Resource Allocation - Revision history

User at 17:09, 18 December 2022

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Created page with "'''Content Coming Soon'''"

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'''Content Coming Soon'''

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-'''Resource Allocation''' is an assignment of resources to a specific use. In a project-based company, a resource allocation can be assigning a person to a project or task. Factors like resource availability and time needed for various roles in a project are considered. The process of allocating resources is a part of [[Resource Management|resource management]].<ref>Definition - What Does Resource Allocation Mean? [https://www.forecast.app/faqs/what-is-a-resource-allocation Forecast]</ref>
+'''Resource Allocation''' is an assignment of resources to a specific use. In a project-based company, a resource allocation can be assigning a person to a project or task. Factors like resource availability and time needed for various roles in a project are considered. The process of allocating resources is a part of [[Resource Management|resource management]].<ref>[https://www.forecast.app/faqs/what-is-a-resource-allocation Definition - What Does Resource Allocation Mean? -Forecast]</ref>
 In today’s global economic setting, with more projects and dwindling budgets, Project Managers are required to do more with the few resources they have on hand. First, with the commencement of any project, the primary task is to have a realistic plan. When that is ready, you move on to creating a comprehensive list of activities and include them in your project plan. Afterwards, you figure out the kind and the number of resources to allocate to the said activities.
@@ Line 5: / Line 5: @@
 The way you allocate these resources will usually have a direct impact on your productivity. In [[Project Management|project management]] world, resources usually include funds, people, time, materials, and equipment which are all needed to execute the tasks in a project. During the course of your project, adjustments to the resources and activities can take place on a regular basis. Sometime, some activities may need allocation of extra resources and time compared to others; hence, tracking of time spent on every activity is critical in very many ways.
-With that said, when it comes to resource allocation, most organizations usually shuttle between two states – “underutilized” and “overworked” – neither of which is ideal. Its apparent resources are always limited; however, good resource planning and forecasting are vital for effective utilization and management of these ever scarce resources.<ref>Significance of Effective Resource Planning [https://www.accountsight.com/blog_detail/The-significance-of-effective-project-planning--resource-allocation--and-time-tracking-for-organizations/ Account Sight]</ref>
+With that said, when it comes to resource allocation, most organizations usually shuttle between two states – “underutilized” and “overworked” – neither of which is ideal. Its apparent resources are always limited; however, good resource planning and forecasting are vital for effective utilization and management of these ever scarce resources.<ref>[https://www.accountsight.com/blog_detail/The-significance-of-effective-project-planning--resource-allocation--and-time-tracking-for-organizations/ Significance of Effective Resource Planning -Account Sight]</ref>
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-'''Factors Affecting Resource Allocation'''<ref>5 Critical Factors That Can Affect Resource Allocation [https://www.smartsheet.com/introduction-resource-allocation-101 Smartsheet]</ref><br />
+'''Factors Affecting Resource Allocation'''<ref>[https://www.smartsheet.com/introduction-resource-allocation-101 5 Critical Factors That Can Affect Resource Allocation -Smartsheet]</ref><br />
 There are several factors that can affect resource allocation, whether you are in an agency-client situation or working on an in-house project. Here are five factors that can pose a challenge to resource allocation or lead to resources needing to be re-allocated:
 *Changes in Timeline or Project Scope: High-level executives and clients tend to want everything as soon as possible, even within an agreed-upon schedule timeline. And what’s more, the scope of a project can shift as the client’s needs change. For example, a small project may arise while your team is working on a bigger project for the same client, and the client would like the smaller project completed in three days. The project manager must find out who on staff may have time to work on the new project, and, if no one does, quickly find a contractor to do the job.

