Final answer:
The process described is known as Time Boxing, which involves setting fixed time periods for task completion in project management. Parkinson's Law is the process of creating artificial deadlines and budgets to accomplish routine tasks in a functional department.
Step-by-step explanation:
The process of creating artificial deadlines and budgets to accomplish specific, though routine, tasks within a functional department is called Time Boxing. This process involves allocating a fixed time period, known as a time box, within which a task must be accomplished. It is employed as a project management technique to help ensure that tasks are completed within a certain time and resource constraints. Parkinson's Law states that work expands to fill the time available for its completion, meaning that tasks will often take longer if there is no set deadline or budget in place.