Estimate Activity Resources Process in Project Management

Table of Contents:

1. Introduction
2. What is an Estimate Activity Resource?
3. Estimate Activity Resources Process
4. 10 Steps Involved in Estimate Activity Resource Process
5. The Goal of Estimate Activity Resources Process
6. Conclusion

Introduction

In the present technically determined world, organizations big or small embrace projects that should be performed and delivered under specific requirements. Resources are a requirement that the project management team should consider using effectively. It can be the main driving force in deciding the future of a project. In this manner, one can certainly detect the requirement for resource estimating processes and methods to guarantee that a project can be feasible. What are the areas of focus and the output of estimated activity resources that make it crucial while managing a project? With the impact of activity resource estimating, how do organizations organize with different methods?

Let’s look into the procedure and objectives of the process and goals of estimate activity resources in project management.

What is an Estimate Activity Resource?

Estimating activity resources is a process that helps the project team in assessing the nature and number of material, HR, tools, or supplies that is required for the project. One of the advantages of this process is that it identifies the type, quality, and attributes of the resources that are expected to finish a particular activity. Also, this will likewise allow the cost and duration estimation in a precise manner. This process is performed periodically throughout the project management lifecycle as and when needed.

Estimate Activity Resources Process

Resources are one of the essential tools for the project and choosing the resource prerequisites leads to successful project management. The process of estimating activity resources is a fundamental part of developing the project.

The below illustration shows the Estimate Activity Resources data flow diagram of Estimating the Activity Resources:

The estimate activity resources process provides a link that is created between the term of activity and the aggregate work effort required to finish the work. It is vital to reflect the duration of the estimated activity that is continuously proportional to the work effort. The distinctive estimation of the length of the projects is estimated in days and the project team’s effort put in hours.

The estimate activity resources process gives a link that is generated between the term of activity and the total work effort required to complete the work. It is vital to reflect on the term of the activity that is ceaselessly relative to the effort you put in while working on a project.

10 Steps Involved in Estimate Activity Resource Process

Estimating activity resources is a critical process in project management that involves determining the types and quantities of resources required to perform each activity within a project. Here are the 10 steps typically involved in this process:

1. Reviewing Resource Availability

As a project needs relevant and quality resources, the team needs to consider the availability of the resources as planned during the estimated activity resources process and outsource the required resources. This step involves checking the availability of resources against the project timeline and identifying gaps. It ensures the right resources are available when needed, preventing delays and ensuring smooth project execution.

2. Reviewing WBS and Activity List

Since activity resources will be assessed for the project’s activities, which are components of the Work Breakdown Structure (WBS) and activity list, it is essential to audit both the WBS and the activity list. This audit helps ensure that all activities are accurately defined and the resource requirements are clear. It also helps identify discrepancies or missing elements that could impact resource estimation.

3. Identifying Potentially Available Resources

If it is possible to allot who will complete a specific project management activity, these must be recognized during the estimate activity resources process. Identifying specific team members or external resources who are available and capable of completing the tasks ensures that the project plan is realistic and achievable. This step also helps in resource allocation and scheduling.

4. Reviewing Historical Data about Reuse of Resources

If there were a project similar to the one in the organization, it would be extremely valuable for you to check what resources have been utilized since you will most likely use similar resources in your project. Reviewing historical data provides insights into resource utilization patterns and helps make informed decisions about resource allocation based on past experiences.

5. Reviewing Organizational Policies on Resource Usage

There may be policies and rules on the best way to ask for a resource, how to assign a project, how to monitor, and so on. Utilizing relevant tools that help monitor project phases, assigning activities to project team members, and time reporting are hierarchical approaches to resource usage that must be pursued during the estimated activity resources process. Understanding and adhering to these policies ensures compliance and efficient resource management.

6. Expert Judgment on What Resources are Needed and Available

Based on the project activities, the skills and experience that must be looked at in the candidates to be a part of the project team can be acquired from subject matter experts. Furthermore, the outputs of the experts will direct you to the most proficient method to form a project team. Expert judgment provides valuable insights into resource requirements and helps identify the best candidates for specific tasks.

7. Make or Buy Decisions During The Process

As a project team might need specific resources for a particular project and they are not utilized for any other projects within the organization, it would be wise to lease the particular resource. This step involves evaluating whether it is more cost-effective to procure resources internally or externally and making informed decisions about resource acquisition.

8. Breaking Down the Complex Activity to Estimate

Although WBS and an activity list have been created, a few tasks may still be too large to estimate. For this situation, a further task breakdown should be possible throughout the estimation process. Breaking down complex activities into smaller, more manageable tasks ensures more accurate resource estimation and better project control.

9. Quantify Resource Requirements By Activity

Suppose you are dealing with projects and realize you will require analysts, engineers, testers, etc. Do you know the exact number of resources you need for different job roles? The process will evaluate resource necessities by activity. Quantifying resource requirements ensures that each activity has the necessary resources allocated to it, facilitating efficient project execution.

10. Update Project Documents

As in numerous other processes, activities done in the estimate activity resources process require updating project archives. Keeping project documents updated with the latest resource estimates and allocations ensures transparency and keeps all stakeholders informed. This step is crucial for maintaining project records and ensuring accurate resource utilization tracking.

What Does the Process of Estimating Activity Resources Aim to do?

Estimating the Activity Resources assists the project management team to categorize the type, quantity, and characteristics of resources that are required to complete the activity which allows for more accurate cost and duration estimates.

For project managers to decide on the estimated activity resources, it is imperative to scrutinize the activity list such as schedule management list, resource calendars, hierarchical process resources, and endeavor ecological elements to name a few examples. Viable estimation of activity resources can prompt the identification of the activity resource prerequisites and resource breakdown structure. It can likewise create updates on the project documents.

The practical usage of activity resource estimates will help guarantee that enough resources are procured without squandering and excessive expenditure.

Conclusion

Estimating Activity Resources is an essential foundation for managing a project and should be appropriately integrated among other management activities. The capability of the project manager to evaluate the resources of the activity is exceptionally critical. Also, it will likewise permit one to figure out expenses precisely as well as duration estimates. Estimating activity resources will additionally influence the costing procedure of the project life cycle. Learn about more such processes and activities with PMP certification training, and master the skills and best practices to manage projects efficiently.