Everything about Resource Allocation totally explained
Resource allocation is used to assign the available
resources in an economic way. It is part of
resource management.
Strategic planning
In
strategic planning, a resource allocation decision 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 resources among the various
projects or business units.
The plan has two parts: Firstly, there's the basic allocation decision and secondly 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's a priority ranking of some items included in the plan, showing which items should be sacrificed if total funding must be reduced.
Resource Leveling
The main objective is to smooth resource requirements by shifting slack jobs beyond periods of peak requirements. Some of the methods essentially replicate what a human scheduler would do if he'd 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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