Resource Allocation and Strategy Deployment
Allocating resources means deciding where to spend them. In this post, we will learn the concept of resource allocation and strategy deployment. We will see how to allocate resources in a way that helps us maximize our success rate. This is important because if you are not achieving your desired goals, it’s time to re-evaluate your strategy. Let’s get started!
What Is Resource Allocation?
The resource allocation problem is the problem of allocating and prioritizing a set of resources to a set of tasks. Prioritization means deciding which tasks require attention and resources first. It ensures the workload and resources are balanced between different activities, and under/over utilization doesn't occur.
The purpose is to ensure that the limited resources within an organization are used most effectively.
Allocate resources to your strategy.
Allocating appropriate resources to various tactical plans is one of the key challenges for the management.
A good resource management system will help organizations be able to:
- Set priorities for tasks by managing and prioritizing them
- Determine whether there’s enough resources available for the planned activities
- Put the right resources into the right projects where they're most needed.
- To understand what role and/or skillsets to hire to fill strategic commitments
Key Success Factors
To successfully and effectively deploy the strategy the action plan needs to indicate clearly:
- What is to be achieved?
- Who is doing it?
- What are the resources needed?
- Resources include Human, financial, intellectual, technical, and material.