Final answer:
The undertaking referred to in the question is a 'project', a common term in business and engineering involving specialized tasks designed to achieve a specific objective.
Step-by-step explanation:
b. Project
The undertaking designed to accomplish a specific objective through a set of interrelated, specialized tasks is best described as a project. This encompasses efforts in areas such as engineering, where teams may work on enhancing existing products or processes (incremental design) or developing new ones from scratch (new design). In the context of engineering, the completion of these tasks typically follows a repetitive cycle until the desired outcome is achieved, highlighting the necessity for meticulous planning and management.
Recognizing goals and creating a plan for achieving them is paramount to the success of a project. The 5 W's (Who, What, Where, When, and Why) are essential in setting specific goals for the project. For instance, when designing a new video game controller, teams must manage multiple tasks and adhere to strict deadlines to ensure the product reaches the market in time, thus impacting the success of the project.