Welcome to the forums - here is it in short -
Allocation - Is the amount of memory the O/S can access - For CPU the maximum amount of CPU cycles can have is equal to the cycles that are provided by a single core since a virtual cpu can only run on one core at a time
Resrvation - certain amount of memory (measured in MB) or CPU (measured in MHz) reserved for the virtual machine
Shares - a way to prioritize delivery of CPU and Memory resources to the VMs when there is contention for that resource
Pools are way to carve up the resources in a single host or a DRS Cluster
For more information read this -
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If you find this or any other answer useful please consider awarding points by marking the answer correct or helpful