Required steps to deal with 'Resource Limit is Reached' errors

Sometimes some of our customers were facing Resource Limit is Reached issue on their websites. 
This article is provided as a courtesy to our customers, to help them understand why Resource Limit is Reached issue happens, and probable ways to deal with this issue. Hope you will find it helpful.
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Why Resource Limit is Reached issue happens?
When you get Resource Limit is Reached error message while visiting your website, This means that your website is hitting one or more of the hosting account's resource limits (CPU, memory, etc.).