If you dynamically assign it, you don't need to reboot.
However if you want it to be permanent you will need to change the profile for that lpar, shut it down and then activate it from the HMC - a reboot will not activate the new profile, it has to be shutdown and then activated.
You also have to take into account that you are restricted to what you can dynamically assign by the 'maximum' values for cpu/memory you have set in the profile.
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