Discussion Assignment Instructions
Submit replies of at least 250 words each to at least 3 other students. Each reply may be in first person, and does not need to have scholarly support since this is a discussion. Your replies must be in current APA format in terms of grammar and punctuation, as well as proper citations if resources are used. If resources are used, your replies must include a reference list. Make sure you are adding to the discussion with each reply. The original post and the replies are meant to simulate classroom discussions.
Note: Doing the minimum does not guarantee full credit, but rather ensures the minimum score within that category will be met. Discussions are meant to be engaging and simulate classroom discussions. Therefore, class members are encouraged to add value to the discussions by going above and beyond the minimum requirements.
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Strategic allocation of resources discussion one
Grant V
Strategic allocation of resources:
When approaching the first discussion point regarding the meaning of strategic allocation, my first impressions on the subject would be the study of the potential use and efficiency of resources within an organization to achieve a goal. My belief is that strategic allocation of resources is utilized to make an appropriate choice on both financial verdicts as well as physical decisions to achieve a desired outcome. Additionally, when there is a lack of resources available the same concepts can be used to either remove or limit resources in sectors to optimize results. Strategic allocation of resources is defined by Carson et al. (2020) as a process of choosing a preferred option from a choice set of two or more options to generate estimates of consumer preferences to determine the appropriate allocation of resources to competing options. Examining the differences in definitions above, both have similar premises emphasizing the importance of evaluating all options concluding with the most effective solution available.
Gain from this course:
Thus far within my doctoral journey, the classes I have taken have been classes that have strongly writing components and focused on writing within an APA style and gathering and utilizing contemporary resources. With this course, I hope to dive deeper into the theory behind resource allocation and not only understand how to analyze potential decisions but also how to critically think surrounding a resource opportunity when it presents itself. With this knowledge, it would allow me to continue to grow within my current field and provide insight into a field that I have had no experience with. Within my current role, I do not have oversight over a budget in which to invest within outside resources. To help prepare myself for this potential responsibility, I hope to gain knowledge that can give me a head start within the field in conjunction with support from other peers.
Areas to improve knowledge:
There is no subject matter that I would ever feel 100% confident in knowing everything about and the importance around learning is something I pride myself in. Prior to this course, I have had limited knowledge and experience with analyzing external funding and the impact it would have on the valuation of a firm. This particularly intrigues me as the startup process has been something I have viewed from a variety of different cohorts across varying business models. Having viewed this process with no practical experience in the matter would interest me to dig into case studies in which to mock and approach evaluating outside funding establishing what the long-term impact would be on the business as whole. With this course, I would also like to advance my current accounting knowledge base with my current standard not being advanced enough to be plugged into a larger scaled business to be impactful. I hope build upon my basics surrounding the topic to gain a deeper understanding of accounting tendencies to understand and build theories upon the numbers investigated.
Importance of the topic on broader categories:
Strategic allocation of resources is a significant skill that can be utilized within a professional cadence and within your personal life. Regardless of if your job includes aspects of capital resource allotment or accounting procedures, the theories that apply to these functions can be implemented within other business practices. Typically, the common goal to be established within strategic allocation process is to benefit the organization through profit or efficiency successes. The same potential successes are typically going to be wanted outcomes from other business units. By applying the same principles that we will learn throughout this course for other various business categories will allow for the overall organization to march to the same goal.
References:
Carson, K., Chilton, S., Hutchinson, W., & Scarpa, R., (2019). Public resource allocation, strategic behavior, and status quo bias in choice experiments. Public Choice, 185, 1, 1-19.
Tevra F
Term Strategic Allocation of Resources
I work for an organization that uses an integrated verification and validation (IV&V) team as a dedicated group of engineers who independently assess and verify the quality, functionality, and compliances of systems where the strategic allocation of resources has to be distributed across the enterprise to ensure that people, time, money are carefully allocated resources to critical areas. The projects align with the strategy, prioritize the workload, and maximize the resources to deploy the integrated system into operation. The critical points of the IV&V team are independent function, comprehensive reviews, strategic resource allocation, and focus on quality and compliance. We ensure that requirements are clear, complete, and feasible. We design a system architecture that is documented for potential flaws and inconsistencies. We monitor and assess the testing activities. We must identify and mitigate potential risks throughout the lifecycle. We must ensure that the system performs against the metrics and user needs. We get feedback from the team and stakeholders to improve areas and take corrective action. We have put together different engineers to assist in launching an integrated system while assigning resources with less experience on projects that only require a little heavy lifting. Once the integration system is deployed into operation, those resources move to the projects with less experience to move those projects forward.
Gains from this Course:
I want to gain a better strategy when allocating resources across different teams when finance decision-making techniques and models integrate strategic planning and budgeting. I also want to understand the process of managing and allocating assets to identify long-term and short-term gains to move into a leadership position within the company where I currently work. I want to gain the costing systems and the roles in implementing the strategy. How do I define cost elements and determine the cost of a product or service? I want to understand ways to measure the critical success factors. I want to know ways to implement and enhance the cost of the process. I want to gain ways to use the three joint product costing methods.
