**What role does "resource allocation" play in project management?**
Resource allocation is essential in project management as it involves assigning available resources—such as time, personnel, and finances—to various project tasks effectively. Proper allocation allows teams to optimize productivity and ensure that each component of the project receives adequate support to meet deadlines. Effective resource allocation can reduce project costs and mitigate risks associated with overutilization or underutilization of resources. Ultimately, efficient management of resources enhances project performance and ensures that objectives are achieved within the planned timeline and budget, leading to successful project outcomes.