Which of the following processes is described in the statement below? "It is a process of developing an approximation of the costs of the resources needed to complete project activities."

Cost Control is the process of monitoring project status to update project costs and managing changes to the cost baseline, not developing initial estimates.

Cost Budgeting is the process of aggregating estimated costs of individual activities to establish a total cost baseline, which comes after estimating.

Activity Resource Estimating determines the type and quantity of resources required for each activity, not the monetary cost of those resources.

According to the PMBOK Guide, Cost Estimating is formally defined as the process of developing an approximation of the costs of the resources needed to complete project activities. It involves analyzing cost alternatives and trade-offs to produce a cost estimate used as the basis for the project budget. This is distinct from Cost Budgeting, which aggregates those estimates into an authorized cost baseline.