Strategic Allocation of Resources 1
Week 8 Discussion Thread Reply
Strategic Allocation of Resources
School of Business, Liberty University
BUSI 730: Strategic Allocation of Financial Resources
Strategic Allocation of Resources 1
The strategic allocation of resources is much more complex than I initially thought at the
start of the course. I originally relied on the knowledge I had at that time, but I am now inspired
by what I have learned through the coursework and readings. I was fortunate to write about and
learn the many strategies businesses use to deploy and manage their resources effectively.
Among the various strategies studied throughout the course, I would like to highlight a few for
this work.
The balanced scorecard (BSC) helps organizations implement a strategy-focused
performance measurement system (Blocher, 2024). It utilizes strategy maps, which are essential
tools for creating visual representations that illustrate the company’s priorities and their
interrelationships. One of the key features of the BSC is the diverse perspectives it encompasses,
which maintain a focus on overall goals. These four perspectives are: Financial, Customer,
Internal Process, and Learning/Growth.
Studying the BSC helped me understand how companies position themselves and their
products in the market. The BSC tracks goals and strategies while consistently introducing
methods that focus on the company's success. Another important aspect I learned is the stock
market strategy, which is also monitored against the various techniques companies use.
Maintaining viability and financial soundness is a key priority in business strategy.
Job and process costing enable companies to trace costs to specific products or services
by accumulating costs at the department level and then allocating these costs from the
departments to the products or services (Blocher, 2024, p. 57). I gained valuable knowledge
studying this approach, as it outlined the techniques used to determine whether a company
benefits from replacing a part or the entire piece of equipment. When applied correctly, an
organization can be confident that the money spent will provide the longest benefit, whether
through a longer warranty for a new product or restoring productivity through repairs.
Finally, the benefits gained from Six Sigma were very enlightening and highly educational
during my studies in the course. Six Sigma enhances operational performance to improve
Strategic Allocation of Resources 1
customer satisfaction with a company's products and services (Chakravorty, 2009). My research
involved the Define, Measure, Analyze, Improve, and Control (DMAIC) process to reduce wait
times in a pharmacy.
Specifically, the voice of the customer (VOC) determines whether a company needs to
employ the DMAIC process under Six Sigma. Companies that monitor customer satisfaction,
internal processes, or product manufacturing will likely identify their areas for improvement.
The DMAIC process can be lengthy, but when implemented correctly and involving the right
stakeholders, Six Sigma can lead to significant cost and time savings for an organization.
This course was incredibly valuable to me over the past eight weeks. Business strategy
can be complex and intimidating, but it is absolutely essential. The markets in which companies
compete require strategies that focus on the people doing the work, the quality of the product
being made, and the customers who use the products or services. As businesses evolve, so too
will their strategies, making it essential to continually study and apply techniques that keep the
organization competitive.
References
Blocher, E.J., Juras, P. E., Smith, S.D. (2024). Cost management: A strategic emphasis.
McGraw-Hill.
Chakravorty, S. S. (2009). Six Sigma programs: An implementation model. International journal
of production economics, 119(1), 1-16. https://doi.org/10.1016/j.ijpe.2009.01.003.Powered by TCPDF (www.tcpdf.org)
