Resource management is the process by which businesses manage their various resources effectively. Those resources can be intangible – people and time – and tangible – equipment, materials, and finances.

It involves planning so that the right resources are assigned to the right tasks. Managing resources involves schedules and budgets for people, projects, equipment, and supplies.

While it is often used in reference to project management, it applies to many other areas of business management. A small business, in particular, will pay attention to resource management in a number of areas, including:

Finances – Can it meet current expenses or afford to invest in new equipment or staff training?
Staffing – Does it have the right people for the work at hand? Will it need to hire if it gets that new client and if so, what skills will those people need to have?
Physical space – Is the company’s office or manufacturing space configured so that other resources can be managed for maximum efficiency?
Equipment – Does it have the tools needed to do what’s required?
Technology – What does the business need to succeed and should financial resources be reallocated to fund what’s missing?