Question

Define and explain Resource allocation

Answer 1

Resource allocation is the process of assigning and managing assets in a manner that supports an organization's strategic goals. In practicing resource allocation, organizations should first establish their desired goals, such as increased revenue, improved productivity or better brand recognition.

Answer 2

Explanation:

Resource allocation is the asset allocation and management process that supports the strategic goals of an organization. The allocation of resources includes managing tangible assets such as hardware in order to make the best use of assets such as human capital.

Assets are distributed in a free market economy through the operation of market forces that are autonomous and self-directed. This ensures that what to produce is decided by consumers, how to produce is determined by buyers, and who gets the goods depends on the consumer's purchasing power.