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When things start to head south, you’re going to run the risk of managing your team’s time ineffectively. Worse still, only 39% finish projects on-time, and 21% of a start-up’s projects are destined to fail. According to the Project Management Institute (PMI) only 46% of young companies - and 67% of more mature companies - regularly complete projects within budget. But if you’re under-resourced, you’ll risk missing important project milestones, disappointing stakeholders, or may even have to abandon your project entirely. If your project is over-resourced, you could end up wasting time and money. Resource planning ensures your resource capacity is being accurately tracked and managed - and by planning ahead, you’re setting yourself up to avoid catastrophe in the future. That helps you stay organized so you’ve always got a firm view on all the “stuff” you’ve got to work with and which members of the team are using that stuff. No matter what you’ve decided to name it, resource planning enables project managers to utilize and track all of the resources they’ve got to work with. Don’t worry, they’re just two terms for the same process. You’ll often hear people refer to resource planning as “resource allocation”. Those resources can either be human or non-human - such as money, infrastructure, and knowledge - and resource planning is all about allocating those resources to maximize efficiency. Resource planning is a process in which a team allocates resources to complete a task. This article will explain what resource planning is, why it’s important, the three stages of resource planning, and how you can use monday work management to effectively allocate and manage your resources like a boss. That means having a firm grasp on every task that needs doing, the type and quantity of resources you’ll need to complete each task, whether there’s any resource overlap, any budget flexibility in case things go wrong - the list goes on. If you fail to plan, then you’re planning to fail. When you’re working on a big project, you need to know everything there is to know about your resource requirements.