Strategic Planning
In strategic planning, resource allocation is a plan for using available resources, for example human resources, especially in the near term, to achieve goals for the future. It is the process of allocating resources among the various projects or business units.
The plan has two parts: Firstly, there is the basic allocation decision and secondly there are contingency mechanisms. The basic allocation decision is the choice of which items to fund in the plan, and what level of funding it should receive, and which to leave unfunded: the resources are allocated to some items, not to others.
There are two contingency mechanisms. There is a priority ranking of items excluded from the plan, showing which items to fund if more resources should become available; and there is a priority ranking of some items included in the plan, showing which items should be sacrificed if total funding must be reduced.
Read more about this topic: Resource Allocation
Famous quotes containing the words strategic and/or planning:
“If the technology cannot shoulder the entire burden of strategic change, it nevertheless can set into motion a series of dynamics that present an important challenge to imperative control and the industrial division of labor. The more blurred the distinction between what workers know and what managers know, the more fragile and pointless any traditional relationships of domination and subordination between them will become.”
—Shoshana Zuboff (b. 1951)
“Judge Bedford: Planning on having children?
David: Naturally.
Judge Bedford: Good, then I know what to get you for a wedding present.
David: Yeah? What’s that?
Judge Bedford: A vasectomy.”
—Dale Launer (b. 1953)