work so you're not overloading them (they still need time for meetings and other admin in their day).
• Document the plan & keep monitoring : Record your plan in an spreadsheet or shared document (preferably in resource management software ). Monitor utilization, capacity, and progress throughout the project. It's a given that things will change, and the more you're on top of it, the less it will impact the success of the project.

Resource Management Plan Examples

Resource management plans are specific documents found in various forms, usually within a software application or Excel doc.

Gantt Chart Resource Plan

Here's an example of what your resource plan might look like as a Gantt chart. Rather than having task names along the vertical axis, you'll use team member names instead. The bars represent which tasks team members will be working on, usually measured in days.

Spreadsheet Resource Plan

Another example is the spreadsheet below. This is a similar approach to what's used in our allocation spreadsheet in the template section. Here, you track team member hours and hourly rates, which allows you to see how you're tracking against budget.

This can help you with decision-making about which team members will work on the project and on which tasks (ex. you might opt for a designer with a cheaper hourly rate for smaller budget projects).

Resource Management Plan Best Practices

Here are a few best practices to use when creating your resource management plan.

1. Consider Budget

If resources are essentially unlimited on your project, you can allocate resources to tasks with an emphasis on “getting it done,” rather than being stingy with resources to conserve budget.

If your project budget is tighter, you'll need to allocate tasks to resources, and use a more conservative approach to resource allocation . You'll also need to keep a closer eye on utilization. There are a variety of utilization metrics that are useful in understanding whether resources are fully optimized.

2. Keep Past Resource Plan Data To Analyze

Saving data from previous or similar projects aids project resource planning for future projects. Previous data should be recorded and analyzed, including changes made, reallocation of resources, tasks, and time spent.

3. Use Resource Management Software

Proper resource management software tools offer more accessibility and collaboration for the whole team. Managers need to constantly update in real-time, and spreadsheets may or may not always be the best option for larger teams.

Tools For Resource Planning

Incorporating resource allocation software can also assist with some of the common challenges of resource planning by:

• Allowing for in-app communication in order to keep track of team communication and changes made to plans
• Providing real-time updates and changes
• Saving your company from having to incorporate custom charts or expensive ERPs

Here's my list of the best resource management software to help you start your search:

• 1. monday.com — Best for simple workload and capacity planning
• 2. Kantata — Best for real-time resource utilization
• 3. Parallax — Best for marketing agencies & software development firms
• 4. Runn — Best for real-time project tracking
• 5. Scoro — Best for forecasting team utilization
• 6. Float — Best for simple project scheduling
• 7. Wrike — Best resource management software for scalability
• 8. Saviom — Best for enterprise resource management
• 9. Resource Guru — Best for hassle-free resource booking
• 10. Productive — Best for powerful reporting features

What's Next?

Have more questions about resource management plans? Join the conversation in Slack with 100s of other digital project managers with  DPM Membership !

How To Plan Resources For Multiple Projects: 6 Expert Tips

What is resource scheduling & how to do it in 5 key steps, resource forecasting: best practices, steps & examples.

How to Write a Business Plan: Your Step-by-Step Guide

So, you’ve got an idea and you want to start a business —great! Before you do anything else, like seek funding or build out a team, you'll need to know how to write a business plan. This plan will serve as the foundation of your company while also giving investors and future employees a clear idea of your purpose.

Below, Lauren Cobello, Founder and CEO of Leverage with Media PR , gives her best advice on how to make a business plan for your company.

Build your dream business with the help of a high-paying job—browse open jobs on The Muse »

What is a business plan, and when do you need one?

According to Cobello, a business plan is a document that contains the mission of the business and a brief overview of it, as well as the objectives, strategies, and financial plans of the founder. A business plan comes into play very early on in the process of starting a company—more or less before you do anything else.

“You should start a company with a business plan in mind—especially if you plan to get funding for the company,” Cobello says. “You’re going to need it.”

Whether that funding comes from a loan, an investor, or crowdsourcing, a business plan is imperative to secure the capital, says the U.S. Small Business Administration . Anyone who’s considering giving you money is going to want to review your business plan before doing so. That means before you head into any meeting, make sure you have physical copies of your business plan to share.

