What is resource allocation?
Resource allocation is the method of defining and organizing the resources your team needs to make your project a success. It’s a lot like orchestrating a symphony – but instead of instruments, you’re harmonizing people, materials, and tools. As a project manager, allocating resources in advance helps you to:
Fully utilize available resources and reduce waste.
Identify resourcing gaps before they become a problem.
Ensure team and departmental workflows run smoothly.
It also helps your team members to:
Understand their key responsibilities and priority tasks in a project.
Collaborate effectively to achieve shared goals and objectives.
Only with resources properly allocated and tracked can you deliver your project on time and on budget. Successful resource allocation and planning means greater ROI – and better project outcomes overall.
When to use the resource allocation template?
The resource allocation plan template is perfect if your organization is:
Transitioning from analog to digital workflows, and in need of fast adoption and onboarding.
Creating accountability and transparency among remote or async working structures.
Looking for efficient methods to share high volumes of tasks, notes, visuals, and documents.
Implementing security and compliance protocols without paying for excessive security measures.
It can be used and adapted for a range of industries and workflows. For example, if you’re in healthcare manufacturing, you might be working with many stakeholders on your project to get it out the door. This could include team members, regulatory bodies and distributors. You can allocate and plan these resources centrally so it’s clear what needs to be done, when, and by whom – and keep your project timeline on track. But no matter if you’re in manufacturing, banking, government or any other industry, you can benefit from clear and centralized resource allocation in MeisterTask.
How to use the resource allocation plan template
The resource allocation plan template helps you to tag and organize your resources into 4 designated categories: available resources, pending allocation, allocated resources, and review.
Use the template to tag specific team members and pieces of equipment that are necessary to complete the project. You can even assign workflow statuses using the tags full-time, part-time, or contract to allocate the required time to complete each task in the project.
Step 1: Create your tasks
To get started, create a task for each resource (person, machine, or material). Do this by clicking the + icon in any project section. Want to quickly list all of your resources before you organize them? Create them in “Available resources” first and move them to the correct section later on. When you’re ready, you can simply drag and drop your task from one section of the board to another.
Step 2: Add task details
In each task, add relevant details such as skills, availability, or any other information that will impact how the resource will be used.
Update the cards as needed with information about the prospective projects and allocation dates. You can include this information in the task description. As resources are assigned to upcoming projects, drag and drop your tasks to the pending allocation column.
Step 3: Allocate your resources
To allocate your resources:
Assign a resource to a specific project and move its card to the allocated resources’ column.
Update the task with project details, including start dates and expected duration of assignment.
Periodically review the resources in the allocated resources and review columns to ensure they are being used efficiently.
Step 4: Monitor and adjust your resources as needed
Keep an eye on how resources are used and how they contribute to the project goal. You can adjust assignments based on:
Project performance and needs
Resource availability
New information about your resources
For example, you might find that a team member has learned how to use a certain software that makes them invaluable for a project different to the one they’re currently assigned to. Or you might realize a venue you’ve booked is no longer a fit for the event you’re planning. To keep track of this on the board:
Move resources that require adjustments or are no longer required for their current projects to the review column.
Determine whether to reassign these resources or return them to the pool of available resources.
Use this information to inform future resource allocation.
Step 5: Refine and optimize the process
Encourage team members to provide feedback on resource utilization.
Generate regular reports to analyze how resources are allocated and utilized, identifying areas for improvement.
Based on feedback and performance data, refine the workflow. Consider adding new columns or rules as needed to address specific challenges or opportunities.
