Resource Allocation - Essay Example

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Extract of sample
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. ...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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