Resource Management

Torches, Rations, Hit Points, and Spell Slots
White Box is a game of managing limited resources as much as it is about adventure, discovery and treasure acquisition. Hand waving the resources can break major links with reality and make the whole experience seem less real. Managing scarce resources can also add an element of tension that may otherwise be lacking, tension that heightens excitement and ultimately, enjoyment.
One of the things I enjoy about reading (and playing) some of the indie RPGs is they often help me bring aspects of the hobby into more clear focus. Torchbearer by Thor Olavsrud and Luke Crane (The Burning Wheel) is a thought-provoking dungeon crawl game that brings into focus the need to manage the resources and condition of one's party of adventurers. White Box was certainly designed with dungeon crawling in mind and although it does much more than facilitate dungeon adventure, the dungeon is perhaps the easiest environment for a referee due to its limited scope.
In order to succeed at White Box dungeon crawling, the party of adventurers have a set of tools including items purchased or acquired, such as food, torches, potions, etc. and expendable aspects of the individual character that are not unlimited, such as hit points and spells that can be cast. The idea is to enter the dungeon, grab as much wealth and experience as possible during the time the resources hold out and get back to safety in order to reap the benefits of their accomplishments. A skillful referee may add some mystery to unravel giving the party reasons to go into the underworld other than treasure and experience, but at its most basic it's pretty simple fun. The challenge is to work together, be smart about getting the treasure and managing the resources to maximize profit.
In order to build tension and excitement, the referee needs to track the passage of in-game time carefully. Using up torches and other sources of light, consuming food and water, tracking healing and other health conditions and recharging of spells all requires accounting for time in a fair manner. There aren't many monsters that can cause terror as easily as the prospect of a party plunged into darkness from which they have no ready remedy.
Resources are important when traveling across the wilderness as well. Again I am reminded of a game that particularly highlights this aspect of the hobby, but it applies to White Box and most other RPGs as well. Ryuutama (Dragon-egg) by Atsuhiro Okada and translated from Japanese by Matt Sanchez and Andy Kitkowski, is a delightful RPG about travel in a medieval-esque landscape where the journey is the story. Ryuutama makes sleep, weather, terrain and equipment such as clothing and footwear (often taken for granted) all important resources to be managed along the journey. It does so smoothly and in a manner that incorporates it all into the "story" rather than making it a bookkeeping chore. Ryuutama is one of those games that have changed my attitude about some aspect of gaming and is likely to influence how I referee all other games.
The positive outcome of resource management is that of adding depth and flavor to the game. The resources seem real and helps connect the game-play with reality. We can all identify with being sleepy, hungry or in the dark. Managing certain resources add to the verisimilitude as long as it is handled in a quick, easily understood manner that has realistic consequences. Some players may even find a new calling as "party quartermaster".