There are disclosed systems, as well as methods of operation, for allocating multi-function resources among a plurality of tasks within a process system. An exemplary resource allocator is introduced that allocates multi-function resources among tasks within a process system capable of executing at least one application process. The resource allocator comprises a monitoring controller, model of the process system and a resource allocation controller. The monitoring controller monitors measurable characteristics associated with the executing application process, multi-function resources and tasks, each of the measurable characteristics being one of a status characteristic and a logistical characteristic. The model represents mathematically the multi-function resources and the tasks, and defines relationships among related ones thereof as a function of the application process. The resource allocation controller operates the model in response to the monitored measurable characteristics and allocates ones of the multi-function resources among ones of the tasks within the process system to efficiently execute the at least one application process.