Apply your understanding of the knowledge area of project Time Management by creating a Time Management Process specifically created for your project. The selection of the elements in your Time Management Process should be strongly guided by the PMBOK Guide. According to the PMBOK Guide, the major processes associated with project time management are: (a) Plan schedule management: Identify and describe the policies and procedures that will be used to plan, manage and control the project schedule. (b) Define activities: Identify the specific actions to be performed to produce the project deliverables. (c) Sequence activities: Identify and document the relationships between project activities. (d) Estimate activity resources: Estimate the types and quantities of material, people, equipment or supplies required to perform each activity. (e) Estimate activity durations: Estimate the number of work periods needed to complete individual activities with the estimated resources. (f) Develop schedule: Use MS Project to create a comprehensive project schedule. (g) Control schedule: Identify and describe the process of monitoring the status of the project to update progress and manage changes to the schedule baseline. SECTION TWO TOTAL: 20 MARKS Cost Management Apply your understanding of the knowledge area of project Cost Management by creating a Cost Management Process specifically created for your project. The selection of the elements in your Cost Management Process should be strongly guided by the PMBOK Guide. According to the PMBOK Guide, the major processes associated with project cost management are: (a) Plan cost management: Identify and describe the process that will be used to plan, manage and control costs for the project. (b) Estimate costs: Identify and describe the process for estimating costs to complete all the activities required to finish the project. (c) Determine budget: Aggregate the estimated costs of all the individual activities to form the overall budget for the plan. Identify and define the process by which all actual costs and variations from the base-line budget will be reported. (d) Control costs: Identify and describe the process of monitoring and controlling the status of project expenditure.