A Critical Review of Resource Allocation Optimization in Project Management

Abstract

Globalization has led to a competitive market situation, superior quality standards, stringent project delivery schedules, and cost-effectiveness techniques which call for effective resource planning. To compete in the global market and to maintain leadership, India’s major construction organisations have formulated various policy measures for effective functionality and executing the projects successfully. As several millions of rupees are being invested in various projects all over the world,  the organisation has strong commitments to stakeholders of the organisation.  Hence, the organisation is facing a major challenge to execute the projects successfully with maximum return on investment and increase in value addition to the organisation and its shareholders. The objective of an organization is to generate profits by managing social responsibility. One of the major thrust areas to make the business profitable is by improving the operational efficiency, which can be improved by optimizing the resource allocation, and that adds to profits thereby giving a big leverage effect to profitability. Resources are never unlimited in the universe but are available in restricted quantities for any specific project. effective planning, scheduling, and allocating scarce resources, the operational efficiency can be improved. This research paper analyses the improvement in the areas of resource allocation and its subsequent impact on productivity to cut down costs to increase operational efficiency. This study will also highlight the improvements if any; that can be made to the existing system for better and more effective control.