The process of determining the cost of a project best defines
A)procurement management.
B)cost decomposition.
C)quality control.
D)cost estimation.

Question

Quizplus · Accepted Answer

Cost estimation is the process of determining the cost of a project. It involves identifying and estimating all costs associated with a project, including labor, materials, equipment, and any other expenses. This information is then used to create a budget for the project and to make decisions about resource allocation and cost control. Thus, option D is the correct choice. Option A refers to a different process, procurement management, which involves identifying and acquiring the necessary resources for a project. Option B, cost decomposition, is the process of breaking down a project's costs into smaller, more manageable components. Option C, quality control, focuses on ensuring that a project meets the necessary quality standards.

The Process of Determining the Cost of a Project Best