Difference between revisions of "Allocation"
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==Origin== | ==Origin== | ||
Medieval Latin ''allocatus'', past participle of ''allocare'', from [[Latin]] ''ad''- + ''locare'' to place, from locus place | Medieval Latin ''allocatus'', past participle of ''allocare'', from [[Latin]] ''ad''- + ''locare'' to place, from locus place | ||
| − | *[ | + | *[https://en.wikipedia.org/wiki/17th_century 1641] |
==Definitions== | ==Definitions== | ||
*1: to apportion for a specific [[purpose]] or to particular [[persons]] or [[things]] : [[distribute]] <allocate tasks among [[human]] and [[automated]] components> | *1: to apportion for a specific [[purpose]] or to particular [[persons]] or [[things]] : [[distribute]] <allocate tasks among [[human]] and [[automated]] components> | ||
*2: to set apart or earmark : designate <allocate a section of the building for special [[research]] [[purposes]]> | *2: to set apart or earmark : designate <allocate a section of the building for special [[research]] [[purposes]]> | ||
==Description== | ==Description== | ||
| − | [[Resource]] '''allocation''' is used to assign the available resources in an [[economic]] way. It is part of [ | + | [[Resource]] '''allocation''' is used to assign the available resources in an [[economic]] way. It is part of [https://en.wikipedia.org/wiki/Resource_management resource management]. In [https://en.wikipedia.org/wiki/Project_management project management], resource allocation is the scheduling of activities and the [[resources]] required by those [[activities]] while taking into [[consideration]] both the resource availability and the project [[time]]. |
| − | In [ | + | In [https://en.wikipedia.org/wiki/Strategic_planning strategic planning], resource allocation is a plan for using available [[resources]], for example [https://en.wikipedia.org/wiki/Human_resources human resources], especially in the near term, to [[achieve]] [[goals]] for the [[future]]. It is the process of allocating resources among the various projects or [[business]] units. |
| − | The plan has two parts: Firstly, there is the basic allocation [[decision]] and secondly there are [[contingency]] [[mechanisms]]. The basic allocation decision is the [[choice]] of which items to [ | + | The plan has two parts: Firstly, there is the basic allocation [[decision]] and secondly there are [[contingency]] [[mechanisms]]. The basic allocation decision is the [[choice]] of which items to [https://en.wikipedia.org/wiki/Funding fund] in the plan, and what level of funding it should [[receive]], and which to leave unfunded: the [[resources]] are allocated to some items, not to others. |
| − | There are two [[contingency]] mechanisms. There is a [[priority]] ranking of items excluded from the [[plan]], showing which items to fund if more [[resources]] should become available; and there is a priority ranking of some items included in the plan, showing which items should be [[sacrificed]] if total funding must be reduced.[ | + | There are two [[contingency]] mechanisms. There is a [[priority]] ranking of items excluded from the [[plan]], showing which items to fund if more [[resources]] should become available; and there is a priority ranking of some items included in the plan, showing which items should be [[sacrificed]] if total funding must be reduced.[https://en.wikipedia.org/wiki/Allocation_of_resources] |
[[Category: Economics]] | [[Category: Economics]] | ||
Latest revision as of 23:42, 12 December 2020
Origin
Medieval Latin allocatus, past participle of allocare, from Latin ad- + locare to place, from locus place
Definitions
- 1: to apportion for a specific purpose or to particular persons or things : distribute <allocate tasks among human and automated components>
- 2: to set apart or earmark : designate <allocate a section of the building for special research purposes>
Description
Resource allocation is used to assign the available resources in an economic way. It is part of resource management. In project management, resource allocation is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time.
In strategic planning, resource allocation is a plan for using available resources, for example human resources, especially in the near term, to achieve goals for the future. It is the process of allocating resources among the various projects or business units.
The plan has two parts: Firstly, there is the basic allocation decision and secondly there are contingency mechanisms. The basic allocation decision is the choice of which items to fund in the plan, and what level of funding it should receive, and which to leave unfunded: the resources are allocated to some items, not to others.
There are two contingency mechanisms. There is a priority ranking of items excluded from the plan, showing which items to fund if more resources should become available; and there is a priority ranking of some items included in the plan, showing which items should be sacrificed if total funding must be reduced.[1]
