Final answer:
The statement is true; performance or time targets are set during the planning phase of a project to create a clear roadmap for completion and to ensure that each activity aligns with the ultimate goal of the project. Therefore, the given statement is TRUE.
Step-by-step explanation:
True, performance or time targets for each major group of activities in a project are indeed set during the planning phase of a project. Setting these targets allows project managers to create a roadmap for project completion. During this phase, project managers consider the scope, allocate resources, and set deadlines to ensure that each activity contributes to the ultimate success of the project.
These targets are crucial because they provide the team with clear task deadlines, which are critical to the success of most projects. Just as in engineering, missing a deadline can be detrimental, potentially resulting in the loss of significant revenue or even causing an entire project to be canceled. For instance, if a video game controller design is not completed promptly, it could miss a critical marketing period like the holiday season, thereby affecting sales.