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In economics, the field of public finance deals with three broad areas: macroeconomic stabilization, the distribution of income and wealth, and the allocation of resources. . Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes, in which no party's situation can be ...
Economic analysts have argued that the economy of the Soviet Union actually represented an administrative or command economy as opposed to a planned economy because planning did not play an operational role in the allocation of resources among productive units in the economy since in actuality the main allocation mechanism was a system of ...
With this information, it is possible to understand which activities are cost-effective in terms of achieving the desired result. As can be seen from some of the definitions used here, Performance-Based Budgeting is a way to allocate resources for achieving certain objectives, [ 4 ]
Public budgeting aims to allocate and manage government resources in a manner that maximizes their effectiveness and efficiency to attain public objectives and advance the welfare of the community. Furthermore, it also fosters accountability, transparency, and public participation in the budget process to ensure that government decisions align ...
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
In organizational studies, resource management is the efficient and effective development of an organization's resources when they are needed. Such resources may include the financial resources, inventory, human skills, production resources, or information technology (IT) and natural resources.
Allocation efficiency occurs when there is an optimal distribution of goods and services, considering consumer's preference. When the price equals marginal cost of production, the allocation efficiency is at the output level. This is because the optimal distribution is achieved when the marginal utility of good equals the marginal cost.
Programs oversee and coordinate related projects to achieve broader organizational outcomes, whereas projects aim to deliver specific, tangible outputs within clearly defined parameters. Understanding these distinctions is essential for businesses to allocate resources effectively and align activities with strategic goals.