Artificial Intelligence and Machine Learning are key tools in modern resource allocation, this has resulted in a lot of jargon, and technical terms. So we have put together this resource allocation glossary in which we hope to explain some of the more common terms.
Agile resource Planning
Planning resources in a fast-evolving, dynamic environment.
Algorithm
A series of precise steps, used to address a particular issue or to execute a computation.
Artificial intelligence (AI)
The development of computer systems, which can undertake tasks that would usually need human intelligence, such as making decisions, image identification, dealing with planning issues, translating and more
Budget
based on your income and expenses, a budget is a spending plan for the future. Created by estimating the amount of money you expect to generate and spend over a certain period of time, like a month or year.
Business Analytics
A data-driven approach to business process improvement.
Compliance
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. This often relates to labour laws such as the EU Working Time directive when considering resource allocation.
Data Mining
Investigating relationships in data through scientific methods.
Demand Analysis
Examining customer demand in the long term to gauge the need for a product or service in the market. In the context of workforce planning, demand analysis is used to develop a plan to determine the number and type of personnel required to fulfill customer demand.
Enterprise Resource Management (ERM)
The practice of making the most of the resources accessible to a company. This may include personnel, assets, facilities, tools, etc.
Enterprise Resource Management Platform
(also called ERM) a software tool used to carry out ERM within an organisation.
Forecasting
The prediction of variables which have a high correlation with resource allocation.
Forecasting Demand
Strategies to anticipate future customer demand and the necessary personnel to service the demand.
Gap Analysis
In resource allocation, gap analysis involves the comparison of actual resources with predicted requirements as dedicated by a forecast.
Labour Demand
Estimate of Hours Needed for Roles in Departments/Stores Over a Specified Timeframe.
Labour demand curve
Is the intraday distribution of forecasted workload used to generate a schedule and presented as a graph with each data point representing the number of staff of each role type for a given time period?
Labour Standards Software
A tool used to measure the time taken for a worker to complete a specific task..
Labour Standard
The measurement of the time taken for a worker to complete a specific task.
Machine Learning
The creation of computer systems that are able to acquire knowledge and adapt without the need for explicit instructions is known as Machine Learning. These systems are capable of learning from data and using it to make decisions.
Operating model
A model which documents the staff required to operate a department within an organisation and the variables that might change that staffing level.
Operations Research
The use of AI and Machine Learning models to improve business operations.
OR
Stands for Operational Research
Resource Allocation
The effective and efficient use of different business resources is known as Resource Allocation. It involves employing resources in the best possible way to achieve desired outcomes.
Volume Driver
A variable factor that has a high correlation to the requirement for additional resources.
WFO
Stands for Workforce Optimisation
Workforce analytics
A data-driven approach to improve results from employees and make better workforce-related decisions.
Workforce Optimisation
Optimising the Workforce to meet customer demand while considering factors such as budget, compliance, etc., is the goal of Workforce Optimisation. By adjusting the number of staff available to work, businesses can ensure their resources are used efficiently.
Workforce planning
Ensuring organisations have the right people with the right skills at the right time is key to workforce planning. This process involves forecasting the number and types of employees needed to reach strategic objectives. It is essential to have access to current and future human capital to perform effectively.