Different types of business plans

The four main types of business plans are:

Startup Business Plans

Internal business plans, strategic business plans, one-page business plans.

Let's break down each one:

If you're wondering how to write a business plan for a startup, Cobello has advice for you. Startup business plans are the most common type, she says, and they are a critical tool for new business ventures that want funding. A startup is defined as a company that’s in its first stages of operations, founded by an entrepreneur who has a product or service idea.

Most startups begin with very little money, so they need a strong business plan to convince family, friends, banks, and/or venture capitalists to invest in the new company.

Internal business plans “are for internal use only,” says Cobello. This kind of document is not public-facing, only company-facing, and it contains an outline of the company’s business strategy, financial goals and budgets, and performance data.

Internal business plans aren’t used to secure funding, but rather to set goals and get everyone working there tracking towards them.

As the name implies, strategic business plans are geared more towards strategy and they include an assessment of the current business landscape, notes Jérôme Côté, a Business Advisor at BDC Advisory Services .

Unlike a traditional business plan, Cobello adds, strategic plans include a SWOT analysis (which stands for strengths, weaknesses, opportunities, and threats) and an in-depth action plan for the next six to 12 months. Strategic plans are action-based and take into account the state of the company and the industry in which it exists.

Although a typical business plan falls between 15 to 30 pages, some companies opt for the much shorter One-Page Business Plan. A one-page business plan is a simplified version of the larger business plan, and it focuses on the problem your product or service is solving, the solution (your product), and your business model (how you’ll make money).

A one-page plan is hyper-direct and easy to read, making it an effective tool for businesses of all sizes, at any stage.

How to create a business plan in 7 steps

Every business plan is different, and the steps you take to complete yours will depend on what type and format you choose. That said, if you need a place to start and appreciate a roadmap, here’s what Cobello recommends:

1. Conduct your research

Before writing your business plan, you’ll want to do a thorough investigation of what’s out there. Who will be the competitors for your product or service? Who is included in the target market? What industry trends are you capitalizing on, or rebuking? You want to figure out where you sit in the market and what your company’s value propositions are. What makes you different—and better?

2. Define your purpose for the business plan

The purpose of your business plan will determine which kind of plan you choose to create. Are you trying to drum up funding, or get the company employees focused on specific goals? (For the former, you’d want a startup business plan, while an internal plan would satisfy the latter.) Also, consider your audience. An investment firm that sees hundreds of potential business plans a day may prefer to see a one-pager upfront and, if they’re interested, a longer plan later.

3. Write your company description

Every business plan needs a company description—aka a summary of the company’s purpose, what they do/offer, and what makes it unique. Company descriptions should be clear and concise, avoiding the use of jargon, Cobello says. Ideally, descriptions should be a few paragraphs at most.

4. Explain and show how the company will make money

A business plan should be centered around the company’s goals, and it should clearly explain how the company will generate revenue. To do this, Cobello recommends using actual numbers and details, as opposed to just projections.

For instance, if the company is already making money, show how much and at what cost (e.g. what was the net profit). If it hasn’t generated revenue yet, outline the plan for how it will—including what the product/service will cost to produce and how much it will cost the consumer.

5. Outline your marketing strategy

How will you promote the business? Through what channels will you be promoting it? How are you going to reach and appeal to your target market? The more specific and thorough you can be with your plans here, the better, Cobello says.

6. Explain how you’ll spend your funding

What will you do with the money you raise? What are the first steps you plan to take? As a founder, you want to instill confidence in your investors and show them that the instant you receive their money, you’ll be taking smart actions that grow the company.

7. Include supporting documents

Creating a business plan is in some ways akin to building a legal case, but for your business. “You want to tell a story, and to be as thorough as possible, while keeping your plan succinct, clear, interesting, and visually appealing,” Cobello says. “Supporting documents could include financial projects, a competitive analysis of the market you’re entering into, and even any licenses, patents, or permits you’ve secured.”

