Project management trends are changing at a rapid pace. However, what remains constant is the need for resource analysis to ensure the success of the projects. Without proper analysis, coming up with a plan and tracking performance isn't easy. In this article, you will get to understand resource analysis better and gain insights into doing it the right way. Let's explore!

What Do You Mean by Resource Analysis? 

Resource analysis is undoubtedly an important step in any project. It refers to the process of identifying the resources required to achieve the project goals and determining the availability of those resources. It allows the project managers to effectively bridge the gap between the resources at hand and the ways they are utilised. It helps in the successful planning and scheduling of resources. 

Resource analysis can provide you with a clear picture of the duration and cost of the project. Moreover, it can also help you understand the number of employees available and the number of employees required for a specific project. 

Vital Steps to Perform Resource Analysis

Are you wondering how to perform resource analysis? Below are the important steps involved.

• Analyse Resource Pool

Resource analysis starts with the analysis of your resource pool. All you need to do is check the availability of your resources. Take into account the days off, vacations, and other unforeseen situations. Also, make sure that none of your resources are getting overburdened. 

Apart from the availability, you also need to gain insights into the location, preferences, and skillsets of your resources. It can help you optimise all your resources effectively.

• Compare the Capacity of Resources with Workload 

The next step in the resource analysis process is to compare the capacity of individuals with the assigned workload. Overbooking your resources can affect not only their productivity but also your project's success. Moreover, it also leads to dissatisfaction among the employees, resulting in high attrition. To avoid all such circumstances, it is best to compare the capacity and workload of employees.

• Consider the Utilisation Rates

When conducting resource analysis, it is important to ensure a high utilisation rate. That is why you need to determine how many hours of work are actually billable and the amount of work that is non-billable. Make sure to optimise your resources to reach the desired level of resource utilization. 

• Focus on Scenario Planning

When performing resource analysis, it is important to take into account all the what-if situations. Unforeseen situations can affect your schedule significantly. Therefore, project managers must be prepared for it. Scenario planning will enable you to be more responsive and handle situations better. It ensures minimal impact on the project.

Conclusion

Resource analysis may seem quite challenging initially. However, once you are well aware of the steps involved, it will be simple and easy. Leveraging resource planning software can make the task of resource analysis faster. 77% of projects use appropriate project management software to increase their chances of success. So, if you are looking for genuine resource management software, eResource Scheduler is the best option. Start using the tool and experience the ease of performing resource analysis.