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Project, Program and Portfolio Resource Planning and Allocation - Research Paper Example

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From the paper "Project, Program and Portfolio Resource Planning and Allocation" it is clear that resource allocation requires the strategic team which is looking after the overall organizational goals and objectives, let it be a single project being handled or multiple. …
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Project, Program and Portfolio Resource Planning and Allocation
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Download file to see previous pages 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 the same resource in some other project. 
To understand project/program resource management clearly, we also need to understand portfolio management which is like an umbrella over program management, below which falls project management. Portfolio Management is the responsibility of the senior management team of an organization or business unit. This team, which might be called the Product Committee, meets regularly to manage the product pipeline and make decisions about the product portfolio. Often, this is the same group that conducts the stage-gate reviews in the organization (Crow, 2004). Portfolio management is a strategic division of an organization which is focused on improving the workflow and integration of the teams, resources, budges, and timelines.  ...Download file to see next pagesRead More
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