A business plan is an individualized document—it’s ultimately up to you what information to include and what story you tell. But above all, Cobello says, your business plan should have a clear focus and goal in mind, because everything else will build off this cornerstone.

“Many people don’t realize how important business plans are for the health of their company,” she says. “Set aside time to make this a priority for your business, and make sure to keep it updated as you grow.”

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• A 6-step guide to requirements gatherin ...

A 6-step guide to requirements gathering for project success

Requirements gathering is the process of identifying your project’s exact requirements from start to finish. This process occurs during the project initiation phase, but you’ll continue to manage your project requirements throughout the project timeline. In this piece, we’ll outline the requirements gathering process and explain how taking time to focus on requirements gathering can lead to successful project outcomes.

Requirements gathering may seem self-explanatory, but it rarely receives the full attention it deserves. Like stretching before exercising or brushing your teeth before bed, it’s a simple task that often gets overlooked. 

But the consequences of ignoring these seemingly straightforward things can lead to injuries, cavities, or, in the case of project management, project risks. 

In this piece, we’ll outline the requirements gathering process and explain how taking time to focus on requirements gathering can lead to successful project outcomes.

What is requirements gathering in project management?

Requirements gathering typically happens during the project brief or initial kick-off meeting .

Some questions include:

How long will our project schedule be?

Who will be involved in the project?

What risks may we face in this project?

Requirements gathering shouldn’t be complex, but it’s an important component of the project initiation process.

The 6-step requirements gathering process

To gather your requirements, use the following six-step process. Once you’re finished, you should have a comprehensive requirements document outlining the resources you need to move forward through the project phases .

Step 1: Assign roles

The first step in requirements gathering is to assign roles in your project. This is when you identify your project stakeholders .

A stakeholder is anyone invested in the project, whether they’re internal or external partners. For example, a customer is an external stakeholder, while a department manager or board member is an internal stakeholder. Identifying these roles first will help you determine who should analyze your project scope later on. 

Other roles include the project manager , project administrator , designers, product testers, and developers. These people can help you identify the requirements and resources you need in order to hit your project goals. 

While you may feel tempted to jump headfirst into your project and start listing all the things you know you’ll need, this can be a mistake. Slow down and stick to the process and you’ll have a better chance of preventing project risk . 

Step 2: Meet with stakeholders

Once you’ve identified your project stakeholders, meet with them to get an idea of what they’re hoping to get out of the project. Understanding what stakeholders want matters because they’re ultimately the ones you’re creating your deliverables for. 

Some questions you can ask include:

What is your goal for this project?

What do you think would make this project successful?

What are your concerns about this project?

What do you wish this product or service would do that it doesn’t already?

What changes would you recommend about this project?

The stakeholders are the people you’re ultimately developing the project for, so you should ask them questions that can help you create your list of requirements.

Step 3: Gather and document

Step three in the process happens at the same time as step two. You’ll gather information as you ask your stakeholders questions. The goal is to document everything you can, so have all of the answers you need to start your project.

Use a project management tool to collect and document this information. That way, you can keep your project plan, project requirements, and project communication all in one place. Some examples of what you might document include:

Stakeholder answers to interview questions

Stakeholder questions

Stakeholder requests

Stakeholder comments

Questions and comments that arise during interviews

You don’t have to use every answer you receive, but having everything documented can help you see all of your stakeholders’ perspectives, which will help you with requirements management.

Step 4: List assumptions and requirements

Now that you’ve completed the intake process , create your requirements management plan based on the information you’ve gathered. 

Consider the questions you initially set out to answer during the requirements gathering process. Then, use them to create your requirements goals, including: 

Length of project schedule: You can map out your project timeline using a Gantt chart and use it to visualize any project requirements that depend on project milestones . Some requirements will apply for the full duration of the project, whereas others may only apply during distinct project phases. For example, you’ll need a specific budget for team member salaries throughout the entire project, but you may only need specific material during the last stage of your project timeline.  

