Final answer:
The stage where it's determined what the project will entail, its schedule, beneficiaries, and budget is the Defining stage. This stage sets the scope and resources, and involves selecting a design concept based on predefined criteria and constraints.
Step-by-step explanation:
In project management, the stage in which it is determined what the project will entail, when it will be scheduled, whom it will benefit, and what the budget will be, is the Defining stage. This stage is critical as it includes the development of a clear understanding of the project scope and available resources. It involves defining the problem and establishing constraints and criteria which will guide the entire project. Criteria such as achievable and appropriate will need to be considered to ensure the goals can come true through careful planning.
During the Defining stage, several design concepts that have been previously conceptualized are appraised, constraints are reviewed, and the most suitable concept is selected based on a structured decision process. This ensures that the chosen concept aligns with the project's constraints and criteria, paving the way for the planning phase.
The success of a project heavily depends on the detailed design developed from the chosen concept. A poor design at this stage can undermine a good concept, highlighting the importance of criteria and constraints in shaping the final product.