What are the three elements that must be reviewed before funds are obligated?

The correct answer identifies the three essential elements—Purpose, Time, and Amount—that need to be thoroughly reviewed before any financial commitment is made.

Understanding the Purpose ensures that the intended use of the funds aligns with the project's goals and objectives, which is crucial for effective financial management and resource allocation. The Time element emphasizes the importance of when the funds will be required and the schedule for their utilization. Dynamics associated with timing can affect project success and financial planning. Finally, reviewing the Amount aspect is essential to ensure that the financial resources allocated are adequate for accomplishing the project objectives while remaining within budget constraints.

These three elements provide a foundational assessment to determine if a funding obligation is justified and feasible, contributing to better decision-making in financial management practices.