What is resource allocation?Resource allocation is the process of assigning and managing assets in a manner that supports an organization's strategic planning goals. Show
Resource allocation includes managing tangible assets such as hardware to make the best use of softer assets such as human capital. Resource allocation involves balancing competing needs and priorities, and determining the best course of action to maximize the use of limited resources and get the best return on investment. In practicing resource allocation, organizations must first establish their desired goal, such as increased revenue, improved productivity or better brand recognition. They then must assess what resources will be needed to reach that goal. While resource allocation often refers to activities related to project management, the term is also used in other contexts, including the following:
How to allocate resources on a projectThe following five steps are important when allocating available resources as part of project management:
Benefits of resource allocationEffective resource allocation offers the following benefits:
Challenges of resource allocationThere also are challenges associated with the resource allocation process, including the following:
Business intelligence is an important component of resource allocation, especially for tracking project performance. Learn about some common business intelligence challenges organizations face and how to handle them. This was last updated in June 2022 Continue Reading About resource allocation
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