As an aspiring project manager, it is evident that you will be looking for ways to enhance your career. Having the right qualification is essential. It would be best if you were PMP certified and for that you will be required to do the PMI Authorized PMP Exam Prep Course from an Authorized Training Partner (ATP) of PMI. But along with that, you also need to find ways for the right resource metrics. Before we get into further details, let us see the benefits they offer:
Benefits of the Resource Metrics:
It is a comprehensive report that will allow you to identify bottlenecks, evaluate your team’s performance and keep it at par with expectations. They also provide insights into resources’ utilization and project productivity levels so as to ensure our deadlines are met on time.In simple terms, they help you track and evaluate the performance of your tasks and projects. Without measuring our projects and their results, it’s difficult to impossible to assess their success. And it’s only by monitoring and measuring the right metrics, are we able to see our team’s effort. Now let us take a look at some of the important resource metrics:
Resource Utilization Rate
As a project manager, it is your responsibility to optimize resources and bring in revenue or desired ROI. Suppose too much time is spent on non-billable activities. In that case, you can take appropriate measures by moving those tasks over to billable work so that everyone has an opportunity for success! It also allows the team to be more productive because there won’t likely be any under-utilization due solely from distribution issues like this one cause excessive overtime which costs money plus other expenses such as terrible desk duties etc.
Forecast Versus Actual Time an important Resource Metrics
You can use this tool to see how long it takes your team to spend time working towards completing tasks. If they are slower than expected, you might want to check with their managers about possible shortages or ask them what steps could be taken for projects not to get delayed because of lack thereof!
Resource Cost Variance
Resource cost variance is the difference between forecasted resource costs and actuals. Tracking this can give you a good idea of how profitable your project is and margins achieved by each country or region where they are based in terms of weather conditions, etc. This report also helps monitor ongoing spending since we know what has been spent already, so that there are no surprises when comes the time for payment!
It is also a vital tool that can enhance your project management abilities.
Conclusion
To conclude, we can see that having the right resource metrics can go a long way in establishing your success in project management.