Cost Management

Question 1

Estimate Costs

Answer 1

The process of developing an approximation of the monetary resources needed to complete project activities.

Question 2

Determine Budget (Cost Performance Baseline)

Answer 2

The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.

Question 3

Control Costs

Answer 3

The process of monitoring the status of the project to update the project budget and managing changes to the cost baseline.