Resource allocation refers to the process of distributing and managing resources in a way that maximizes their effective use. It involves identifying, acquiring, and allocating resources such as money, personnel, equipment, or materials to ensure they are used efficiently and effectively towards achieving specific goals or objectives. Resource allocation is an important aspect of project management, where it helps determine the necessary resources required for a particular task or project, and ensures that those resources are distributed in a way that maximizes productivity while minimizing waste. In essence, resource allocation involves making strategic decisions about how to use available resources to achieve desired outcomes.