Exam CAPM topic 1 question 196 discussion

A. Estimate Costs and Determine Budget To influence costs in the early stages of a project, the two processes that should be used are: 1. Estimate Costs: This process involves developing an approximation of the monetary resources required to complete project activities. It is performed early in the project to provide an initial understanding of the project's cost implications. 2. Determine Budget: This process takes the cost estimates from the Estimate Costs process and allocates them to specific project activities or work packages. It establishes the approved budget for the project and helps in managing costs throughout the project's lifecycle. By using these two processes, project managers can set cost expectations, allocate resources effectively, and establish a budget framework to guide cost management from the project's inception.

I think its A. I used Chatgpt to double check and its A

I think activity duration doesn't influence the cost

Right is B

INFLUENCE. more activities = more cost

The right answer is B

7.1 Plan Cost Management—The process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled.

influence is not the same as estimate