You are the business analyst for your organization and are working with Sally, a project manager, for your organization. You and Sally are determining the cost of the labor, materials, equipment…

Cost budgeting is the formal process of aggregating approved estimates into an authorized cost baseline - it follows estimation and does not describe the act of calculating initial solution costs.

Expert judgment is a technique applied during estimation activities, not a process for systematically calculating costs across labor, materials, equipment, and facilities.

Rough Order of Magnitude cost estimating produces high-level, approximate cost figures for proposed solutions during early project phases before detailed planning is complete. It explicitly accounts for the key cost categories - labor, materials, equipment, and facilities - to give decision-makers a comparative view of what each solution option would require financially. ROM estimates are used to support go/no-go decisions and solution selection, not to produce a formal budget baseline.

Scoping the project costs is not a recognized formal process in any standard business analysis or project management framework and does not describe structured solution cost estimation.