Strategic Resource Allocation – Balancing Personal Investments for Optimal Life Performance

Strategic Resource Allocation – Balancing Personal Investments for Optimal Life Performance

Determining the activities that should be pursued and those that need to be discontinued is vital to avoid wasting resources on activities that do not yield much value. Therefore, I would use the value chain analysis to determine the activities I would pursue and those I would discontinue. According to Hitt et al. (2014), value chain analysis is a tool that organizations use to understand the operation parts that create value and those that do not. I would use the value chain analysis to classify the activities into support and value chain activities to discontinue some support activities that may not be needed at the time. I would assess the nonmonetary personal value of diversifying into activities such as relationships and hobbies by comparing the time I spend on the activities and the emotional wellness I get from them. After engaging in the activities, I would monitor my emotions to determine whether they positively impact my emotional feelings or consume too much of my time without offering a good reward.

Although these decisions are necessary, they are often difficult to make. Therefore, I would improve my critical thinking to avoid making the wrong decision. Critical thinking is the ability to synthesize and process information to enable an individual to make an informed decision and solve a problem effectively (Loewe, 2019). Therefore, I can be better prepared to make difficult decisions by reviewing the long-term impact of the decision and reviewing alternative decisions to settle on the best decision. I can also get the opinion of a friend about the decisions I am considering to address a particular situation to avoid being biased.

References

Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2014). Strategic management: Concepts and cases: Competitiveness and globalization. Cengage Learning.

Loewe, S. (2019). Toward a critical design thinking: Propositions to rewrite the design thinking process. Dialectic, 2(2). https://doi.org/10.3998/dialectic.14932326.0002.208.

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Strategic Resource Allocation

Consider a case in which you, personally, are assessing your individual activities like a corporation would—that is to say, you have both the necessity and ability to allocate your finite resources to a variety of competing value-adding activities, each requiring distinct capabilities, commitments, and investment of time and money. What methodology would you use to determine the activities you would pursue and those you would discontinue? How would you assess the nonmonetary personal value of your diversification into activities such as relationships and hobbies? How can you be better prepared to make these necessary but often difficult decisions?