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5 Resource Allocation Mistakes PPM Consultants Can Help You Avoid

team of successful business people having a meeting in executive sunlit office-Oct-27-2020-02-35-23-19-PMResource allocation practices equip life science leaders to systematically plan, manage, and assign resources for alignment with strategic vision. Appropriately allocated project team members and subject matter experts accelerate milestone attainment, keeping all relevant players on task and moving toward completion. With so much at stake, life science organizations must develop resource allocation best practices that minimize risk and boost efficiencies across their projects and portfolios. Here are five common mistakes that an experienced PPM consulting firm can help you avoid when assigning personnel across your initiatives. 

Mistake #1: Prioritize Project Portfolio Based on Total Initiatives

Typically, life science leaders prioritize their project portfolio and assign resources based on the total number of outstanding or pending initiatives in their organization. An experienced project portfolio management consultant evaluates the total list of projects to identify the scope and size of each, as well as estimate the number of needed resources.

Solution: Instead of prioritizing based on the total, they will develop a workflow based on the realistic capacity for the organization, adjusting total projects started accordingly.

Mistake #2: Misjudge Individual Productivity Levels

Many executives base resource allocation on the assumption that team members should maintain certain productivity levels. Unfortunately, productivity levels are often erroneously inflated, requiring participants to sustain unrealistic output, often across multiple projects.

Solution:  Experienced PPM consultants develop a flexible approach to productivity that takes into consideration realistic benchmarks. They will also consider external factors (working from home with young remote learners, anyone?) that may influence output to develop tangible and attainable deadlines, deliverables, and milestones. 

Mistake #3: Focus on Optimization

This may seem counterintuitive in the life science industry, where the phrase “optimization” is often used to describe the highest levels of results and achievement. However, when allocating resources, it’s important to bear in mind that optimization (which is generally synonymous with overburdening) of people is really challenging. Every project phase is dynamic, bringing with it unexpected pivots. 

Solution: Innovative PPM leaders recognize that resource stability and sustainability are far more important than optimizing.

Mistake #4: Fall Into the “Multitasking” Trap

It’s no secret that life science initiatives can move at a breakneck pace and tend to multiply even faster. As a result, many business ops leaders assume they can assign the same consulting resource to multiple projects and the team can “multitask” their way across the completion finish line. Unfortunately, they often learn that multitasking can quickly derail productivity efforts. Additionally, thinly stretching resources across several initiatives increases room for risks and performance gaps, forcing the team into a cycle of constantly fighting fires instead of implementing a plan that helps prevent them. 

Solution: Assign resources with the intent of minimizing or eliminating multi-tasking. This can elevate results and identify potential issues before they occur. 

Mistake #5: Fail to Gauge Worker’s Capacity

It’s always important to ask the people working on the project to both estimate how much time is needed for task completion as well as how much availability they have within their schedules. However, it’s also critical to create a work environment where team members feel comfortable being transparent about their capacity. 

Solution: Top-down communication can play an integral role in promoting transparency from potential resources. Consistent communication can help the organization develop accurate expectations of what the team is able to handle as well as encourage team members to appropriately assess their bandwidth. 

Enterey’s PPM Life Science Consultants Drive Effective Resource Allocation Practices

Enterey’s resource allocation practices drive strategic alignment across life science projects of every size and scope. Schedule an appointment with one of our experienced life science consultants today. Download our PPM assessment tool to assess performance and potential gaps in your portfolios. 

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