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In the context of an entire economy, resources can be allocated by various means, such as markets, or planning. In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time. [1]
Managers use economic frameworks in order to optimize profits, resource allocation and the overall output of the firm, whilst improving efficiency and minimizing unproductive activities. [4] These frameworks assist organizations to make rational, progressive decisions, by analyzing practical problems at both micro and macroeconomic levels. [ 5 ]
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
The ratio for two agents and two resources improved from 0.828 to 5/6 ≈ 0.833 with a complete-allocation mechanism, and strictly more than 5/6 with a partial-allocation mechanism. The upper bound improved from 0.841 to 5/6+ε for a complete-allocation mechanism, and to 0.8644 for a partial mechanism.
In organizational studies, resource management is the efficient and effective development of an organization's resources when they are needed. Such resources may include the financial resources, inventory, human skills, production resources, or information technology (IT) and natural resources.
In computer programming, resource management refers to techniques for managing resources (components with limited availability).. Computer programs may manage their own resources [which?] by using features exposed by programming languages (Elder, Jackson & Liblit (2008) is a survey article contrasting different approaches), or may elect to manage them by a host – an operating system or ...