Final answer:
Project planning includes identifying tasks and estimating times and costs, monitoring progress, taking corrective action, and supervising the project team. These elements are critical for staying on track with deadlines and ensuring the project's success. So the correct answer is option 2.
Step-by-step explanation:
Project planning, an activity overseen by a project manager, encompasses various tasks essential for the successful completion and management of projects. It includes identifying project tasks and estimating completion times and costs, which is essential for setting realistic deadlines and budgets.
Additionally, project planning involves monitoring the progress of a project, evaluating results, and taking corrective actions when necessary to stay on target, ensuring that project goals are met within the established parameters. Organizing and guiding the project team, which may involve delegating tasks and supervising to address different skills and responsibilities within the team, is another critical element.
For instance, in engineering projects such as designing a new video game controller, deadlines dictate the market release and can potentially affect sales and customer acquisition. Therefore, understanding one's role, setting measurable goals, and maintaining effective communication with supervisors and team members are paramount for individual and project success.
Cooperative teamwork and proactive initiative in assessing and solving problems are also highly valued in this context, aligning with the broader goals of being a responsible corporate citizen and contributing to the firm's success.