In economics, resource allocation is the assignment of usable resources to various uses. In a context of an entire economy, resources can be subject by various means, such(a) as markets, or planning.
In project management, resource allocation or resource management is the scheduling of activities and the resources asked by those activities while taking into consideration both the resource availability as living as the project time.
In strategic planning, resource allocation is a plan for using usable resources, for example human resources, especially in the most term, togoals for the future. this is the the process of allocating scarce resources among the various projects or house units.
There are a number of approaches to solving resource allocation problems e.g. resources can be included using a manual approach, an algorithmic approach see below, or a combination of both.
There may be contingency mechanisms such(a) as a priority ranking of items excluded from the plan, showing which items to fund if more resources should become available and a priority ranking of some items included in the plan, showing which items should be sacrificed if or situation. funding must be reduced.