Cloud radio access network (C-RAN) is a promising mobile wireless sensor network architecture to address the challenges of ever-increasing mobile data traffic and network costs. C-RAN is a practical solution to the strict energy-constrained wireless sensor nodes, often found in Internet of Things (IoT) applications. Although this architecture can provide energy efficiency and reduce cost, it is a challenging task in C-RAN to utilize the resources efficiently, considering the dynamic real-time environment. Several research works have proposed different methodologies for effective resource management in C-RAN. This study performs a comprehensive survey on the state-of-the-art resource management techniques that have been proposed recently for this architecture. The resource management techniques are categorized into computational resource management (CRM) and radio resource management (RRM) techniques. Then both of the techniques are further classified and analyzed based on the strategies used in the studies. Remote radio head (RRH) clustering schemes used in CRM techniques are discussed extensively. In this research work, the investigated performance metrics and their validation techniques are critically analyzed. Moreover, other important challenges and open research issues for efficient resource management in C-RAN are highlighted to provide future research direction.