Resource allocation in the project portfolio: a review of quantitative models

Abstract

One of the factors that highly influence a project portfolio is available resources. In order for project portfolio management to be fully implemented resources have to be properly allocated across the approved projects. The lack of resource allocation results in more time required for completing or terminating projects. Thus, resource allocation is a vital part of project portfolio management. Numerous analytical techniques from simple weighted scoring to complex mathematical programming approaches have been proposed to solve this problem. The aim of this article is to summarize the literature on quantitative modelling for resource allocation, to emphasize the diversity of existing methods and to present a classification of resource allocation models and methods.