People involved in the project: Identify exactly which team members will be involved in your project, including how many designers, developers, or managers you’ll need to execute every step. People are part of your project requirements because if you don’t have the team members you need, you won’t be able to complete the project on time. 

Project risks: Understanding your project risks is an important part of identifying project requirements. Use a risk register to determine which risks are of highest priority, such as stakeholder feedback, timeline delays, and lack of budget. Then, schedule a brainstorming session with your team to figure out how to prevent these risks.

Like SMART goals , your project requirements should be actionable, measurable, and quantifiable. Try to go into as much detail as possible when listing out your project budget, timeline, required resources, and team. 

Step 5: Get approval

Once you formalize your project requirements, you’ll need approval from stakeholders to ensure you’re meeting user needs. Encouraging clear communication can also prevent scope creep by ensuring your stakeholders know the limits of the project from the beginning. You can then proceed with your implementation plan , which may include acquiring resources and assembling a team. 

Step 6: Monitor progress

The last part of the process is monitoring the progress of your project . You can use project management software to track your project budget and other requirements as you move through project execution. The benefit of project management software is that you can see changes to your project in real-time and take immediate action when things go awry. 

Requirements gathering techniques

While the basic process of requirements gathering involves asking stakeholders for their input, sometimes stakeholders won’t know what’s best for a project. In those cases, you're responsible for gathering the information necessary to understand what your project requirements should be. 

To ensure you’re fully prepared for the project life cycle, you can use the following research techniques.

Questionnaires: Questionnaires can be beneficial if you need to ask stakeholders the same question across the board. Share the questionnaire with stakeholders in advance, and give them time to answer questions about project requirements, to ensure no one leaves anything out. While questionnaires can be valuable ways to gather requirements, they’re not very effective for executive stakeholders, who may be too busy to fill them out.

Use case scenarios: A use case scenario is a written description of how you think your team members will execute the project. These scenarios may include who’s involved in the project, what you expect them to do, and the steps they’ll take to accomplish your project goal. Sharing a use case scenario gives stakeholders a clear picture of the project roadmap and planned deliverables. Stakeholders then have something to respond to if the use case doesn’t meet their expectations.

Mind mapping: Mind mapping is a visual form of brainstorming that’s particularly helpful for assessing what project requirements you need. In the center of your mind map, place your main project objective . In bubbles branching off from the main objective, list categories of things you need. As the map continues to branch out, you can include more detailed with your requirements until you’ve captured all of your project requirements. 

Prototyping: Interviewing your stakeholders may not be successful if they don’t know exactly what they want out of the project. In that case, try creating prototypes to show stakeholders what the potential deliverable could look like. This can help your stakeholders define what they do and don’t like so you can identify the exact requirements you need to launch the project. 

If none of these techniques feel quite right, check out other online tools to also help you gather information, like an idea board , a focus group, user stories, or a decision matrix template .

Why is requirement gathering important?

Requirements gathering is more than beneficial for your project—it’s essential. Can you remember why the last unsuccessful project you handled didn’t go well? Did you run out of resources or go over budget? Did you underestimate the time you’d need to complete the project? These are project risks that you can prevent when you follow the requirements gathering process.

There are many benefits of requirements gathering, which include:

Improves stakeholder satisfaction: When you follow an effective requirements gathering process, you improve stakeholder satisfaction by providing more on-target project deliverables. Your stakeholders will be happy when they know what to expect with your project.

Increases project success rate: Requirements gathering also increases your project success rate because the more prepared you are for your upcoming project, the less likely you are to encounter project risks. 

Reduces project costs: Encountering project risks can lead to increased project costs. By avoiding these risks, you can reduce costs and stay within budget. You understandably don’t want to spend more money on a project than necessary, so this is a big benefit of requirements gathering. 

Streamline requirements gathering with project management software

Requirements gathering is an important part of project planning. Whether you’re interviewing stakeholders or performing other types of research to compile your list of project requirements, having project management software that can hold all your information and seamlessly move it into the next phase will go a long way. 

When your stakeholders and your team members share access, you can communicate and collaborate from project start to finish and reduce any chance of setbacks.  

