Resource Allocation
Resource Allocation describes the act of allocating available resources (e.g., personnel, equipments, budget and materials) to tasks and activities within a project. Implementation of proper resource allocation will comply with making the correct resources accessible at the correct time on a budget at the right amount and on the talked about objective of the project. It is essential to the project success because, with a lack of good resource management, delays and cost overrun may occur, not to mention the poor quality of the delivered project. Key Components of Resource Allocation 1. Kind of Resources o Human Resources (Team Members): Team Members who are employees or contract staff with certain skills that are required to complete project activities. o Material Resources: The physical materials, supplies or equipments needed to do the project work (ex. construction materials, office equipments, software). o Budget: The funds that will be used to finance the entire project cost ...