Resource allocation includes managing tangible assets such as hardware to make the best use of softer assets such as human capital. Resource allocation involves balancing competing needs and priorities and determining the most effective course of action in order to maximize the effective use of limited resources and gain the best return on investment. 

Resources are the life blood of project management.  Resources are used to carry out the project, and are returned to their owners if not consumed by the project.

There are 6 steps to performing a proper resource allocation:

Divide the Project into Tasks

Assign the Resources

Determine resource attributes

Resource Leveling

Re-allocate as necessary

Track resource utilization
(Hakimie)

Let’s imagine you’re managing a content creation project. You need to know who’s available (resources) to do the writing, editing, and design work (tasks) required to get the job done on time and budget. That’s resource allocation in a nutshell.

Sounds simple, right? Well, there is indeed an art to resource allocation, and we’ve put together a list of the top 8 tips that’ll help you keep your project organized and on track.