QUESTION 3 [25 Marks] a) Elaborate about the balance sheet and its element such as asset, liability and equity. [5 Marks] b) Project management is an important tool of modern management, particularly for big jobs, unique jobs, and jobs that require many skills. The benefits of effective project management can be immense such as getting things done on time and on budget, minimizing development time as well as effective use of resources. Figure 3.1 shows the big picture of the project management model, briefly describing the four processes involved in project work: defining and organizing the project, planning, managing project execution, and closing down the project once the project is done. Discuss the flow of the project management model and explain each process. Adjustments Define and Organize Plan Manage Execution Close Down Adjustments To Current Project Learning for Future Projects Figure 3.1 The Project Management Model [10 Marks]