resource management

  

Definition

The process of using a company's resources in the most efficient way possible. These resources can include tangible resources such as goods and equipment, financial resources, and labor resources such as employees. Resource management can include ideas such as making sure one has enough physical resources for one's business, but not an overabundance so that products won't get used, or making sure that people are assigned to tasks that will keep them busy and not have too much downtime.

Use resource management in a sentence

  • We had an overstocked supply of some material and an understocked supply of other material; it was obvious to us that we needed to review our resource management department in detail.

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  • The organization recently conducted a resource management audit and corrected areas where employees could improve efficiency and reduce wasteful downtime.

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  • You need to be good at resource management so that you are not spending to much money on things you don't need

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