Step 1: Analyze the definition of a process.
In computer science, a program is a passive collection of instructions. A process is the active instance of a computer program that is being executed by one or more threads. It contains the program code and its activity.
Step 2: Evaluate the given options.
(A) A reusable resource is hardware (like a printer) or software (like a library) that can be used by multiple processes, but it is not the process itself.
(B) A variable timer is a mechanism used for scheduling or managing time within the OS, but it is not a process.
(C) "Program in execution" is the standard definition of a process. It represents the dynamic execution of a program's code.
(D) Allocation and de-allocation of memory are functions performed by the operating system's memory manager, often on behalf of a process, but this is an action, not the process itself.
Conclusion: The correct definition is a program in execution.