In strategic
planning in industry, resource allocation is a plan for
utilizing the available facilities and resources,
to achieve the targeted/specified goals.
It is the process of allocation of all
available resources/facilities to the various sections of an
Industry/organization. Industry management is responsible for the allocation of
the facilities/resources to achieve industrial objectives. In an
industry/organization, decision making is done by the management. To execute
this decision making, the management of an industry/organization requires
complete information about the available facilities, resources and their
relative effectiveness for achieving the organizational targets and objectives.
Plant resources are acquired, manipulated and allocated under the control of
the head. In actual situations, very limited resources are available for system
upgrading and improvement.
Accurate information and well-set objectives are
required to define well in advance, to be assured that the right amount of
resources and facilities are assigned to the right places and at the right
time. Once the forecaster demand is materialized and accepted, the available
facilities and resources are allocated with certainty, under the existing plant
or industry conditions, which seemed to be most realistic. The working of a
thermal power plant is analyzed to allocate the available resources and
facilities optimally to achieve the long-run availability, without compromising
on quality. Therefore, a great need to optimize the resource allocation process
is realized. The problem of resource and facilities allocation arises when the
available facilities are not sufficient to satisfy the market demands during
the industrial operation. Mostly, the plant managers face various challenges
like limited money, manpower, machines or other facilities. Thus, in order to
make the power plant operation effective, the allocation of the required
resources and facilities to the plant is very essential.
The resource
management system plays a very crucial and important role in matchmaking the
resource demanded and proportionately resource allocated, along with their
optimum utilization. So many techniques are available to us for allocation of
the resources and facilities optimally but have few limitations like
complexities involved in implementing these techniques for real situations. The
various software can also be used to save large computation time for optimal
resource allocation problems but to be familiar with software and calculating
expertise don’t substitute for creativity and diligence in resource planning
and allocation. These optimal resource allocation techniques are very useful in
the evaluation of large data but don’t always validate the data. Efforts should
be put up to allocate the budget associated with the manpower and maintenance
in a thermal power plant. It is a complex problem and has to be formulated as
DPP (Dynamic Programming Problem).
Therefore, a Resource Allocation Model (RAM)
must be developed to resolve this issue. RAM is a form of a recursive
mathematical relationship using which, the various resources can be allocated
to thermal power plant optimally. In developing a Resource Allocation Model,
the complete process of a thermal power plant has been considered consisting of
n stages (systems) under the constraints of maintenance cost and manpower cost.
The problem must be treated as a multistage decision problem.
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