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 '''Resource Allocation''' is an assignment of resources to a specific use. In a project-based company, a resource allocation can be assigning a person to a project or task. Factors like resource availability and time needed for various roles in a project are considered. The process of allocating resources is a part of [[Resource Management|resource management]].<ref>Definition - What Does Resource Allocation Mean? [https://www.forecast.app/faqs/what-is-a-resource-allocation Forecast]</ref>
-In today’s global economic setting, with more projects and dwindling [[Budget|budgets]], Project Managers are required to do more with the few resources they have on hand. First, with the commencement of any project, the primary task is to have a realistic plan. When that is ready, you move on to creating a comprehensive list of activities and include them in your [[Project Plan|project plan]]. Afterwards, you figure out the kind and the number of resources to allocate to the said activities.
+In today’s global economic setting, with more projects and dwindling budgets, Project Managers are required to do more with the few resources they have on hand. First, with the commencement of any project, the primary task is to have a realistic plan. When that is ready, you move on to creating a comprehensive list of activities and include them in your project plan. Afterwards, you figure out the kind and the number of resources to allocate to the said activities.
-The way you allocate these resources will usually have a direct impact on your [[Productivity|productivity]]. In [[Project Management|project management]] world, resources usually include funds, people, time, materials, and equipment which are all needed to execute the tasks in a project. During the course of your project, adjustments to the resources and activities can take place on a regular basis. Sometime, some activities may need allocation of extra resources and time compared to others; hence, [[Time Management|tracking of time spent on every activity]] is critical in very many ways.
+The way you allocate these resources will usually have a direct impact on your productivity. In [[Project Management|project management]] world, resources usually include funds, people, time, materials, and equipment which are all needed to execute the tasks in a project. During the course of your project, adjustments to the resources and activities can take place on a regular basis. Sometime, some activities may need allocation of extra resources and time compared to others; hence, tracking of time spent on every activity is critical in very many ways.
-With that said, when it comes to resource allocation, most [[Organization|organizations]] usually shuttle between two states – “underutilized” and “overworked” – neither of which is ideal. Its apparent resources are always limited; however, good resource planning and forecasting are vital for effective utilization and management of these ever scarce resources.<ref>Significance of Effective Resource Planning [https://www.accountsight.com/blog_detail/The-significance-of-effective-project-planning--resource-allocation--and-time-tracking-for-organizations/ Account Sight]</ref>
+With that said, when it comes to resource allocation, most organizations usually shuttle between two states – “underutilized” and “overworked” – neither of which is ideal. Its apparent resources are always limited; however, good resource planning and forecasting are vital for effective utilization and management of these ever scarce resources.<ref>Significance of Effective Resource Planning [https://www.accountsight.com/blog_detail/The-significance-of-effective-project-planning--resource-allocation--and-time-tracking-for-organizations/ Account Sight]</ref>
@@ Line 14: / Line 14: @@
 '''Factors Affecting Resource Allocation'''<ref>5 Critical Factors That Can Affect Resource Allocation [https://www.smartsheet.com/introduction-resource-allocation-101 Smartsheet]</ref><br />
 There are several factors that can affect resource allocation, whether you are in an agency-client situation or working on an in-house project. Here are five factors that can pose a challenge to resource allocation or lead to resources needing to be re-allocated:
-*Changes in Timeline or [[Project Scope]]: High-level executives and clients tend to want everything as soon as possible, even within an agreed-upon schedule timeline. And what’s more, the [[Project Scope|scope of a project]] can shift as the client’s needs change. For example, a small project may arise while your [[Team|team]] is working on a bigger project for the same client, and the client would like the smaller project completed in three days. The project manager must find out who on staff may have time to work on the new project, and, if no one does, quickly find a contractor to do the job.
