The term "Computational resource" is commonly used to describe accessible computing equipment and software. See Utility computing.
There has been some effort to formally quantify computing capability. A bounded Turing machine has been used to model specific computations using the number of state transitions and alphabet size to quantify the computational effort required to solve a particular problem.12
Gregory J., Chaitin (1966). "On the Length of Programs for Computing Finite Binary Sequences" (PDF). Journal of the ACM. 13 (4): 547–569. doi:10.1145/321356.321363. S2CID 207698337. Archived from the original (PDF) on 2007-02-05. Retrieved 2007-09-25. /wiki/Gregory_J._Chaitin ↩
Sow, Daby; Eleftheriadis, Alexandros (1998). "Representing Information with Computational Resource Bounds" (PDF). Signals, Systems & Computers. Conference Record of the Thirty-Second Asilomar Conference on. Vol. 1. pp. 452–456. ISBN 0-7803-5148-7. 10.1109/ACSSC.1998.750904. Retrieved 2007-09-25. 0-7803-5148-7 ↩