How can resource allocation lead to better strategy formulation?
Resource allocation is the process of assigning and managing the available resources of an organization to achieve its strategic goals. It involves investing time, money, people, and other assets in different activities, projects, and initiatives. Resource allocation can have a significant impact on the strategy formulation process, which is the process of defining and choosing the best course of action to achieve desired outcomes. This article will explain how resource allocation can lead to better strategy formulation by aligning resources with strategic priorities, enhancing strategic flexibility and agility, encouraging innovation and experimentation, improving performance measurement and feedback, and fostering collaboration and communication.