6) What are the project management process groups? Estimate how much time and money is typically spent on projects in each of these process groups. Assume you have one year and $100,000 to spend.

The project management process groups are

1) Initiating activities which include defining and authorizing a project or project phase 

2) Planning activities include devising and maintaining a workable scheme to ensure that the project addresses the organization's needs

3) Executing activities involves coordinating people and other resources to carry out the various plans and create the products, services, or results of the project or phase 

4) Monitoring and controlling activities, is regularly measuring and monitoring progress to ensure that the project team meets the project objectives. and 

5) Closing activities, involves formalizing acceptance of the project and project phase and ending it efficiently. Closing 2%, around $2,000 and 1 week time spent. Monitoring and Controlling 4%, $4,000 and 2 weeks’ time spent. Executing, clearly requiring the most resources, money and time spent 82%, $82,000 and around 10 months’ time spent. Planning 11%, $11,000 and around 6 weeks’ time spent. Least amount of resources and money is the Initiating process at around 1%, $1,000 and about 3 to 4 days’ time spent. - Yajayra Wojtas