Final answer:
Project management is characterized by specific time, cost, and performance requirements, which distinguish it from other organizational efforts. Strict adherence to deadlines is critical in fields like engineering, where missing deadlines can result in significant consequences such as loss of revenue or market opportunities.
Step-by-step explanation:
True, one of the distinguishing characteristics of project management as opposed to other organizational efforts is the existence of specific time, cost, and performance requirements. Projects in fields such as engineering demand strict adherence to task deadlines, which can have significant impact on the success or failure of a project. Missing a deadline could result in loss of revenue, fail to capitalize on market opportunities, or in severe cases, lead to project cancellation. An example of this is the development of a new video game controller, where failure to meet deadlines could mean missing the critical holiday sales season and losing out to competitors.