Resource allocation
In economics, resource allocation is the assignment of available resources to various uses. In the context of an entire economy, resources can be allocated by various means, such as markets or planning.
In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time.[1]
Economics
In economics, the area of public finance deals with three broad areas: macroeconomic stabilization, the distribution of income and wealth, and the allocation of resources. Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes, in which no party's situation can be improved without hurting that of another party.
Strategic planning
In strategic planning, resource allocation is a plan for using available resources, for example human resources, especially in the near term, to achieve goals for the future. It is the process of allocating scarce resources among the various projects or business units.
There are a number of approaches to solving resource allocation problems e.g. resources can be allocated using a manual approach an algorithmic approach (see below),[2] or a combination of both.[3]
There may be contingency mechanisms such as a priority ranking of items excluded from the plan, showing which items to fund if more resources should become available and a priority ranking of some items included in the plan, showing which items should be sacrificed if total funding must be reduced.[5]
Resource Allocation Methodology
Managing your resources without a proper plan can be a nightmare. You can list, manage, allocate tasks to resources using various tools. There are plenty of paid and free tools that are available in the market. Some of the top tools are Float, Productive, eResource Planner. [6]
See also
- Allocative efficiency
- Collective problem solving
- Earned value management
- Prioritization
- Project management
- Project planning
- Resource planning (disambiguation)
- Stochastic scheduling
References
- ^ Name: * (2007-08-20). "PMO and Project Management Dictionary". Pmhut.com. Retrieved 2014-06-24.
- ^ Production planning "Algorithmic sequencing" Production planning Retrieved on 3 June 2014
- ^ Inteng "Planning manual and algorithm" Inteng Retrieved on 3 June 2014
- ^ Kokcharov I. What Is Project Management?http://www.slideshare.net/igorkokcharov/what-is-project-management-27448701
- ^ Samuel90 (2013-01-25). "Resource allocation". Slideshare.net. Retrieved 2014-06-24.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ https://thedigitalprojectmanager.com/resource-management-software/