Resource allocation, management practices

This is a complex example, since university teaching is intertwined with research, so there are reasons to select people over instruments even at the expense of research results. I simply intended to point out that, focussing only on research, there are hard management choices to make among the resources available, and the actual productivity of the national R D effort depends on how these choices are made. Undoubtedly, all sectors will sacrifice some equipment needs in favor of strengthening staff, particularly over a short-term difficulty. When this is practiced over a long-term period, there can be marked effects on output. More intensive studies on such allocations and their impacts are called for. 

Talluri, K. van Ryzin, G./ THE THEORY AND PRACTICE OF REVENUE MANAGEMENT Kavadias, S. Loch, C.H.IPROJECT SELECTION UNDER UNCERTAINTY Dynamically Allocating Resources to Maximize Value... 

As engineers, going from the esoteric back to the practical, we want to know how to manage the actual risks in our system. How do we allocate resources The risk assessment process addresses this issue. Before this can be done, however, here are a few thoughts on risk perception. 

---