Deepthi Goguri explains how you can use Resource Governor to control memory utilization:
Queries doesn’t start unless available memory is 150% of requested query memory because sql server will always allocate a little bit of additional buffer memory. Lets take the 100MB query which will get 150MB with additional buffer. What if this query only get 100MB and doesn’t get that additional buffer in the beginning to run the query? In that case, the query will wait until the 25x the query cost which is in seconds. When the timeout occurs and if the exact grant (100MB) is available without the buffer amount then the query starts to run this time. In other scenario, even after waiting for so long and after the timeout, the exact memory (100MB) without the memory grant is not available and less than 100MB is available, in that case the grant can be decreased to the minimum required grant. What if even the minimum required grant is not available, in that case we will receive an error 8645. We can configure the timeout by using the resource governor.
Read on for more detail.