Basically, a creature with CR x is expected to use up about 25% of the resources of a 4-PC party consisting of a fighter, a rogue, a cleric and a wizard, all of level x. It is a rule of thumb (not a scientifically exact measure) to determine how challenging a creature is likely to be, but DM judgement is still required. A "non-standard" party, e.g. one consisting of more front-line meleers and less spellcasters, will have a harder time with some encounters of its CR and an easier time with others.
Note that resources includes spells, charged magic items, equipment, daily uses of abilities, etc. A party that is uninjured but has still expended spells and ammunition on an encounter has still drained its resources (some DMs forget this on occasion, and a TPK sometimes results).