Efficient resource allocation process is a necessity in varied environments such as software project management, operating system, construction models for reducing the risk of failure by utilizing only those many resources which are required. This paper presents an algorithm which uses fuzzy methodology of soft computing with the concept of dynamic graph theory for generating the graphs which helps in allocating the resources efficiently. With proper observation of requisites, this algorithm presents the importance of formulating a model which could be invoked at the time of chaos or failure. Due to the chaotic behavior of the software engineering environment, the resource allocation graph continuously evolves after its initial design, which is a unique factor of dynamicity signified by the algorithm. This dynamicity contains a reasoning perspective that can be validated by appending more information, and it is eliminated through the inference mechanism of fuzzy logic. The calculative process is effective and has ability to change according to the environment; therefore, it is much more effective in reducing the failures, answering the allocation of resources and specifying the work initiated by using those resources. The development of the algorithm is specifically focused on product and will be done with respect to the perspective of the developer during development process accompanied by the views of the customer regarding the needed functionalities.