+*Changes in Timeline or Project Scope: High-level executives and clients tend to want everything as soon as possible, even within an agreed-upon schedule timeline. And what’s more, the scope of a project can shift as the client’s needs change. For example, a small project may arise while your team is working on a bigger project for the same client, and the client would like the smaller project completed in three days. The project manager must find out who on staff may have time to work on the new project, and, if no one does, quickly find a contractor to do the job.
-*Resource Availability: Say your agency’s gotten a request for a [[User Experience Design (UX)|UX]] project, but your best UX designer is out on vacation for three weeks. The agency’s only other full-time UX person is already working part-time on another important project. The project manager needs to decide if that person can handle the UX project in the time allotted, or if a contractor or another resource needs to be found. Another alternative might be that the staff UX person and a contractor could split the work. The project manager works with the head of UX to find out how to get the appropriate UX resource selected for and allocated to the project.
+*Resource Availability: Say your agency’s gotten a request for a UX project, but your best UX designer is out on vacation for three weeks. The agency’s only other full-time UX person is already working part-time on another important project. The project manager needs to decide if that person can handle the UX project in the time allotted, or if a contractor or another resource needs to be found. Another alternative might be that the staff UX person and a contractor could split the work. The project manager works with the head of UX to find out how to get the appropriate UX resource selected for and allocated to the project.
 *Project Dependencies: In most projects, there are stages of work that depend on other work being completed before they can begin. In a typical digital project, for instance, a group of developers might need to write code or a script for certain functionality before any creative or content work can be done.  “If the development slips,” Lynn Kenning, a Chicago-based program and project management expert, says, “then that will affect when the writers or UX people can start — and that timing change could affect who is available as well.” Project managers need to be aware of these dependencies and how they might affect their projects so they can allocate resources for the right piece of the project.
-*Uncertain Timing of Deliverables: For instance, let’s say a six-month project has 60 copywriting hours assigned. The copywriter needs to attend the kickoff and other meetings to begin working on [[Content Strategy|content strategy]], but the [[Website Wireframe|website wireframes]] need to be built and content models created before the bulk of the copywriting can begin. In some situations, a project manager might allocate five hours per week to a writer over 12 weeks, taking his best guess on when that writing might happen. In the early weeks of a project, the likelihood of that writer needing to create actual copy is probably fairly low. “It can be a balancing act,” Kenning says, because that writer may not get to dive in until later in the project, and then need to dedicate two 30-hour work weeks to be able to focus on and write the copy.
+*Uncertain Timing of Deliverables: For instance, let’s say a six-month project has 60 copywriting hours assigned. The copywriter needs to attend the kickoff and other meetings to begin working on content strategy, but the website wireframes need to be built and content models created before the bulk of the copywriting can begin. In some situations, a project manager might allocate five hours per week to a writer over 12 weeks, taking his best guess on when that writing might happen. In the early weeks of a project, the likelihood of that writer needing to create actual copy is probably fairly low. “It can be a balancing act,” Kenning says, because that writer may not get to dive in until later in the project, and then need to dedicate two 30-hour work weeks to be able to focus on and write the copy.
-*Urgency Compared with Other Projects: In many agencies, the most important clients and projects will often trump smaller requests (or at least push them back on the schedule). A smaller, quick-turn design ask is not likely to be something for which you would pull your lead designer off a months-long product launch project. The project manager and department heads need to weigh the urgency and importance of each project, and allocate resources accordingly. In the case of smaller projects with quick turnaround times, contractors can be a good solution.
+*Urgency Compared with Other Projects: In many agencies, the most important clients and projects will often trump smaller requests (or at least push them back on the schedule). A smaller, quick-turn design ask is not likely to be something for which you would pull your lead designer off a months-long product launch project. The project manager and department heads need to weigh the urgency and importance of each project and allocate resources accordingly. In the case of smaller projects with quick turnaround times, contractors can be a good solution.