Areas May not Understand:
I am eager to deepen my understanding in certain areas, as I believe this will not only benefit me personally but also contribute to our collective success. I am particularly interested in how our organization plans for success using strategy and accounting, the balanced scorecard to map strategy to the value chain, and the importance of these concepts to the broader areas of business. A deeper understanding of these areas will enable me to make more informed decisions, contribute more effectively to our strategic planning, and ultimately, improve our business performance. I am also keen to understand the activity-based cost and cost-allocation issues associated with costing systems, as this knowledge will help us optimize our resource allocation and improve our cost management practices.
Importance of Strategic Allocation of Resources Concept to the Broader Areas of Business
IV&V is crucial to the business because it ensures that the available resources like people, time, and money are distributed effectively across the different projects that impact and directly contribute to the company's overall goals and increase profitability, efficiency, and competitive market. It benefits utilization by avoiding waste and ensures that the business uses every element to maximize productivity and output. Resources are distributed across projects along with the vision of the company direction and contribution to achieving the desired outcomes. The team has clear, complete, and feasible requirements to understand the business, such as reducing unnecessary spending and improving costs. Identifying and mitigating potential risk through the lifecycle with the over-reliance of the strategy helps risk. Getting feedback from the team and stakeholders to ensure employees are improving lessons learned is necessary to support completing work.
Shannon Mc:
Provide What You Think Is Meant When You Hear the Term Strategic Allocation of Resources
In project and portfolio management for information technology areas, strategic resource allocation refers to the identification, distribution, and utilization of both financial and non-financial resources including capital, time, staffing, knowledge, materials, and technology to deliver the company's strategic objectives (Dou & Ishaq, 2024). Strategic resource allocation intends to ensure these often limited resources are available and directed toward the most critical initiatives, projects, and business areas that will deliver the highest value delivery and competitive advantage. As an enterprise portfolio manager (EPMO), strategic resource allocation involves prioritizing projects that align with the company's vision and yield the best return on investment, while balancing risk and capacity. This ongoing process and focus require a deep understanding of current market conditions and business objectives, along with knowledge of available resources. Company leaders and project managers must continually assess and reallocate resources to optimize project performance, address changes in the business environment, and, as experienced most recently due to cost reduction activities, avoid over-commitment or resource shortages. At a high level, the ultimate goal is to achieve efficiency in resource allocation that supports the delivery of strategic objectives.
What You Hope To Gain from This Course:
At this stage of my career as a project and portfolio professional, a class in strategic allocation of financial resources would deepen my understanding of optimizing financial resources to achieve organizational goals. I would gain additional advanced insights into budgeting, forecasting, and investment strategies that may align with corporate-level business objectives. The business environment is dynamic and ever-changing. Growth in this topic will aid in maintaining current data and relevancy in the business environment. Additionally, the course would enhance my ability to assess financial risks, prioritize projects based on return on investment, and allocate funds efficiently across multiple technology portfolios. By advancing these concepts, I intend to be better equipped to balance competing financial demands, mitigate risks, and drive sustainable growth in a variety of business environments.
Areas That You May Not Understand:
The question around knowledge gaps presented an opportunity for self-reflection. The areas I find could use additional understanding are quantifying intangible benefits and understanding opportunity costs. The projects and initiatives classified as providing intangible benefits, such as brand equity or customer satisfaction, are difficult to prioritize for resource and financial support as compared to projects delivering sales revenue increases or cost reduction. This leads to the second area of understanding opportunity cost. There is a gap in comprehending the notable trade-offs between the projects and investments when faced with competing priorities and resource allocation.
The Importance of This Concept to the Broader Areas of Business
The importance of the broader area of strategic allocation of resources in business includes the deepening knowledge of strategic resource allocation is crucial for driving innovation and aligning information technology (IT) initiatives with corporate objectives. Effective resource allocation enables the optimization of technology investments, ensuring that limited financial and human resources are directed toward projects with the highest potential impact. It also supports better decision-making regarding enterprise infrastructure, cybersecurity, and emerging technologies, allowing for agile responses to evolving business needs. Understanding strategic resource allocation empowers information technology leaders and EPMOs to balance innovation with operational efficiency, ensuring that IT capabilities contribute meaningfully to long-term organizational success and competitive advantage.
Conclusion:
In Summary, the strategic allocation of resources is vital for ensuring that both financial and non-financial resources are utilized effectively to support an organization's strategic objectives. This process involves careful prioritization of projects and initiatives to maximize value and competitive advantage. A deeper understanding of this concept will enhance my decision-making, optimize resource use, and improve the alignment of investments with long-term business goals. By mastering strategic resource allocation, project and portfolio professionals can better navigate the complexities of today's dynamic business environment, driving innovation and growth while maintaining operational efficiency and sustainability.
References:
Dou, X., & Ishaq, F. (2024). Enterprise's strategic agility and resource allocation choice: A case of SMEs in China. Journal of the Knowledge Economy