Final answer:
The stage where it is determined what the project will include, its schedule, beneficiaries, and budget is the Planning stage. This stage is critical for the success of the project and involves a comprehensive approach to defining the project's scope and constraints, ultimately leading to the selection of a viable project design. Option 3) Planning is the correct answer.
Step-by-step explanation:
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 Planning stage. This stage involves defining the problem, where needs of potential customers and competitors are assessed, and constraints such as government regulations, technological limitations, personnel, time, and money are established.
The planning stage includes the development of various design concepts, followed by the selection of the most viable one using a structured decision-making process.
Moreover, during the planning stage, the criteria and constraints of the project are defined, taking into account elements such as the budget for product development, the size of the engineering firm, and available resources. The planning phase is crucial as, during this time, important decisions are made that will affect the entire project, thereby having a direct impact on the project's success.
Such meticulous planning is achievable and appropriate, ensuring the goals set are realistically attainable within the stipulated parameters. Once the planning is comprehensive and robust, the next steps towards executing the project take place, ultimately leading towards successful project delivery.
The correct option that describes what the project will entail, its scheduling, beneficiaries, and budget is the third stage, which is Planning.