The best time to establish reasonable controls is when they are first needed during the project.

The best to establish reasonable control in the project is at the start of the project but not when they are first needed during the project.

As we can keep a control or keep some standards at initial stages but now when required. This would then provide best results rather than keeping controls when needed in the project to keep the time saved mostly.

Hence the statement is false.

you can put this in your 11 sentence summary

" most of the money would be invested in innovation, economic convergence."