What is the term for the process of making decisions about the allocation of limited resources?

The term "Resource Management" refers specifically to the process of making decisions about how to allocate limited resources effectively and efficiently. This concept encompasses evaluating available resources, considering their limitations, and determining the best ways to use them to achieve desired outcomes. Effective resource management is crucial in various contexts, including economics, environmental management, and project management, as it ensures that resources are used wisely to minimize waste and maximize benefits.

In contrast, production refers to the process of creating goods and services, distribution pertains to the delivery of these goods and services to consumers, and decision-making is a broader term that encompasses various types of choices made in diverse situations. While all of these concepts can relate to resource allocation, resource management specifically focuses on optimizing the use of limited resources in a comprehensive manner.