What type of software is responsible for managing processor time and memory allocation?

Answer: Operating system

Explanation:

The operating system is the type of software that are responsible for manage the processor time and also the memory allocation in the system. The operating system mainly deals with the processor time by scheduling the processor work done in the system.

The OS mainly control the system and then schedule the execution of various types of function by the central processing system (CPU). It also control the memory allocation in the system.