← Older revision		Revision as of 14:41, 8 December 2022
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−	'''Resource Allocation''' is an assignment of ~~[[Resource\|~~resources]] to a specific use. In a project-based company, a resource allocation can be assigning a person to a project or task. Factors like resource availability and time needed for various roles in a project are considered. The process of allocating resources is a part of [[Resource Management\|resource management]].<ref>Definition - What Does Resource Allocation Mean? [https://www.forecast.app/faqs/what-is-a-resource-allocation Forecast]</ref>	+	'''Resource Allocation''' is an assignment of resources to a specific use. In a project-based company, a resource allocation can be assigning a person to a project or task. Factors like resource availability and time needed for various roles in a project are considered. The process of allocating resources is a part of [[Resource Management\|resource management]].<ref>Definition - What Does Resource Allocation Mean? [https://www.forecast.app/faqs/what-is-a-resource-allocation Forecast]</ref>

	In today’s global economic setting, with more projects and dwindling [[Budget\|budgets]], Project Managers are required to do more with the few resources they have on hand. First, with the commencement of any project, the primary task is to have a realistic plan. When that is ready, you move on to creating a comprehensive list of activities and include them in your [[Project Plan\|project plan]]. Afterwards, you figure out the kind and the number of resources to allocate to the said activities.		In today’s global economic setting, with more projects and dwindling [[Budget\|budgets]], Project Managers are required to do more with the few resources they have on hand. First, with the commencement of any project, the primary task is to have a realistic plan. When that is ready, you move on to creating a comprehensive list of activities and include them in your [[Project Plan\|project plan]]. Afterwards, you figure out the kind and the number of resources to allocate to the said activities.

← Older revision		Revision as of 17:15, 26 May 2021
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−	[[File:Resource Allocation.png\|~~400px~~\|Resource Allocation]]<br />	+	[[File:Resource Allocation.png\|500px\|Resource Allocation]]<br />
	source: Account Sight		source: Account Sight

← Older revision		Revision as of 17:08, 26 May 2021
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	With that said, when it comes to resource allocation, most [[Organization\|organizations]] usually shuttle between two states – “underutilized” and “overworked” – neither of which is ideal. Its apparent resources are always limited; however, good resource planning and forecasting are vital for effective utilization and management of these ever scarce resources.<ref>Significance of Effective Resource Planning [https://www.accountsight.com/blog_detail/The-significance-of-effective-project-planning--resource-allocation--and-time-tracking-for-organizations/ Account Sight]</ref>		With that said, when it comes to resource allocation, most [[Organization\|organizations]] usually shuttle between two states – “underutilized” and “overworked” – neither of which is ideal. Its apparent resources are always limited; however, good resource planning and forecasting are vital for effective utilization and management of these ever scarce resources.<ref>Significance of Effective Resource Planning [https://www.accountsight.com/blog_detail/The-significance-of-effective-project-planning--resource-allocation--and-time-tracking-for-organizations/ Account Sight]</ref>
		+
		+
		+	[[File:Resource Allocation.png\|400px\|Resource Allocation]]<br />
		+	source: Account Sight
		+
		+
		+	'''Factors Affecting Resource Allocation'''<ref>5 Critical Factors That Can Affect Resource Allocation [https://www.smartsheet.com/introduction-resource-allocation-101 Smartsheet]</ref><br />
		+	There are several factors that can affect resource allocation, whether you are in an agency-client situation or working on an in-house project. Here are five factors that can pose a challenge to resource allocation or lead to resources needing to be re-allocated:
		+	*Changes in Timeline or [[Project Scope]]: High-level executives and clients tend to want everything as soon as possible, even within an agreed-upon schedule timeline. And what’s more, the [[Project Scope\|scope of a project]] can shift as the client’s needs change. For example, a small project may arise while your [[Team\|team]] is working on a bigger project for the same client, and the client would like the smaller project completed in three days. The project manager must find out who on staff may have time to work on the new project, and, if no one does, quickly find a contractor to do the job.
		+	*Resource Availability: Say your agency’s gotten a request for a [[User Experience Design (UX)\|UX]] project, but your best UX designer is out on vacation for three weeks. The agency’s only other full-time UX person is already working part-time on another important project. The project manager needs to decide if that person can handle the UX project in the time allotted, or if a contractor or another resource needs to be found. Another alternative might be that the staff UX person and a contractor could split the work. The project manager works with the head of UX to find out how to get the appropriate UX resource selected for and allocated to the project.
		+	*Project Dependencies: In most projects, there are stages of work that depend on other work being completed before they can begin. In a typical digital project, for instance, a group of developers might need to write code or a script for certain functionality before any creative or content work can be done. “If the development slips,” Lynn Kenning, a Chicago-based program and project management expert, says, “then that will affect when the writers or UX people can start — and that timing change could affect who is available as well.” Project managers need to be aware of these dependencies and how they might affect their projects so they can allocate resources for the right piece of the project.
		+	*Uncertain Timing of Deliverables: For instance, let’s say a six-month project has 60 copywriting hours assigned. The copywriter needs to attend the kickoff and other meetings to begin working on [[Content Strategy\|content strategy]], but the [[Website Wireframe\|website wireframes]] need to be built and content models created before the bulk of the copywriting can begin. In some situations, a project manager might allocate five hours per week to a writer over 12 weeks, taking his best guess on when that writing might happen. In the early weeks of a project, the likelihood of that writer needing to create actual copy is probably fairly low. “It can be a balancing act,” Kenning says, because that writer may not get to dive in until later in the project, and then need to dedicate two 30-hour work weeks to be able to focus on and write the copy.
		+	*Urgency Compared with Other Projects: In many agencies, the most important clients and projects will often trump smaller requests (or at least push them back on the schedule). A smaller, quick-turn design ask is not likely to be something for which you would pull your lead designer off a months-long product launch project. The project manager and department heads need to weigh the urgency and importance of each project, and allocate resources accordingly. In the case of smaller projects with quick turnaround times, contractors can be a good solution.

