TIPS to Monitor & Control
Physical Resource: Equipment, Materials, Supplies, Facilities, and Infrastructure that are utilized by your project, or become a part of your project deliverable.
To monitor and control Physical Resources involves:
ensuring the Physical Resources assigned and allocated to your project (as described in your Resource Management Plan) are available as planned
monitoring the planned Vs actual utilization of these resources and taking corrective action as necessary.
How to MONITOR (INSPECT) PHYSICAL RESOURCES:
1. Physical Resource inspection is always assessed against the Resource
Management Plan (RMP). Keep this handy and available.
2. You will want to check that the Physical Resources are:
still available, then acquired, when planned to be. Look at your Resource Calendar.
released from the project according to the plan
not in shortage/surplus. Shortages will usually slow down your
project. Surpluses will usually add cost
costing the amount expected. If those expenditures are tracking higher than
planned, you might be able to make other changes to get the Cost back on
track. Refer to project Budget.
How to CONTROL (CORRECT) PHYSICAL RESOURCES:
Physical Resources, especially rentals, can be very expensive and quickly have a negative impact on Cost.
> If acquisition or release is not following the plan, you must take corrective action
to get back on track.
> Corrective action for Physical Resources might require an adjustment
elsewhere in your project. For example, you might decide to pay overtime
wages to get rentals returned sooner. Calculate the cost of such trade-offs
when considering alternate solutions.
Controlling Physical Resources should be done continuously throughout your project. When changes to the plan are required, manage those changes to ensure you obtain the desired outcome.
Remember to advise the appropriate Stakeholders of Physical Resource issues.
Your Physical Resources may include 'rentals' and often rentals are charged by the operating hour rather than the number of calendar days gone by. Materials and supplies can include consumables (such as welding rods and gases) used over a period of time. In this way, Physical Resources can be plotted on a Running Total graph. Click the link below for more information.
Physical Resources against Time (Running Total)