Question

What is meant by resource allocation?

Answer 1

Explanation:

Allocation of resources :- They are the mechanics of investment; where one applies one's goods (for greatest possible future gain); how one disposes of one's resources (for greatest possible effect). Often used as a term in conjunction with economics.

Answer 2

Answer:

Resource allocation is the process of assigning and managing assets in a manner that supports an organization's strategic goals.

Resource allocation includes managing tangible assets such as hardware to make the best use of softer assets such as human capital. Resource allocation involves balancing competing needs and priorities and determining the most effective course of action in order to maximize the effective use of limited resources and gain the best return on investment.

for example : human resources, especially in the near term, to achieve goals for the future. It is the process of allocating scarce resources among the various projects or business units.

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