How can you manage limited resources when creating a project schedule?

Managing resources is very critical aspect of project management. 5 ways of maximizing impact from limited resources are: 1. Resource Mapping: Includes HR, equipment, materials, supplies & other essential and non-essential assets for project's success 2. Resource Availability: Consider factors OF availability & unavailability during program management 3. Resource Prioritization & allocation: Identify critical resources for prioritization, & allocation their delays can become a bottleneck in project 4. Resource Tracking: Monitor & track usage of resources for actual consumption vrs initially planned 5. Risk Management: Place risk mitigation strategies to address unexpected challenges in context of resource availability & accesibility

I believe that by identifying the Critical Path, - i.e. which activities are essential for the delivery of meaningful outcomes or benefit realization - the project manager will be able to allocate resources to those essential priorities. A right assessment of resource qualifications and capabilities against project requirements will help place the right resource and decide on resource development interventions where and if necessary.

By far, this is the most important step. Knowing what you want is the only way to be able to set measurements to know whether you actually did what you set out to do. Defining your scope is also a continuous process that applies to your requirements list. Elon Musk has called this his most important management principle: knowing your goal allows you to iteratively delete requirements, and this becomes more important the better your team is because smart people tend to optimize a solution without questioning whether it is even the right problem to solve.

In my experience as the project manager for TEDx Langara College in 2019, I encountered this challenge and was able to overcome it while meeting the quality criteria set by TED. In this case, ensuring a precise scope of the event was crucial. This included determining the event's theme, target audience, content, speakers, logistics, etc. That way, I was able to allocate my limited resources based on what is necessary to meet these goals. I also looked for opportunities to optimize resource utilization, involving cross-training team members to handle multiple tasks, leveraging technology to automate certain processes, or negotiating with suppliers. By using resources efficiently, I got the most out of the limited resources available.

Not all tasks have the same importance or impact. Prioritize based on the Pareto principle (80/20 rule) – 80% of the value of a project can often come from 20% of the tasks. Focus on these value-bringing tasks first to ensure the project delivers the maximum benefit with the available resources.

Estimating resource requirements can be done while creating first draft of WBS. It is here that you realize that you are short of resources. 2 things you can do- 1. For a project/waterfall project: you've got to control scope vs time with limited resources. 2. For an agile project: Start with must have parts of the product during initial iterations. (Gradually get stakeholder approval for incremental good to have changes) Note: Think Resource directly proportional to Cost/Budget. The fact that you are short on resources says that you do not have that budget to get more (An alternative could be that you need to subcontract work items if you have the budget and getting own resources is difficut)

The essence of project management lies in the meticulous art of resource estimation. The TEDx Langara College experience underlines its significance, illustrating that precise estimation is not just a necessity but an art form. When the methods of estimation are adeptly applied, project execution reveals a masterpiece, delivering success within the defined constraints. The TEDx Langara College is a testament to the methods and factors that resonate in the world of project management. The scarcity and high demand for quality speakers were balanced against the availability of equipment and the team's proficiency. It's complexity and uncertainty were acknowledged and navigated, allowing for an event that was as resilient as it was vibrant.

Before estimating the resources it is crucial we create the work breakdown structure which is essential to make complex tasks simpler and smaller. Following that, second most important step is creating a resource management plan. It will be guided by for project team showing what resources need for each tasks defined, is it internal or external, costs and materials in details. While preparing the plan it is crucial to review historical data to anticipate needs.

Estimating resource requirements involves predicting the amount of time, money, personnel, equipment, and materials needed for each task in a project. This estimation helps in allocating resources effectively, preventing overcommitment, and ensuring the project stays within budget and timeline constraints. Using historical data, expert judgment, and project management software can assist in making accurate resource estimates.

Prioritizing and optimizing resource allocation is essential to manage limited resources efficiently. By identifying critical tasks and allocating resources to them first, you ensure that essential project objectives are met. Consider task dependencies and adjust resource allocation to avoid bottlenecks. Regularly monitor resource usage, make adjustments as necessary, and be flexible to adapt to changing project conditions. Collaboration and communication with team members play a crucial role in achieving optimal resource allocation while maintaining project schedules and goals.

