Which of the following is a key aspect of developing an Integrated Master Schedule (IMS)?

Developing an Integrated Master Schedule (IMS) is crucial for effectively managing a project because it provides a comprehensive overview of all project tasks, timelines, and their interdependencies. Documenting timelines for all project phases is a central aspect of this process as it involves breaking down major deliverables into smaller, actionable tasks and assigning specific time frames for their completion.

This allows project managers and teams to see how various elements fit together and ensures that everyone is working towards the same deadlines. An IMS helps in tracking the progress of the project against the planned schedule, allowing for timely adjustments to be made as needed.

While other aspects such as risk management, communication rules, and budgeting are important for overall project management, they do not directly pertain to the specific process of developing an Integrated Master Schedule. Therefore, focusing on documenting timelines ensures that the scheduling element of project management is systematically addressed, making it the key aspect in this context.