Project management is all about managing tasks carefully. Project management gained popularity in the last few decades due to its effectiveness as it helps the organizations to generate extra revenues and complete the tasks within given time. Project managers take salary for managing resources and time from the start till the end of the project.
Although, there are a lot of things to take care of in project management but resource allocation and time management are the two main tools or you may say building blocks without which it is simply impossible to complete the project successfully.
Why Resource Allocation is so important in Project Management?
By the word resources, I am referring to all the resources required for a project such as financial resources, natural resources, human resources, etc. Resource allocation involves the planning of all the resources required for the project. It helps you to utilize only that much resources which are required. We all know that economy is going down these days which have resulted in a tough competition especially with regard to financial resources. The operating cost of doing business has increased. Companies have limited budget for projects so there is no margin for you to waste or misuse any material.
Project managers have to work in limited or even tight budgets. Everyone can perform well within huge budgets but only a professional and experienced project manager can manage to work in every situation. If you do resource allocation efficiently then it means your half project is already completed as resource allocation is the most important yet difficult part of project management. Being a project manager, you should know its importance so that you may not do any mistake while allocating the resources. One simple tip is to make the list of all the resources needed for project and then shortlist them to select only those which are most important.
Significance of Time Management in Project Management
Time management is yet another important part of project management. 80% of the total projects offer you minimum timeline for the completion and this is where your competence is judged. You have to divide all the tasks on daily manner in order to complete the project within given time. Delay in the completion of project may affect your goodwill no matter what is the reason of delay so try your best to manage work within given time. You may use various tools such as critical path method to select the shortest path for completing every task. You should not waste even a single second. I have one tip for you. Never ever set the project completion date same as that given by your boss, always set it 2 to 3 days before that day so that you can meet the deadline even if any problems comes your way during the project.
Now when you have realized the importance of resource allocation and time management in project management then you must adopt it in your next projects to achieve customer satisfaction.