Course:Poject Managemnet: principles and strategies DISCUSSION TOPIC: Identify a major challenge (i.e. time management, resource allocation, etc.) in contemporary project management. Discuss it with...

RESOURCE ALLOCATION IN PROJECT MANAGEMENT
Resource Allocation
Resource allocation is known as the process of scheduling and assigning available resources, wherever required in a project in the most efficient and effective manner. In other words, it could be said that resource allocation means assigning the available resources in the most economical manner. Resource allocation requires the project manners to determine nearly exact timings of those resources within the defined schedule of the project. Resource allocation is important for the implementation and successful completion of a project (Caristi et al., 2019).
Management of assets via proper resource allocation is mandatory for most of the companies, as it will help the...