How to dynamically add/remove Physical IO adapter with HMC v10 GUI

Answer

The user must first remove the physical I/O adapter from the current owning partition then add it to the target partition. The operating system device needs to not be in use/varied off prior to removing the adapter from the owning partition or it will return a device busy error.

1. Remove the adapter from current partition.

Select the partition that owns the resource now, from the partition's left pane > click on Physical I/O Adapters > Select the I/O adapter to remove > Click Action > Remove Adapter. 
 

At the prompt "The selected adapter will be removed. Do you want to continue?" Click OK

The adapter will be removed from the list, but you still need to click the Save button at the top of the Physical I/O Adapter panel to apply the changes.

This removes the adapter from the owning partition. 
 

2. To add the adapter to another partition.

Select the target partition > Select Physical I/O Adapters > Click Add Adapter.
 

From the Add physical I/O adapters list > Select the adapter to add, then click OK.

Click the Save button at the top of the physical I/O Adapter panel to apply the changes

The IO adapter should now be assigned to the target partition.