Resource allocation refers to the process of distributing available resources among various projects or business units. This involves determining how much of each resource, such as time, money, and personnel, should be assigned to different tasks to achieve optimal efficiency and effectiveness. Proper resource allocation is crucial for meeting project deadlines and ensuring that objectives are met without overspending or overextending capabilities. Effective resource allocation requires careful planning and analysis. Managers must assess the needs of each project and prioritize tasks based on their importance and urgency. By doing so, organizations can maximize productivity and minimize waste, ultimately leading to better outcomes and higher returns on investment.