RESOURCE ALLOCATION

RESOURCE ALLOCATION

Resource allocation is used to assign the available resources in an economic way. It is part of resource management. In project management, resource allocation is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time.

Therefore, being the process of allocating resources among the various projects or business units, resource allocation is the analysis of how scarce resources (‘factors of production’) are distributed among producers, and how scarce goods and services, are apportioned among consumers. This analysis takes into consideration the accounting cost, economic cost, opportunity cost, and other costs of resources and goods and services.

 

Strategic Planning

In strategic planning, resource allocation is a plan for using available resources for example human resources, especially in the near terms, to achieve goals for the future. It is the process of allocating resources among the various projects or business units.

The plan has two parts.

Resource allocation is used to assign the available resources in an economic way. It is part of resource management. In project management, resource allocation is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time.

Therefore, being the process of allocating resources among the various projects or business units, resource allocation is the analysis of how scarce resources (‘factors of production’) are distributed among producers, and how scarce goods and services, are apportioned among consumers. This analysis takes into consideration the accounting cost, economic cost, opportunity cost, and other costs of resources and goods and services.

Strategic Planning

In strategic planning, resource allocation is a plan for using available resources for example human resources, especially in the near terms, to achieve goals for the future. It is the process of allocating resources among the various projects or business units.

The plan has two parts. Firstly, there is the basic allocation decision and there are contingency mechanisms. The basic allocation decision is the choice of which items to fund in the plan, and what level of funding it should receive, and which to leave unfunded: the resources are allocated to some items, not to others.

There are two contingency mechanisms. There is a priority ranking of items excluded from the plan, showing which items to fund if more resources should become available; and there is a priority ranking some items included in the plan, showing which items should be sacrificed if total funding must be reduced.

Strategic Planning

The main objective is to smooth resources requirements by shifting sack jobs beyond periods of peak requirements. Some of the methods essentially replicate what a human scheduler would do if he had enough time;  others make use of unusual devices or procedures designed especially for the computer. they of course depend for their success on the speed and capabilities of electronic computers.

Firstly, there is the basic allocation decision and there are contingency mechanisms. The basic allocation decision is the choice of which items to fund in the plan, and what level of funding it should receive, and which to leave unfunded: the resources are allocated to some items, not to others.

There are two contingency mechanisms. There is a priority ranking of items excluded from the plan, showing which items to fund if more resources should become available; and there is a priority ranking some items included in the plan, showing which items should be sacrificed if total funding must be reduced.

Strategic Planning

The main objective is to smooth resources requirements by shifting sack jobs beyond periods of peak requirements. Some of the methods essentially replicate what a human scheduler would do if he had enough time;  others make use of unusual devices or procedures designed especially for the computer. they of course depend for their success on the speed and capabilities of electronic computers.


 

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