Related resources

Data-driven decision making: A step-by-step guide

How Asana uses work management for employee onboarding

4 ways to establish roles and responsibilities for team success

Cost control: How to monitor project spending to increase profitability

Apply for Heating and Cooling Assistance (HEAP)

Need help paying your energy bill low-income new yorkers can apply for heating and cooling assistance under the home energy assistance program, or heap., to apply, make sure you have:.

• Proof of residency
• Recent pay stubs for all household members
• Photo ID/Identification for each household member

On this page

Eligibility, cooling assistance, what's related.

Please Note: The 2023-2024 Regular HEAP benefit closed April 12 2024 What is HEAP? The Home Energy Assistance Program (HEAP) helps low-income people pay the cost of heating their homes.

How does it work? If you are eligible, you may receive one regular HEAP benefit per season and could also be eligible for an emergency HEAP benefit if you are in impending danger of running out of fuel or having your utility service shut off.

Are HEAP benefits available year-round? No, the application period normally begins in early to mid-November and continues into the winter, until funding for the program runs out.

Does it matter what my home’s heating source is? HEAP may be able to help you if you heat your home with:

• Electricity
• Natural Gas
• Wood/Wood Pellets

Who is eligible to receive HEAP? You may be eligible if:

• You and the members of your household are U.S. citizens, U.S. non-citizen nationals or qualified non-citizens; and
• You provide a valid Social Security number for each household member; and
• You receive Supplemental Nutrition Assistance Program (SNAP) benefits, Temporary Assistance or Supplemental Security Income; or
• Your monthly household income is at or below the HEAP income guidelines.
• Own your home
• Pay for heat as part of your rent
• Have money in the bank, stocks, bonds or other resources

Learn more about current monthly income limits.

What is the Clean and Tune Benefit? The HEAP Clean and Tune benefit opened October 2, 2023. Eligible households can receive energy efficiency services, which includes the cleaning of primary heating equipment, but may also include chimney cleaning, minor repairs, installation of carbon monoxide detectors or programmable thermostats, if needed, to allow for the safe, proper and efficient operation of the heating equipment. Benefit amounts are based on the actual cost incurred to provide clean and tune services, up to a maximum of $500. No additional HEAP cash benefits are available.

Your household may be eligible a Heating Equipment Tune-up benefit if:

• You are the homeowner
• Your household’s gross monthly income is at or below the current income guidelines for your household size as posted on the following table
• Your primary heating equipment is more than 12 months old
• Your primary heating equipment or chimney has not been cleaned within the last 12 months
• You do not have a service contract with your vendor that includes clean and tune services

Your household eligibility requirements include filing an application with your local department of social services, providing all necessary documentation, and the household must reside in an eligible living situation.

Review additional requirements to determine if you’re eligible to apply.

Problem with your heating equipment? You may call your HEAP Local District Contact to apply for Heating Equipment Repair and Replacement benefits. The in-person interview and application requirement is temporarily suspended. The district will provide more information on how to submit the application and required documentation.

When HEAP season is open, you can apply for a Regular HEAP Benefit:

New York City residents - access.nyc.gov

Outside of New York City – myBenefits.ny.gov

In person: Both New York City residents and non-New York City residents can apply in person at your HEAP Local District Contact .

In writing / by mail: If you live outside New York City, print and mail the completed HEAP application to your HEAP Local District Contact . New York City residents can mail their application to: HRA/HEAP, PO Box 1401, Church Street Station, New York, NY 10008

Please note: The above processes are for Regular HEAP benefits only. If you are facing an emergency situation outside the regular HEAP season, both New York City and non-New York City residents can apply for Emergency HEAP Benefits at your HEAP Local District Contact. If you are eligible, a HEAP emergency benefit may be issued in addition to your regular HEAP benefit.

