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In the context of an entire economy, resources can be allocated by various means, such as markets, or planning. In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time. [1]
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.
While different strategies focus on different plant characteristics, all strategies have an overarching theme: plants must make trade-offs between where and how to allocate resources. Whether that's allocation to growth, reproduction, or maintenance, plants are responding to their environment by employing strategies that allow them to persist ...
A planned economy is a type of economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. A planned economy may use centralized , decentralized , participatory or Soviet-type forms of economic planning .
In organizational studies, resource management is the efficient and effective development of an organization's resources when they are needed. Such resources may include the financial resources, inventory, human skills, production resources, or information technology (IT) and natural resources.
Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals." [ 13 ] Strategies are established to set direction, focus effort, define or clarify the organization, and provide consistency or guidance in ...
Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources. [2] It guides managers in making decisions relating to the company's customers, competitors, suppliers, and internal operations.