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Which process involves developing an approximation of the monetary resources needed to complete project activities?
Correct Answer: A
Explanation/Reference: Explanation: Process: 7.2 Estimate Costs Definition: The process of developing an approximation of the monetary resources needed to complete project activities. Key Benefit: The key benefit of this process is that it determines the amount of cost required to complete project work. Inputs 1. Cost management plan 2. Human resource management plan 3. Scope baseline 4. Project schedule 5. Risk register 6. Enterprise environmental factors 7. Organizational process assets Tools & Techniques 1. Expert judgment 2. Analogous estimating 3. Parametric estimating 4. Bottom-up estimating 5. Three-point estimating 6. Reserve analysis 7. Cost of quality 8. Project management software 9. Vendor bid analysis 10.Group decision-making techniques Outputs 1. Activity cost estimates 2. Basis of estimates 3. Project documents updates