Ready to apply? Have with you:

• Rent receipt with address
• Copy of lease with address
• Water, sewer or tax bill
• Homeowner’s insurance policy
• Mortgage payment receipt
• Utility bill
• A current fuel or utility bill, or a statement from your landlord that your heat and/or utilities are included in your rent.
• Recent pay stubs to provide proof of total current monthly income for all household members.
• Driver’s license
• Birth certificate or baptismal certificate
• School records
• Paperwork documenting a disability for anyone in your household
• Remember to sign your name on page 5 of the HEAP application.
• If you qualify for HEAP you will be notified no later than 30 business days from the date the local district received your HEAP application.

You can apply for cooling assistance to buy and install an air conditioner or a fan for your home. Your household is allowed one or the other, and the price cannot be more than $800 with installation for a portable air conditioner, or fan, and not to exceed $1,000 for an existing wall sleeve unit. Like HEAP funding, cooling assistance funds are limited and are distributed on a first-come-first-served basis.

You must be a U.S. citizen or a qualified alien with a documented medical condition that is aggravated by heat. You must also meet certain income guidelines. Review additional requirements to determine if you’re eligible to apply.

The 2023-2024 Cooling Assistance benefit opened on April 15, 2024.

While the HEAP Cooling Assistance benefit is open you can apply:

Online: New York City residents - access.nyc.gov

By Phone: You may call your HEAP Local District Contact. The district will provide more information on eligibility, the application process, and required documentation.

In person: You may apply in person at your HEAP Local District Contact .

Call us Monday-Friday 9:00AM-5:00PM

Or contact your HEAP Local District Contact.

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Contact us by email:.

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Students are ordinarily subject to the curricular requirements outlined in the Bulletin in effect at the start of their current degree. See below for links to previous Bulletins (bulletins prior to 2013-2014 are in PDF format only).

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For problems accessing information on this website, please contact Teresa Sheppard .

Bachelor of Science in Business with a Concentration in Health Care Management

This program prepares students to fill administrative positions in various types of health care organizations, such as group practice clinics, nursing care facilities, hospitals, and managed care organizations. It imparts the managerial and technical knowledge and skills needed by managers who will be responsible for applying their expertise to managing either small health care organizations or departmental units within larger institutions.

Academic Advising

Your academic advisor is a critical partner in fostering your success at IU South Bend and beyond. Your advisor will help you explore academic majors and careers, plan your degree, choose classes, learn about internships and study abroad, and much more. To see who is assigned as your advisor, visit your Student Online Advising Record  in one.iu.edu . For more information about advising at IU South Bend, visit the website for the Undergraduate Advising Center .

Final responsibility for meeting degree requirements rests with the student.

Questions about advising? Email [email protected] or call (574) 520-4550.

Degree Requirements

Degree plan >>.

Students receiving the Bachelor of Science in Health Care Management must complete 120 total credit hours including:

• Judd Leighton School of Business and Economics Campuswide General Education Curriculum (33 cr.)
• Judd Leighton School of Business and Economics Additional Requirements (51 cr.)

Concentration Requirements (18 cr.)

Electives (18 cr.).

• A minimum of 30 credit hours at the 300– or 400–level.
• Courses required for the major must be completed with a grade of C or higher.
• A minimum CGPA of 2.0 is required.
• All courses are 3 credit hours, unless otherwise noted.

Junior and Senior Years

• BUS-H 320 Systems of Health Care Delivery
• BUS-H 352 Health Care Financial Management
• BUS-H 354 Economics of Health Care
• BUS-H 402 Hospital Organization and Management
• BUS-H 411 Management of Long-term Care Facilities
• BUS-Z 440 Personnel-Human Resource Management

Students will consult with an academic advisor for recommended electives.

• Minor in Health Care Management for Non-Business Majors >>

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Original text

In today's fast-paced business environment, staying connected is essential for effective communication, seamless operations, and accessing critical information. Finding a mobile plan that balances reliability and cost can be challenging.

A long expiry prepaid plan offers an appealing solution for budget-conscious businesses. This guide explores the benefits of these plans and how they can provide exceptional value and flexibility for your business connectivity needs.

Why Are Businesses Budget-Conscious?

