Write a comment/summary about the article below in 1 - 2 paragraphs. Resource Al

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Write a comment/summary about the article below in 1 - 2 paragraphs.

Resource Allocation Using the Decision Lens Suite

Duration: 3-4 Weeks Prep Meetings: 2-3 Team Meetings: 2-3 Participants: 10-20 Resource Allocation 2) Subject matter experts with a specific understanding of the organization's strategy, goals and objectives Overview: Our belief is that organizations will instantly realize the value of using our solution as a framework for improving results through better decision making and will invest in making Decision Lens a permanent part of the way they do business. 3) Representatives who can define what is considered to be a project, initiative, or investment alternative The purpose of this document is to help decision makers understand what they will be going through as they use Decision Lens in their resource allocation decision. 4) Cost experts who can provide reasonable cost estimates for proposed investment alternatives. A sample pre- meeting interview is included as Appendix 1 to this document. The Value of Smart Decision Making Below we describe the 5 phases of our solution for a resource allocation decision. Decision Making is the most critical ingredient in determining whether an organization succeeds or fails, yet it receives less attention than many less important processes. Phase I: Decision Preparation Prior to making any critical decision, it is important to prepare for the actual meetings where prioritization and the allocation of resources will occur. Structured decision processes enable organizations to create a baseline for continuously improving decisions over time because the logic of the decision is explicit The key objective of the Decision Preparation phase is to gather the critical data needed to make the decision while setting expectations with the key participants about how the decision process is going to occur. Decision Lens enables managers to synthesize strategic priorities with relevant performance data to make better decisions Our Decision Lens experts administer several pre-meeting interviews with key participants including: Phase II: Criteria Development (Facilitated) The criteria development process is critical to framing the entire decision. It is also one of the key components of building understanding and effective consensus among decision makers. Our Decision Lens facilitators will 1) The people responsible for the successful implementation of the decision

Explanation / Answer

This article talks about the Resource allocation process and how it is important in an organization to make right decisions when it comes to Resource allocation. Resource allocation is very crucial in improving the results through better decision making with respect to resource allocation. There are different phases of resource allocation. They are,

Decision preparation

Criteria development

Assessment of alternatives

Define Budget rules

Budget allocation

The above mentioned phases describes what needs to be done for proper resource allocation. Before you get in to any kind of decision, it is important that proper home work is done before presented. Next step is criteria development where it involves processed of convincing the board and bringing all of the people in to consensus. The next step would be keeping some alternatives as different plans and evaluating t see which one is the best. Then comes the budget and a proper rules to be set when and where the resources should be used and how it needs to be allocated.

Also the article talks about the various ways of making the decisions and evaluation steps to identify the best option and also it shows the method of rating system which helps in enhancing the steps in decision making process.

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