how can organizations allocate scarce resources
This is much too broad to answer intelligently.
What kind of organization?
What kind of scarce resources? water? soil? money? skilled labor? oil? iron? ??
my question that I have to answer is:
With increasing globalization, how can organizations allocate scarce resources?
I am not sure exactly how to go about answering this question. I know in an organization they can allocate scarce resources through the internet?
If you answer my questions above, I may be able to help you.
walmart and money
Walmart can cut back on its expenses by hiring fewer people and raising its prices.
Organizations can allocate scarce resources in a systematic and strategic manner by following these steps:
1. Identify priorities: Determine the key objectives and goals of the organization. This helps in understanding the areas where resources are most needed.
2. Assess resource availability: Evaluate the current quantity and quality of available resources, including financial, human, and physical resources. This step helps in understanding the limitations and scope for allocation.
3. Conduct a cost-benefit analysis: Analyze the costs associated with allocating resources to different areas or projects and weigh them against the expected benefits or returns. This analysis helps in making informed decisions on resource allocation.
4. Set allocation criteria: Develop criteria or guidelines for resource allocation that align with the organization's objectives. This ensures transparency and consistency in the decision-making process.
5. Prioritize allocation: Prioritize the allocation of resources based on the identified criteria and the potential impact on the organization's goals. Consider the urgency, significance, and potential return on investment of each allocation decision.
6. Monitor and evaluate: Regularly monitor the effectiveness and impact of resource allocation decisions. Assess whether the allocated resources are being utilized optimally and reevaluate allocation decisions if needed.
7. Adjust as needed: Adjust resource allocation plans as the organization's priorities, needs, and external factors change. This flexibility ensures that resources are continually allocated to where they are most impactful.
It is important to note that scarce resources should be allocated in a way that maximizes value and aligns with the organization's strategic goals. This requires careful analysis, planning, and constant evaluation of the resource allocation process.