The project manager and project team are developing approximations of the cost of resources needed to complete the project work. On which process are they working?

The correct answer is C. Estimate Costs. Estimate Costs is the process of developing an approximation of the monetary resources needed to complete project work. Plan Cost Management (A) establishes how costs will be managed, not estimated. Estimate Activity Resources (B) identifies the types and quantities of resources

Predictive, Plan-Based Methodologies

Question

The project manager and project team are developing approximations of the cost of resources needed to complete the project work. On which process are they working?

Options

APlan Cost Management
BEstimate Activity Resources
CEstimate Costs
DDetermine Budget

How the community answered

(27 responses)

A
4% (1)
B
4% (1)
C
93% (25)

Explanation

Estimate Costs is the process of developing an approximation of the monetary resources needed to complete project work. Plan Cost Management (A) establishes how costs will be managed, not estimated. Estimate Activity Resources (B) identifies the types and quantities of resources needed, not their costs. Determine Budget (D) aggregates estimated costs into a cost baseline. The key phrase 'approximations of the cost of resources' is the textbook definition of Estimate Costs.

Topics

#Project Cost Management#Estimate Costs process#Cost estimation#Project planning

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