Resource Allocation is a central theme in economics, which is essentially a study of how resources are allocated and is associated with economic efficiency and maximization of utility. It is the process of assigning and managing assets in a manner that supports an organization’s strategic goals. It also includes managing tangible assets such as hardware to make the best use of softer assets such as human capital. Resource Allocation is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time. It can also refer to things like time, space and responsibility.