Businesses often adopt a budget-conscious approach for several key reasons:

• Financial Stability : Companies that have experienced financial hardships or operate in volatile markets prioritize budgeting to maintain financial health and stability.
• Limited Resources : Small businesses and startups, in particular, need to manage limited resources carefully to ensure operational continuity and growth.
• Strategic Financial Goals : Achieving long-term objectives such as expansion, innovation, or debt retirement requires precise budgeting to allocate resources efficiently and monitor progress.
• Value Optimization : A focus on maximizing value for money drives businesses to be budget-conscious, ensuring that every expenditure contributes positively to the bottom line.
• Corporate Values : Organizations that emphasize sustainability and ethical practices often adopt budget-conscious strategies to align financial management with their core values.
• Risk Management : Concerns about financial instability or market fluctuations can motivate businesses to maintain strict budgets as a safeguard against potential risks.

Whether driven by financial strategy, operational needs, or corporate values, being budget-conscious allows businesses to manage their finances effectively, ensuring sustainability and growth within their means.

Understanding Long Expiry Prepaid Plans

As the name suggests, long expiry prepaid plans are mobile plans with an extended validity period. Unlike traditional prepaid plans, where users recharge their accounts every month, long expiry plans allow users to recharge less frequently, typically ranging from three months to a year or even longer, depending on the provider and plan chosen.

One of the primary advantages of long expiry prepaid plans is their cost-effectiveness. By committing to a longer-term recharge, users often benefit from discounted rates, bonus data, or other incentives service providers offer. This can translate to significant savings over time, especially for individuals who use their phones moderately and don't require frequent top-ups.

The Appeal for Budget-Conscious Users

For budget-conscious individuals, long expiry plans offer several compelling advantages:

Cost Savings 

Long expiry plans often come with lower per-month costs than monthly prepaid plans. Users can enjoy substantial savings over time by paying for a longer period upfront. This predictable expenditure is particularly attractive for those on tight budgets or fixed incomes.

Flexibility

Unlike postpaid plans that bind users to lengthy contracts, prepaid plans provide greater flexibility. Long expiry plans, in particular, offer the freedom to switch providers or plans without the hassle of early termination fees or contract obligations. This flexibility empowers users to adapt their plans according to their changing needs and circumstances.

Factors to Consider When Choosing a Long Expiry Prepaid Plan

Before you decide, it's crucial to consider several factors to ensure that you're getting the best value for your money.

Coverage and Network Quality

One of the primary considerations when selecting a long expiry prepaid plan is the coverage and network quality offered by the provider. While a plan may seem attractive regarding pricing and features, ensuring reliable coverage in your area is essential. 

There's no point in opting for a cost-effective plan if it compromises connectivity and performance. Before deciding, check coverage maps and inquire with other users in your area about their experience with the provider's network.

Data and Usage Requirements

Another important factor is your data, talk time, and SMS usage requirements. Evaluate your usage patterns and determine how much data, talk time, and SMS you need regularly. 

Choosing a plan that aligns with your usage patterns can help you avoid paying for unused services. Some providers offer customizable plans where you can select the amount of data, talk time, and SMS you need each month, allowing you to tailor the plan to your specific requirements.

Validity Period

Long-expiry prepaid plans come with varying validity periods, ranging from a few months to a year or more. When selecting a plan, consider your budget cycle and usage frequency to choose a plan with an appropriate validity period. If you're someone who doesn't use your phone frequently, opting for a plan with a longer validity period can help you save money in the long run by avoiding monthly recharges. 

On the other hand, if you're a heavy user who requires a large amount of data and talk time, you may prefer a shorter validity period that offers more flexibility and allows you to adjust your usage as needed.

Additional Charges

Read the terms and conditions carefully and inquire about any additional fees or charges that may apply to the plan you're considering. By understanding the complete cost structure, you can avoid surprises and decide whether the plan offers good value for your money.

Customer Service and Support

Lastly, when choosing a prepaid plan, consider the level of customer service and support the provider provides. Opt for a provider known for its excellent customer service and responsive support channels. 

