Resource Management Definition – What is Resource Management

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

Resources can include things like:

1. Finances – Can we afford to invest in new equipment or staff training? 
2. Staffing – Do we have the right people for the work at hand? Will we need to hire if we get that new client and if so, what skills will those people need to have?
3. Physical space – Is the company’s office or manufacturing space configured for maximum efficiency?
4. Equipment – Do we have the tools needed to do what’s required?
5. Technology – What technology does the business need to succeed and should financial resources be reallocated to fund what’s missing?