Dynamic Resource Management

This chapter discusses the process of strategic planning and the use of management science tools to support it. Traditionally, the literature on strategic management considers resources as productive factors that can be acquired in strategic factor markets or they can also be asset stocks that can be accumulated over time. Sustainable development strategies, like any other strategy employing resources, require specific resources and dynamic capabilities; however, they are measured through a triple bottom line – economic, environmental, and social performance – rather than the traditional economic performance. The chapter discusses the tools from the management science field that can be employed to support dynamic resource management. Decision trees can provide a base to evaluate the logic and risk profile of the management team. However, the limitations are important in terms of linking the resources to business performance. The chapter also explains how to implement sustainability through stakeholder management.