Resources are undoubtedly the core of every project. It includes all the equipment, tools, materials, and human resources vital to getting the job done. Without access to the right resources, completing a project is just not possible. Therefore, to avoid any hassle at the last minute, project managers prioritise resource calculation. Getting an accurate estimate can ensure the maximum success of your project. This article will educate you about the different ways to calculate essential resources. Let's take a look!

• Understand the Project Scope

When it comes to resource calculation, the starting point is to get an idea of the project scope. Make sure you have a clear and in-depth understanding of the scope and risks involved. It will enable you to effectively get an estimation of the required resources. 

Forecasting of the resource requirements can be done either through the top-down approach or the bottom-up approach. Usually, project managers prefer the bottom-up approach. However, if you want faster and more accurate calculations, the top-down approach may be a better option. 

• Leverage Published Estimating Data

Data from previous successful projects can be a valuable source for your resource management. All you need to do is look for a similar project like yours and go through the data. It can provide you with valuable insights into how the resources were used. Moreover, you can also get an idea about the number of resources that were required for the completion of similar projects. As a result, you can make more accurate calculations and save time and effort.

• Know Your Team

As a project manager, it is your responsibility to know your team well. A point to note here is that 100% utilisation is impossible. On average, you can expect 80% utilisation of your resources. However, some of your resources may be more or less productive than the set average. Also, you need to take into account factors like vacations, sick days, planned leaves, and more. All of these can make your resource calculation easier and simpler. 

• Check Resource Availability 

Next, you need to check the availability of your resources. Not everyone can perform the tasks involved in your project. To ensure the optimum success of your projects, you would require employees with the right skill sets and knowledge. So, you need to determine the number of skilled resources you have. 

In addition to employees, you also need to evaluate the availability of equipment, machines, tools, and more. Having an idea about all such factors can enable you to make accurate estimations. 

Conclusion

By now, you must have a clear idea about how to calculate the essential resources for your specific project. Now it's time to implement the strategies and get started. However, if you want to speed up your resource calculation process, leveraging the right tool can be an ideal option. Are you looking for the best tool for efficient resource calculation? In that case, eResource Scheduler is the right choice. Connect with the experts and get accurate estimations for your projects.