I can’t stress enough how much basics in PM matter. And communication is such important element in cross departmental projects. When change is made, no matter how minor, it is necessary to assess impact on other project contributors. Different departments are focused have different views and perspectives. A simple note like this can save you from misunderstandings: “Hi everyone, we have to make an unplanned adjustment on XY. If this is something that affects your work stream significantly, please let is know by 3pm on Thursday. Otherwise, we will proceed with the implementation.”

The "Adaptive Resource Re-calibration" idea is like a flexible game plan for using your resources in a project. Instead of just sticking to an initial plan, you keep checking and adjusting as you go along. It's like continuously tweaking your strategy during a game based on what's happening on the field. This way, if something unexpected comes up or if you see a better way to use your resources, you can adjust quickly and make the most of what you have.

Monitoring and controlling resource usage is critical to ensure that resources are allocated efficiently in line with the project schedule and objectives. This involves tracking resource consumption, comparing it to the plan, and making adjustments as needed. Regularly review resource allocation, identify bottlenecks or over-allocations, and take corrective actions to reallocate resources or adjust the project schedule. Effective monitoring and control mechanisms help in avoiding resource waste and ensuring that the project stays on track and within its resource constraints.

Regularly reviewing and updating the project schedule is a key component of resource management. This process allows you to adapt to changing circumstances and keep the project on track. By reviewing the schedule, you can identify potential resource bottlenecks, delays, or scope changes. Updates ensure that the allocation of resources remains in line with the project's evolving needs and objectives. This iterative approach helps in optimizing resource usage and maintaining project efficiency.

Project reviews play a crucial role in optimizing resource utilization by facilitating performance evaluation and providing a structured framework for assessing how resources are allocated and used, for more efficient and effective project management. A few project review mechanisms as as under: 1. Critical Path Analysis helps in managing tasks on the critical path in a project and ultimately supports adhering to the timeline 2. Implement a change control process to evaluate any requested changes to assess the impact of changes before accepting them. 3. Adopting lean project management principles, on eliminating waste and unnecessary activities helps in optimizing resource utilization. can help you optimize resource utilization.

Finally, i have to review and update my project schedule periodically, to reflect any changes or new information that may arise during my project execution. I may have to revise my scope, objectives, tasks, deliverables, estimates, or allocations, depending on the feedback, requests, or issues that we receive from our stakeholders, team members, or suppliers. I should also evaluate our project performance, outcomes, and lessons learned, to identify any gaps, errors, or improvements that we can apply to your future projects

Understanding Resource Limitations: Before diving into scheduling, it’s paramount to gain a clear understanding of available resources. This includes not just financial and material resources but also human resources, skillsets, and time.

I will offer the following perspective…. Plan for the plan to fail. Reality always wins and there is no world where humans can rigidly stick to a set of parameters without sacrificing something else. To that end, it’s important to insure your leaders can do more than just delegate and monitor but be active participants in getting things done. Too often, the construction and following of a process along with who’s in charge takes priority over the actual result. AI won’t account for the human factor, make sure you do.

There are several unknown factors here. Utilizing MS ChatGPT-4 software may offer significant mitigating insights Predicting positive solutions in a cost effective, accurate, & fast way

What I've learned: - guide your decision and path with clear communication and understanding with/from your project sponsors - let the vision of the project and your project sponsor be your "lighthouse" - with limited resources comes strong prioritisation - don't forget this. Strong prioritisation helps you to build what I call a "pulley solution" - small effort, big results - learn the act of negotiation - learn the act of compromise - learn how to say "No" - ask why - learn the act of "give and take", you won't always have your way

Innovative Fund Allocation: Using critical thinking to assess and reallocate budgetary resources can ensure pivotal project segments get necessary funding. Strategic Task Delegation: Even with limited personnel, critical analysis can guide task distribution based on individual strengths, maximizing efficiency. Anticipate Roadblocks: Critical thinking aids in foreseeing potential challenges, enabling proactive measures. Alternative Solutions: When faced with limitations, creative problem-solving can uncover unexpected solutions to resource-related challenges.