Resource Tracking and Reporting

Benefits of Resource Tracking

By having a clear view of how resources are being used, project managers can make informed decisions about resource allocation, and can take action to address issues as they arise.

Resource tracking is also important because it helps organizations to:

Optimize resource allocation
By tracking the use of resources, project managers can identify areas of inefficiency or overuse and make adjustments to optimize resource allocation. This can help to improve project outcomes, reduce costs, and minimize waste.

Manage project risks
Resource tracking can help project managers identify potential risks and take action to mitigate them. For example, if a project is at risk of going over budget, resource tracking can identify where resources are being overused, and managers can adjust resource allocation to bring costs back in line.

Improve project performance
By tracking the use of resources, project managers can identify areas where performance can be improved, such as where resources are being underutilized or where tasks are taking longer than expected. With this information, project and resource managers can make adjustments to improve project performance and achieve better outcomes.

Communication with stakeholders
Resource reporting can provide valuable information for communicating with stakeholders. By having a clear view of resource use, project managers can provide stakeholders with updates on project progress, forecast any potential issues, and ensure that everyone is aligned on project goals and timelines.

Overall, resource tracking is an important tool for project managers to help ensure the success of their projects. It provides valuable data that can be used to optimize resource allocation, mitigate risks, improve project performance, and communicate with stakeholders.

Examples of Resource Reporting

There are several reports that can be used for resource tracking, depending on the specific needs of the project and the organization. Here are a few examples:

Timesheet reports

Timesheet reports provide a detailed view of the time spent by team members on specific tasks. This data can be used to identify areas where time is being wasted, where additional resources are needed, and where training or support may be required.

Resource utilization reports

Resource utilization reports provide an overview of how resources are being used in a project. This can include data on the use of materials, equipment, and people, and can be used to identify areas where resources are being overused or underused.

Cost reports

Cost reports provide data on the costs associated with a project. This can include data on labor costs, material costs, and equipment costs. Cost reports can be used to identify areas where costs are higher than expected and where adjustments to resource allocation may be needed.

Resource availability reports

Resource availability reports provide an overview of the availability of specific resources, such as team members or roles. This data can be used to identify areas where additional resources may be needed, or where resources are not being used to their full potential.

These reports can be created manually or generated using resource management software or other tools and can be customized to meet the specific needs of the project and the organization. By using these reports for resource tracking, project managers can stay on top of project progress and make informed decisions about resource allocation.

However, in order for these reports to work, you have to have raw data. Your team needs to be actively tracking all key project information, including time, skills, task duration, estimated hours, etc. In the end, your output (resource reporting) is only as good as your input. By giving your team easy-to-use and intuitive resource tools, you will ensure that not only do you have clear visibility into your project resources, but it will help keep the project on track.