The Main Purpose of the Planning Phase in a Project

question 83

Multiple Choice

The main purpose of the planning phase in a project is to ________.

• A)set up the project scope and initial budget
• B)accomplish the project tasks effectively
• C)determine who will do what and by when
• D)establish team roles, responsibilities, and authorities

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Definitions:

Income

The money received, especially on a regular basis, for work, through investments, or from business activities.

Gains

Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases in liabilities.

GAAP

GAAP, which stands for Generally Accepted Accounting Principles, is a set of accounting standards and conventions that guide how financial statements are prepared and reported.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that aims to ensure transparency and comparability of financial statements globally.