Which type of management involves understanding the financial and human resources required for a project?

The concept of management that focuses on understanding the financial and human resources needed for a project is best captured by cost management. Cost management encompasses the processes involved in planning and controlling the budget of a project. This includes estimating costs, determining a budget, and managing project expenditures to ensure that the project is completed within the approved budget. Effective cost management is vital to a project's success, as it helps to identify financial resources required to complete various project tasks and to allocate them appropriately.

While other forms of management, like time management and quality management, are essential for ensuring a project stays on schedule and meets quality standards, respectively, they do not directly involve the assessment and management of financial and human resources. Resource management, on the other hand, is a broader category that overlaps with the aspects of managing both human resources and materials but does not specifically emphasize financial resources. Therefore, cost management is the most suitable answer to the question regarding understanding the financial and human resources required for a project.