The common reason why most projects get delayed is that project managers do not have enough insights into the true availability of their resources or the time it will take to complete a certain task or assignment. Project management involves a lot of things, from communication and estimation skills, strategic planning, risk assessment, quality control and assurance, resource allocation, data analysis, and assessment to maintaining a positive outlook and keeping appropriate communication with the clients.
FREE 10+ Resource Tracking Samples & Templates
1. Resource Tracking Template
2. Immunization Resource Tracking Sample
3. Resource Tracking Planning Template
4. Health Resource Tracking Template
5. Electronic Resource Tracking
6. Sample Resource Tracking Format
7. Financial Resources Tracking Sample
8. Resource Tracking for Health Funds
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10. Basic Resource Tracking
11. Simple Resource Tracking Template
What is Resource Tracking?
Resource tracking is a project management tool and a type of data analysis that companies or organizations perform to determine and understand the methods and how well they are utilizing their resources. This tool is also used to monitor the work that each resource accomplishes as well as to monitor what their team members were investing their time during the entire project. Tracking enables companies to get a view of their employees’ workload, establish time management, or determine whether to hire additional manpower or not.
How to Perform Resource Tracking
Companies utilize resource tracking software to determine the workloads of their employees, scheduling of resources, the effectiveness of the resources, and whether to hire freelances by providing them essential information on the utilization of resources, projects that the employees are working on, and what tasks they are allocating their time in. With this, companies can prevent fatigue, come up with better estimations for future projects, and more detailed communication with clients.
Step 1: Determine the Resource’s Availability
Before starting, determine first what are your available resources. For your human resources, determine the skills they possess, how many of them have the skills that fit your project requirements, and how long are they available to participate in the project. Once you have a clear understanding of who you are working with, you can now allocate those resources.
Step 2: Identify the Project Scope
Give your team the time to understand the project scope and its various aspects. The project’s scope of work can include business goals and milestones, roles and responsibilities of everyone involved, duration, expectations, constraints, and possible risks.
Step 3: Categorize Tasks and Match Them with Your Resources
Once you have a complete understanding of the project, categorize it into tasks and assign them to the appropriate resources. Include the tasks’ duration, deadline, the person responsible for the tasks, skills required, and location.
Step 4: Track Time and Resource Utilization
Track the time by creating a realistic timeframe for your project, tracking the progress, and making sure that the tasks are completed on schedule. Then, track your resource utilization which also helps in maximizing your team’s productivity.
What are the benefits of effective resource allocation?
With a good resource allocation, you can observe significant cost reduction, achieve the best outcome with your existing resources, easier management of multiple projects, maximize productivity, and eliminate possible risks.
What are the advantages of using resource tracking?
With resource tracking, you can conduct employee performance evaluations for your team members, increase the effectiveness of your strategic action plans, artificially enhance your capacity, and improve communication with clients.
How does resource tracking help in risk management?
Resource tracking software can help you manage risks by providing assistance in your resource and project planning stage, project development or implementation phase, acting as a central data repository, offering real-time dashboard tools, and allowing you to view actual resource workload, tracking time and costs with timesheets, and helping with tasks related to the project closure phase.
Businesses and organizations can utilize different kinds of resources such as people, equipment or machinery, materials, facilities, money, and time. Resource tracking is a procedure that companies perform to better understand how well they allocate and utilize their resources. With this procedure, companies can improve their project pricing, decide which of their projects provides more value, and improve their accountability and transparency.
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