Resource Allocation: Put Your Money Where Your Goals Are

Apr 11, 2001, 01:00 ET from Best Practices, LLC

    CHAPEL HILL, N.C., April 11 /PRNewswire/ -- In the face of limited budgets
 and overtaxed employees, successful executives employ comprehensive resource
 allocation tools to achieve critical strategic objectives, according to a
 report by benchmarking leader Best Practices, LLC.  Team leaders who do not
 correctly determine optimal allocations risk misusing valuable resources.
     "Best Practices in Resource Allocation," available at
 http://www.BenchmarkingReports.com/, reveals that top executives use
 assessment tools to forecast the effects of their allocation decisions.  One
 company used a balanced scorecard to analyze allocation options by their
 impact on performance measures.  Another company combined numerous variables
 to project the effect of critical activities.  Both companies were then able
 to focus efforts on the most pressing business needs.
     The best practices and benchmark metrics in "Best Practices in Resource
 Allocation" are drawn from lessons learned interviews with more than
 40 companies across more than a dozen industries.  BPLLC project analysts
 identified these key drivers to resource allocation success:
 
     * Aligning resources with strategy.  Top companies employ reporting
       formats and process definition to ensure resource allocation decisions
       are clearly aligned with stated strategic objectives.
     * Standardizing and defining an allocation process.  Successful companies
       standardize language, evaluation criteria, reporting formats and
       processes to normalize individual managers' different personality styles
       and forecasting biases.
     * Nurturing cross-functional dialogue.  Leading companies create cross-
       functional linkages through group performance rewards, overlapping
       responsibilities, integrated planning procedures and office layout.
 
     "Resource allocation sends a clear message to an organization --
 especially during crunch time," observes Best Practices, LLC CEO Chris Bogan.
 "It focuses money and employee time on the critical tasks that allow a company
 to reach its most important goals."
     For more information on "Best Practices in Resource Allocation," contact
 Elio Evangelista at 919-403-0251 ext. 240 or eevangelista@best-in-class.com.
 
     ABOUT BEST PRACTICES, LLC
     Best Practices, LLC, conducts work based on the principle that
 organizations can chart a course to superior economic performance by studying
 top companies' best business practices, operating tactics, and winning
 strategies.  For more information about Best Practices, LLC, call 919-403-0251
 or visit the corporate website at http://www.best-in-class.com/ .
 
 

SOURCE Best Practices, LLC
    CHAPEL HILL, N.C., April 11 /PRNewswire/ -- In the face of limited budgets
 and overtaxed employees, successful executives employ comprehensive resource
 allocation tools to achieve critical strategic objectives, according to a
 report by benchmarking leader Best Practices, LLC.  Team leaders who do not
 correctly determine optimal allocations risk misusing valuable resources.
     "Best Practices in Resource Allocation," available at
 http://www.BenchmarkingReports.com/, reveals that top executives use
 assessment tools to forecast the effects of their allocation decisions.  One
 company used a balanced scorecard to analyze allocation options by their
 impact on performance measures.  Another company combined numerous variables
 to project the effect of critical activities.  Both companies were then able
 to focus efforts on the most pressing business needs.
     The best practices and benchmark metrics in "Best Practices in Resource
 Allocation" are drawn from lessons learned interviews with more than
 40 companies across more than a dozen industries.  BPLLC project analysts
 identified these key drivers to resource allocation success:
 
     * Aligning resources with strategy.  Top companies employ reporting
       formats and process definition to ensure resource allocation decisions
       are clearly aligned with stated strategic objectives.
     * Standardizing and defining an allocation process.  Successful companies
       standardize language, evaluation criteria, reporting formats and
       processes to normalize individual managers' different personality styles
       and forecasting biases.
     * Nurturing cross-functional dialogue.  Leading companies create cross-
       functional linkages through group performance rewards, overlapping
       responsibilities, integrated planning procedures and office layout.
 
     "Resource allocation sends a clear message to an organization --
 especially during crunch time," observes Best Practices, LLC CEO Chris Bogan.
 "It focuses money and employee time on the critical tasks that allow a company
 to reach its most important goals."
     For more information on "Best Practices in Resource Allocation," contact
 Elio Evangelista at 919-403-0251 ext. 240 or eevangelista@best-in-class.com.
 
     ABOUT BEST PRACTICES, LLC
     Best Practices, LLC, conducts work based on the principle that
 organizations can chart a course to superior economic performance by studying
 top companies' best business practices, operating tactics, and winning
 strategies.  For more information about Best Practices, LLC, call 919-403-0251
 or visit the corporate website at http://www.best-in-class.com/ .
 
 SOURCE  Best Practices, LLC