What is resource allocation?
Resource allocation is basically the process of deciding what tasks your team will be working on and when. It is a crucial plan of action that makes sure your team is able to meet deadlines and client expectations.
In smaller businesses, it is usually the responsibility of the Project Manager to oversee this process. These responsibilities may be separated into separate roles or departments in larger organizations.
In order to effectively accomplish this task, you need to have clear visibility into your resources. This includes knowing who is available, their capabilities and rates. This is typically done through an internal database or a software that allows you to build a an inventory of resources that includes all their information together in one place. This helps you identify issues like blocked team members or task-related dependency early in the process.
This information allows you to swiftly adjust your resources once they’re required, which is common as projects evolve and client expectations change. This could require rescoping the project, finding replacement members of your team, or even creating an array of people who can be called upon to help when necessary.
By making sure that everyone is working on projects which match their skills, you can improve team morale. It can also reduce costs by boosting efficiency and eliminating waste. If you’re interested in knowing more about resource allocation, take a a look at the articles in our ‘What’s It All About’ …’ series’ or visit APM’s knowledge portal to gain access to online guides and modules as part of your membership benefit.