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Resource Allocation - Essay Example

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Resource Allocation

Above definition indicates that the term 'resources' does not only mean human resources or labor but it also covers other requirements of the project like raw material, electronics, costs, time, efforts, etc. there can be a number of things which can fall under the term 'resources'.
Resource planning falls in the initiation phase of the project life cycle where project/program manager needs to plan a feasibility of the requirement based analysis in order to form a project team, set deadlines, figure out possibility of the assigned timeline, calculate estimated costs, etc. once initial planning is done, allocation comes in.
A program resource management is generally designed to have a direct connection to the overall corporate strategic plan. Composed of a series of similar projects, the goals of all projects within the program are typically consistent with one or more enterprise level strategic components (Tech Republic, 2005).
Since project management is headed by project managers, resource allocation or assignment of tasks have to be handled by him in order to achieve the desired goals of the overall project. There may be over of under availability of the resources which he has to manage to achieve the three major elements that build the project; scope, budget, and schedule. This is a little different than the program management, according to which program managers have to look at the bigger picture where they have to check the availability of the resources as per all the active projects. If some resource is engaged with a particular project, he has to manage the conflict between project managers to not engage same resource in some other project.
To understand project/program resource management clearly, we also need to understand portfolio management which is like an umbrella over program management, below which falls project management. Portfolio Management is the responsibility of the senior management team of an organization or business unit. This team, which might be called the Product Committee, meets regularly to manage the product pipeline and make decisions about the product portfolio. Often, this is the same group that conducts the stage-gate reviews in the organization (Crow, 2004). Portfolio management is a strategic division of an organization which is focused towards improving the workflow and integration of the teams, resources, budges, and timelines.

If we just focus on the resource management irrespective of project or program, we note that project timeline and resource management is directly proportional to the success of the project/program. Resource management involves a resource plan formed at the project planning phase of the project lifecycle for estimating the required resources in order to achieve the project deadlines.
Workflow of Resource Management
Although in the project planning phase estimates are taken in account, resource planning is not done on gut feeling rather there is a process which helps the ...Show more

Summary

According to the Project Management Institute (PMI), the effectiveness of resource planning and allocation notifies the strengths and efficiency of the projects, which inturn reflect the success of the organizations. To carry out efficient resourcing, there are certain processes, techniques, methodologies, and best practices in place to help the project and program managers work productively.
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Resource Allocation essay example
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