Planning a project can feel like putting the pieces of an ever-changing puzzle into place. With so many moving parts, you need visibility and actionable information to make the best decisions for your team. An effective resource allocation plan is your solution.
A resource allocation plan is a strategic outline of all the resources required to complete a project. It helps you direct people, money, and skills where they are needed most. Proper resource planning is the key to efficient, effective, and consistent project success.
What is a Resource Allocation Plan?
A resource allocation plan is an organized overview of all the resources needed to complete a project. It serves as a guide for your team and lets people know who will be working on what, when, and with who. With so many moving pieces and shifting resources to manage, it’s not always easy to keep your ducks in a row.
It’s common for teams to use specialized resource allocation software or a PPM tool with collaborative capabilities to keep their people organized and on track. Having the ability to make actionable, adaptable resource allocation plans helps teams deliver projects on time and within budget.
Why Create a Resource Plan?
Without a resource plan, there is no project plan. Creating and managing a resource allocation plan is an essential PMO operation. This is largely a human resources concern, as your team members and their skills are what will get the project done. Knowing who will be working on what and the level of support they need is how you meet project goals on time with the right results.
Key Features of Resource Allocation Plans
The goal of a resource allocation plan is to identify what tools and skills you have at your disposal and how to best put them to use. While a plan will mainly rely on your labor force’s skills and schedules, it should also account for budget, equipment, materials, and other project needs.
Mastering resource management means understanding and monitoring the key elements of a resource allocation plan:
- People: Your workforce is your most important resource. You should know who can work on what projects and when they are available.
- Skills: Understanding your team members’ strengths and weaknesses will help you match talent to tasks.
- Capacity, Utilization, and Availability: Have a realistic idea of the total capacity of your team, how they can apply their skills across teams, and how much work you can put on their plate.
- Data: The data collected from past and ongoing projects will help you make decisions and plan for the future.
- Forecasting: Using the data you collect to make informed assessments about the road ahead is the key to allocating resources effectively.
- Time and Budget: A resource plan should include the overall budget and breakdown, as well as time estimates for tasks and the project as a whole.
How to Build a Resource Allocation Plan in 5 Steps
Building a resource allocation plan means balancing the needs of a project with the availability of people, time, and tools. The plan should be actionable and adaptable, giving you a big-picture view of the entire project while leaving room for adjustments when needed. Here are the five steps to building an effective plan:
Step 1: Identify your resources.
You can’t make a plan until you know what tools you have at your disposal. Determine what level of skills, expertise, or subject matter knowledge may be necessary for a given project. This requires you to understand your team members’ experience and strengths so you can match them with the right project or task.
Step 2: Determine project needs.
Make a list of all the project requirements, from software tools and subject matter experts to workspace and time. Once you have a clear picture of what the project requires, you can get all of your resources in the right place.
Step 3: Create a test resource allocation map.
Match available resources to your list of project needs to create a plan that will guide your team.
Before you begin, consult with team members and relevant stakeholders so you can make adjustments where necessary. Determine the availability of resources so that you know when and how to assign them.
Step 4: Identify potential risks or areas of need.
Look for potential obstacles or areas of concern down the road. If a task or project element poses a specific concern, or if your team is running low on time and resources, see how you can make adjustments or get extra support to set your team up for success.
Step 5: Monitor and make adjustments.
Your resource allocation plan shouldn’t be set in stone. Controlling the flow of resources means staying flexible and fluid, managing issues as they arise, and adapting as needed. Some resources may need reallocating to higher-priority projects, or they might free up sooner than you expected. Always monitor resource utilization so you can adjust appropriately.
Simplify Resource Allocation with Purpose-Built Software
Drawing a clear map is the first step in getting where you want to go. Creating a detailed resource allocation plan will help you divide and deliver, generating success by ensuring projects and people have the support they need when they need it. Understanding the core elements of a competent resource plan is crucial for creating a resilient and workable project plan.
Strategic resource planning means keeping your eye on more than one ball at a time, and losing track could spell disaster for you and your team. Resource management PPM software is the favorite weapon for many PMOs looking to tackle projects, organize teams, and navigate tasks all at once. Keep the resource data you need at your fingertips with real-time reports and generate forecasts with confidence thanks to integrated analysis tools.
A tool for managing your resources might just be the most useful resource of all. See how Sciforma’s custom software solutions can empower your team and transform the way you select, plan, and manage your projects. Schedule a demo now to learn more and discover what’s possible when you have the best tech on your side.