In case of any issues or queries, prompt assistance can make a significant difference in resolving them efficiently. Look for reviews and ratings from other customers to gauge the provider's reputation for customer service and support before deciding.

Final Thoughts

Long expiry prepaid plans represent a practical and cost-effective solution for budget-conscious users seeking reliable mobile connectivity without breaking the bank. As the telecommunications industry continues to evolve, consumers are presented with various choices, making it imperative to conduct thorough research and comparison before committing to a plan. 

Users can make informed decisions that align with their budget and lifestyle by carefully considering factors such as coverage, data requirements, validity period, and additional fees

Copyright © 2024 SCORE Association, SCORE.org

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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Everest Group has recognized Capgemini as a Leader in Connected Product Engineering Services PEAK Matrix® Assessment 2024

Capgemini has been positioned as a leader in everest group’s connected product engineering services peak matrix® assessment 2024 with the highest rating in vision and capability..

The engineering sector is undergoing a digital revolution, with companies investing in advanced technologies like AI, AR/VR, 5G, blockchain, IoT, and cybersecurity to upgrade physical products into smart, autonomous systems. This investment aims to meet evolving customer expectations and enhance user experiences. The fast-paced innovation in this field necessitates strong partnerships to help businesses quickly bring their products to market. Engineering service providers are expanding their expertise to leverage data from connected devices and integrate multiple technologies, thereby developing sophisticated digital products.

This research is the first edition of Everest Group’s Connected Product Engineering Services PEAK Matrix® Assessment 2024, wherein they have presented an assessment of 21 engineering service providers featured on the PEAK Matrix®, along with the sourcing considerations for enterprises.

Key Strengths which made Capgemini stand as a Leader according to Everest Group:

• Capgemini is enhancing its expertise in engineering services for connected products by investing in emerging technologies such as Multi-access Edge Computing (MEC), the industrial metaverse, General AI, edge AI, and 5G Non-terrestrial networks (NTN).
• By making strategic investments, the company has established a robust network of partnerships, laboratories, and innovation hubs. Simultaneously, it has concentrated its investments on enhancing the skills of its employees through various certifications and Centers of Excellence (CoEs).
• Capgemini has crafted a suite of solutions that focus on smart products for edge devices, data-centric operations, device management platforms, and the incorporation of generative AI into research and development, all aimed at enhancing its offerings in connected product engineering services.
• Capgemini maintains a well-distributed delivery network that spans onshore, nearshore, and offshore areas, facilitating close client engagement and smooth service execution.
• The company showcases flexibility in commercial constructs and leverages innovative pricing models such as outcome-based in client engagements.

“Capgemini, with services spanning across the value chain of connected product engineering, has strengthened its play over the years via investments in multiple next generation technology labs, talent, a robust partner ecosystem, and strategic acquisitions. It places significant emphasis on enhancing its capabilities by focusing on technologies such as generative AI, edge, IoT, cloud, non-terrestrial networks, and connectivity such as 5G and wireless.” “Clients appreciate Capgemini for its technical, project management skills, innovative commercial constructs, flexibility, and capabilities in next-generation technology. These factors have contributed to Capgemini emerging as a Leader in Everest Group’s Connected Product Engineering Services PEAK Matrix® Assessment 2024.” Nishant Udupa, Practice Director at Everest Group

“The market for connected product engineering services is poised for significant growth, expected to reach USD 1,510 billion by 2027. This expansion is driven by advancements in AI, IoT, and smart manufacturing. Strategic investments and the integration of cutting-edge technologies by companies are driving this transformation, not only in the products and service themselves but also in the associated engineering processes.” “At Capgemini, we foresee a future where connected products not only enhance convenience for customers, supported by strong data privacy and security frameworks, but also open new business opportunities for companies embracing the pace of change. We are excited to be recognized as leaders in this PEAK Matrix®, which validates our vision and capabilities in our strategy for Intelligent Industry and Intelligent Products and services.” Nicolas Rousseau, EVP, Chief Digital Engineering & Manufacturing Officer at Capgemini Engineering

About Capgemini

Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.

Get The Future You Want |  www.capgemini.com