If You Don’t Plan Your Business Strategically Then You’re Planning To Fail.

Applied game theory in business

Photo by Scott Graham on Unsplash

In strategic planning, it is essential that you use resource allocation of your available resources. This is especially so in human resources, especially in the near term, to achieve goals for the future. It is the process of allocating scarce resources among the various projects or business units in difficult times that will help you to survive and prosper.

There are a number of approaches to solving resource allocation problems. Resources can be allocated using a manual approach or there is inexpensive software available. Of course one can always choose a combination of both.

A simple process is to simply create contingency mechanisms such as a priority ranking of items excluded from the plan, showing which items to fund if more resources should become available and a priority ranking of some items included in the plan, showing which items should be sacrificed if total funding must be reduced.

Using software built around resource allocation algorithms