Radar Resource Management in a multi-sensor multi-target scenario is considered. A dynamic resource balancing algorithm is proposed which optimizes target task parameters assuming an underlying partially observable Markov decision process (POMDP). By applying stochastic optimization methods, such as policy rollout, the POMDP is solved non-myopically. The approximately optimal approach is formulated assuming a central processor. Subsequently, a distributed implementation is introduced that converges to the same results as given by the centralized implementation and requires less computational resources. The performance of the proposed approach for both centralized and distributed implementation is demonstrated through dynamic tracking scenarios.@en