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The process of resource allocation in business analytics

by Mirko Peters
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Business analysis professionals are often faced with the question, “What should we do?” This question is difficult to answer as it depends on the goal. One of these goals could be the allocation of resources, which can be defined in a way that maximizes efficiency and minimizes costs. This article discusses how the resource allocation process works and provides examples for consideration.

The allocation process in business analytics is the process of allocating resources to a task or set of tasks to achieve a goal. This article is not intended to be a step-by-step guide to resource allocation, but rather to give you an understanding of how the allocation process works so that you can apply it when needed

The allocation process as a soccer game

One way to think of the allocation process is to use the analogy of a soccer game. Imagine that your team has possession of the ball and your goal is to score a goal. To achieve this, you must first cross the center line and then reach the end zone. To get there you need some players who can run with the ball (resource allocation). For example, if you have a forward who can run 100 meters in less than six seconds and another player who can run the same distance in eight seconds, then it would be more efficient to allocate resources to the first player because he is faster.

Apply this analogy to real business analysis tasks: you have a goal that needs to be accomplished (score a goal) by analyzing data, so you need people with different skills (resources) to analyze the data. The speed at which they do their job depends on how quickly they can process information. As such, some of your team members may take longer than others, but still, make a valuable contribution to the overall goal

From the team and time allocation

This concept of resource allocation applies not only to assembling teams to complete a task but also to the timing. To achieve a goal, you may need to break it down into smaller tasks that can be completed within a specific time frame. For example, if you have a task to complete in a week, you must allow enough time each day to complete the task

The resource allocation process is important because it helps us use our resources efficiently and effectively. If we understand how it works, we can apply it when needed and improve our chances of achieving our goals.

Next Steps: Look at example business analysis tasks and consider how the allocation process could be used for each of these tasks. Also, consider how you can use the allocation process to improve your productivity.

Now that you know how the attribution process works, let’s look at some specific examples of business analysis tasks and consider how the attribution process could be used for each task

An example is market research.

To understand a market, you need to collect data about it and analyze it. This requires resources such as collaborators who can gather data, analysts who can analyze it, and designers who can create graphs and charts. The allocation process would involve allocating these resources to the task of market research so that they can achieve the goal of understanding the market

Another example is financial modeling.

Financial models are used to predict future results by analyzing past performance. To do this, you need data analysts, modelers, and programmers. The allocation process would involve allocating these resources to the financial modeling task so that they can achieve the goal of predicting future outcomes

The allocation process can also be used to improve your productivity. For example, if you have a goal to write a report in two days, you need to set aside enough time each day for that task. You could break the task down into smaller tasks, e.g. B. Searching for information, writing an outline, and composing the body of the report. This keeps you on track and ensures that you use your resources efficiently

Now that you know how the allocation process works, put it into practice by allocating resources to a business analysis task of your choice. Start with something small, like writing a report, and work your way up to more complex tasks. The more familiar you become with the process, the more situations you can use to handle and get better results.

Conclusion

The allocation process is important because it helps us use our resources efficiently and effectively. If we understand how it works, we can apply it when needed and improve our chances of achieving our goals. Next Steps: Look at example business analysis tasks and consider how the allocation process could be used for each task. Also, consider how you can use the allocation process to improve your productivity…

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