What Are the Types of Resources in Project Management?

The global project management software market reached a size of $6 billion in 2021.

There’s a lot involved in project management, so it takes plenty of skill and knowledge to be able to do things right. Software can be very helpful, but you still need to understand the different types of resources in project management. These are what you’ll have at your disposal throughout a project so that you can complete it as needed.

So what are the resources for a project? Keep reading to find out.

Services

In most cases, third parties will be needed for specific project activities. They can provide certain services that you don’t have in-house.

It’s important to find suitable companies to work with to ensure they can meet the needs of your project. You should perform a cost/time calculation to determine if a service is worth what it costs instead of hiring an in-house team for the task.

Labor

This is one of the most obvious examples of resources in project management. The labor is provided by the employees involved in a project, and it’s what makes everything happen.

You should know the roles and skills of everyone on your team so that you can assign tasks and manage other project resources effectively. You also need to take into account other responsibilities that staff may have so that you don’t overload them.

Equipment

This includes various physical items that you’ll use throughout the project. Some typical examples are computers, telephones, chairs, and other office items. These are usually used across multiple projects, so good resource planning can ensure your company has everything it needs for upcoming projects in advance.

Your company is likely to grow, however, so occasionally you’ll need to assess your equipment and buy more. You should have a budget set aside for this, and take into account that all equipment has a limited lifespan.

Materials

These are consumable resources that you’ll use up throughout the project. They vary depending on the industry. Screws, timber, and cement, for example, are consumables in construction.

You should assess your project early on to determine what materials you’ll need, and in what quantities. If you start running low on anything earlier than expected, you may need to invest in more.

Money

One of the most important aspects of project resource management is ensuring you can complete the project within a specified budget. You’ll need it to pay for all other resources, and if you run out it could prevent you from completing the project. Look at your budget at the start so that you can plan everything out.

Space

In most cases, you’ll already have the space required. Your need for space might change throughout the project, however, so plan things out to ensure you have enough before getting started. You can save on space by hiring remote staff as they won’t need to work on-site.

Time

Time is one of the most vital resources, and it’s dependent on all the others. Increasing other resources can help speed up various processes, effectively giving you more time. Efficient project management means getting things done within the time frame required without having to overspend on other resources.

Using Different Types of Resources in Project Management

Dealing with all these types of resources in project management effectively can be quite tricky. WorkOtter is a leading SaaS project, resource, and portfolio management solution. We’ve helped organizations all over the world manage projects and reach their goals.

You can request a demo to try out our services today.