In economics, resource allocation is the assignment of available resources to various uses. In the context of an entire economy, resources can be allocated by various means, such as markets, or planning.
In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time.
Economics
In economics, the field of public finance deals with three broad areas: macroeconomic stabilization, the distribution of income and wealth, and the allocation of resources. Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes, in which no party's situation can be improved without hurting that of another party.
Strategic planning
In strategic planning, resource allocation 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 scarce resources among the various projects or business units. There are a number of approaches to solving resource allocation problems e.g. resources can be allocated using a manual approach, an algorithmic approach (see below), or a combination of both.
There may be contingency mechanisms such as a priority ranking of items excluded from the plan, showing which items to fund if more resources should become available and a priority ranking of some items included in the plan, showing which items should be sacrificed if total funding must be reduced.
Algorithms
Resource allocation may be decided by using computer programs applied to a specific domain to automatically and dynamically distribute resources to applicants.
This is especially common in electronic devices dedicated to routing and communication. For example, channel allocation in wireless communication may be decided by a base transceiver station using an appropriate algorithm.
One class of resource whereby applicants bid for the best resource(s) according to their balance of "money", as in an online auction business model (see also auction theory).
In one paper on CPU time slice allocation an auction algorithm is compared to proportional share scheduling.
See also
- Allocative efficiency – When production relates to consumer preferences in an economy
- Collective problem solving – Approaches to problem solving
- Corruption
- Earned value management – Project management technique
- Fair division
- Prioritization – Arranging things in order of importance
- Project management – Practice of leading the work of a team to achieve goals and criteria at a specified time
- Project planning – Aspect of project management which uses schedules to plan and report progress
- Resource planning (disambiguation)
- Stochastic scheduling – Problems involving random attributes
References
- "PMO and Project Management Dictionary". Pmhut.com. 2007-08-20. Retrieved 2014-06-24.
- "Production planning". Archived from the original on 7 Jun 2014. Retrieved 3 June 2014.
- Inteng "Planning manual and algorithm" Inteng Retrieved on 3 June 2014
- Samuel90 (2013-01-25). "Resource allocation". Slideshare.net. Retrieved 2014-06-24.
{{cite web}}: CS1 maint: numeric names: authors list (link) - "Wireless Channel Allocation Using An Auction Algorithm" (PDF). Retrieved 2014-06-24.
- "Tycoon: A Distributed Market-based Resource Allocation System". Citeulike.org. 2004-04-05. Retrieved 2014-06-24.
In economics resource allocation is the assignment of available resources to various uses In the context of an entire economy resources can be allocated by various means such as markets or planning In project management resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time EconomicsIn economics the field of public finance deals with three broad areas macroeconomic stabilization the distribution of income and wealth and the allocation of resources Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes in which no party s situation can be improved without hurting that of another party Strategic planningIn strategic planning resource allocation 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 scarce resources among the various projects or business units There are a number of approaches to solving resource allocation problems e g resources can be allocated using a manual approach an algorithmic approach see below or a combination of both There may be contingency mechanisms such as a priority ranking of items excluded from the plan showing which items to fund if more resources should become available and a priority ranking of some items included in the plan showing which items should be sacrificed if total funding must be reduced AlgorithmsResource allocation may be decided by using computer programs applied to a specific domain to automatically and dynamically distribute resources to applicants This is especially common in electronic devices dedicated to routing and communication For example channel allocation in wireless communication may be decided by a base transceiver station using an appropriate algorithm One class of resource whereby applicants bid for the best resource s according to their balance of money as in an online auction business model see also auction theory In one paper on CPU time slice allocation an auction algorithm is compared to proportional share scheduling See alsoAllocative efficiency When production relates to consumer preferences in an economy Collective problem solving Approaches to problem solvingPages displaying short descriptions of redirect targets Corruption Earned value management Project management technique Fair division Prioritization Arranging things in order of importance Project management Practice of leading the work of a team to achieve goals and criteria at a specified time Project planning Aspect of project management which uses schedules to plan and report progress Resource planning disambiguation Stochastic scheduling Problems involving random attributesReferences PMO and Project Management Dictionary Pmhut com 2007 08 20 Retrieved 2014 06 24 Production planning Archived from the original on 7 Jun 2014 Retrieved 3 June 2014 Inteng Planning manual and algorithm Inteng Retrieved on 3 June 2014 Samuel90 2013 01 25 Resource allocation Slideshare net Retrieved 2014 06 24 a href wiki Template Cite web title Template Cite web cite web a CS1 maint numeric names authors list link Wireless Channel Allocation Using An Auction Algorithm PDF Retrieved 2014 06 24 Tycoon A Distributed Market based Resource Allocation System Citeulike org 2004 04 05 Retrieved 2014 06 24
