What are the top Resource Metrics that drive project success

Category: Education

Presentation Description

As understood in the project management courses, these are the tracking resource metrics are most important for a project's success.


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120 Matheson Boulevard East Suite 203 Mississauga ON Canada L4Z 1X1 Website: https://www.educationedge.ca As understood in the project management courses these are the tracking resource metrics are most important for a projects success. Track These 4 Resource Metrics  Resource utilization rate When compared to their overall availability or capacity resource utilisation indicates how efficiently resources are used. As a project manager you must optimise your resources in order to generate revenue or achieve the desired return on investment return on investment. Resource management software can help you assess your project teams overall productivity and determine if non-billable activities are taking up too much time. If thats the case you can take the necessary steps to turn them into billable work. With a complete picture of the usage rate you can allocate jobs evenly and prevent team members from being overworked or underworked.  Forecast vs. actual time The difference between the time projected for completing a projects job and the actual time spent is known as forecast vs. actual time. You can notice any occasions where resources surpass the initial projections by tracking this difference in real time. You can look into why the variance occurred such as scope creep decreased productivity or a lack of resources. You can take appropriate corrective measures to alleviate delays and avoid project disruptions. For example if a resource shortage is the cause you can ask the resource manager for more resources with the necessary skills or communicate with HR to hire always keeping the project budget in mind.  Resource cost variance As understood in the project management courses the discrepancy between projected and actual resource costs is known as resource cost variation. This variance can provide you a clear picture of the projects profitability and margins if you keep track of it. Forecast vs. real financial data on a resource management platform will help you keep track of and regulate the projects budget. You may locate cost-effective global resources for your project by recording resource-related information on a unified platform. Regularly review this report and take proactive steps to avoid project budget overruns.  Estimated vs. actual resources in use The discrepancy between the anticipated number of resources and the actual number used on a project is known as estimated vs. actual resources in use. For example you estimated four resources

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for a work but you ended up hiring two additional during the projects duration to complete the same task. As a result project costs may rise putting a strain on your budget. Inaccurate resource forecasts disorganised resource procurement workflow sub-optimal resource utilisation and other factors contribute to this type of volatility. Analysing the difference between estimated and actual resources may aid you in developing future resource plans for comparable projects and improving your long-term planning. Need more insights on the same Enrol in a Project Management or business analysis certification course today