An appropriate choice of strategy for resource allocation may frequently determine whether a population will be able to survive under the conditions of severe resource limitations. Here we focus on two classes of strategies allocation of resources towards rapid proliferation, or towards slower proliferation but increased physiological and environmental maintenance. We propose a generalized framework, where individuals within a population can use either strategy in different proportion for utilization of a common dynamical resource in order to maximize their fitness. We use the model to address two major questions, namely, whether either strategy is more likely to be selected for as a result of natural selection, and, if one allows for the possibility of resource over-consumption, whether either strategy is preferable for avoiding population collapse due to resource exhaustion. Analytical and numerical results suggest that the ultimate choice of strategy is determined primarily by the initial distribution of individuals in the population, and that while investment in physiological and environmental maintenance is a preferable strategy in a homogeneous population, no generalized prediction can be made about heterogeneous populations.