Which practice involves managing project elements to ensure efficiency and limit waste?

The practice that involves managing project elements to ensure efficiency and limit waste is Lean Management. This methodology focuses on streamlining processes, eliminating unnecessary steps, and maximizing value from resources while minimizing waste. It is driven by continuous improvement and involves the all-around optimization of workflows, materials, and labor.

In Lean Management, the aim is to create a more efficient operation by prioritizing activities that produce value for the customer and reducing or removing those that do not. This approach encompasses various practices such as just-in-time production, value stream mapping, and Kaizen (continuous improvement), all of which contribute to a more efficient use of resources and reduced waste.

The other options may touch on related concepts but do not encapsulate the comprehensive approach to efficiency and waste reduction that Lean Management is designed for. Cost-effectiveness focuses primarily on balancing costs with benefits but does not explicitly address the elimination of waste. Project Optimization refers to enhancing project performance but can encompass multiple strategies that may not specifically target waste reduction. Resource Management relates to the allocation and oversight of resources but does not necessarily prioritize efficiency and waste reduction in the same holistic manner as Lean Management does.