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Quality Management Integration Management Each of these management areas consists of processes, tools and techniques that are produced and/or applied to some degree during the course of any project. The following set of illustrations depict the project management life cycle, knowledge areas, and processes used: 1.2.5.
The planning phase of budgeting consists of work that, generally, must be done. in the last half of the year preceding the budget year in order to provide the. framework for budget preparation. In this period, an analysis is made of previ-. ous experience, the state of the economy, and company objectives.