Resource Allocation is making that grand plan on how to rally your troops behind a common goal. It is about strategic planning to identify the skills required, the number of resources required for those specific skills at what intervals and for how long.
Simply put, it is end to end resource management allowing you to assess your resources’ availability and putting them to good use.
As Wikipedia says,
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.
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.
Resources are crucial to an organization’s strategy and vision and managing them well goes a long way in achieving that vision.
Let us understand the moving parts behind establishing a robust resource allocation for your projects.
Understand the Project Scope
The first step towards setting up a resource plan for your project is to understand the goals and requirements of the project.
More importantly you are able to do a quick resource to skill mapping to that of the project requirements.
It gives you ample view to plan your resource needs, requests for additional resources and make a solid training plan to bridge any talent gaps.
Once you have listed out all resource requirements you are good to move to the next step.
Identifying your available resources is essential to furthering your resource allocation plan.