← Older revision		Revision as of 16:02, 26 May 2021
Line 1:		Line 1:
−	'''Resource Allocation''' is an assignment of [[Resource\|resources]] to a specific use. In a project-based company, a resource allocation can be assigning a person to a project or task. Factors like resource availability and time needed for various roles in a project are considered. The process of allocating resources is a part of [[Resource Management\|resource management]].<ref>Definition - What Does Resource Allocation Mean? [https://www.forecast.app/faqs/what-is-a-resource-allocation Forecast]</ref.	+	'''Resource Allocation''' is an assignment of [[Resource\|resources]] to a specific use. In a project-based company, a resource allocation can be assigning a person to a project or task. Factors like resource availability and time needed for various roles in a project are considered. The process of allocating resources is a part of [[Resource Management\|resource management]].<ref>Definition - What Does Resource Allocation Mean? [https://www.forecast.app/faqs/what-is-a-resource-allocation Forecast]</ref>
		+
		+	In today’s global economic setting, with more projects and dwindling [[Budget\|budgets]], Project Managers are required to do more with the few resources they have on hand. First, with the commencement of any project, the primary task is to have a realistic plan. When that is ready, you move on to creating a comprehensive list of activities and include them in your [[Project Plan\|project plan]]. Afterwards, you figure out the kind and the number of resources to allocate to the said activities.
		+
		+	The way you allocate these resources will usually have a direct impact on your [[Productivity\|productivity]]. In [[Project Management\|project management]] world, resources usually include funds, people, time, materials, and equipment which are all needed to execute the tasks in a project. During the course of your project, adjustments to the resources and activities can take place on a regular basis. Sometime, some activities may need allocation of extra resources and time compared to others; hence, [[Time Management\|tracking of time spent on every activity]] is critical in very many ways.
		+
		+	With that said, when it comes to resource allocation, most [[Organization\|organizations]] usually shuttle between two states – “underutilized” and “overworked” – neither of which is ideal. Its apparent resources are always limited; however, good resource planning and forecasting are vital for effective utilization and management of these ever scarce resources.<ref>Significance of Effective Resource Planning [https://www.accountsight.com/blog_detail/The-significance-of-effective-project-planning--resource-allocation--and-time-tracking-for-organizations/ Account Sight]</ref>

← Older revision		Revision as of 15:15, 26 May 2021
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−	'''~~Content Coming Soon~~'''	+	'''Resource Allocation''' is an assignment of [[Resource\|resources]] to a specific use. In a project-based company, a resource allocation can be assigning a person to a project or task. Factors like resource availability and time needed for various roles in a project are considered. The process of allocating resources is a part of [[Resource Management\|resource management]].<ref>Definition - What Does Resource Allocation Mean? [https://www.forecast.app/faqs/what-is-a-resource-allocation Forecast]</ref.