Resource Allocation Report Essay Example | Topics and Well Written Essays - 2250 words

Resource Allocation Report - Essay Example the project lifecycle.   Resource management begins with project initiation, when resource needs and strategies must be analyzed, specified and accepted as part of the project "charter" (IT Tool Kit, 2010). Above definition indicates that the term ‘resources’ does not only mean human resources or labor but it also covers other requirements of the project like raw material, electronics, costs, time, efforts, etc. there can be a number of things which can fall under the term ‘resources’. Resource planning falls in the initiation phase of the project life cycle where project/program manager needs to plan a feasibility of the requirement based analysis in order to form a project team, set deadlines, figure out possibility of the assigned timeline, calculate estimated costs, etc. once initial planning is done, allocation comes in. A program resource management is generally designed to have a direct connection to the overall corporate strategic plan. Composed of a series of similar projects, the goals of all projects within the program are typically consistent with one or more enterprise level strategic components (Tech Republic, 2005). Since project management is headed by project managers, resource allocation or assignment of tasks have to be handled by him in order to achieve the desired goals of the overall project. There may be over of under availability of the resources which he has to manage to achieve the three major elements that build the project; scope, budget, and schedule. This is a little different than the program management, according to which program managers have to look at the bigger picture where they have to check the availability of the resources as per all the active projects. If some resource is engaged with a particular project, he has to manage the conflict between project managers to not engage same resource in some other project. To understand project/program resource management clearly, we also need to understand portfolio