PMI Scheduling Professional Certification (PMI-SP) Practice Exam

Which of the following is NOT considered an output of the Estimate Cost process?

1. Cost estimates

2. Cost performance baseline

3. Basis of Estimates

4. Project document updates

The correct answer is: Cost performance baseline

In the context of project management, the Estimate Costs process focuses on developing an approximation of the costs of the resources needed to complete project activities. The outputs of this process are essential elements that contribute to the budgeting and financial planning within a project. While cost estimates, basis of estimates, and project document updates are all integral outputs of the Estimate Costs process, the cost performance baseline is not classified as an output of this specific process. Instead, the cost performance baseline is a part of the Develop Budget process, where the cost estimates generated during the Estimate Costs process are aggregated and refined into a comprehensive budget that serves as a performance measurement baseline. This baseline helps in tracking project performance against the planned budget throughout the project's lifecycle. The other options play crucial roles in estimating costs. Cost estimates are the quantitative assessments of the costs of various project activities, while the basis of estimates provides the rationale behind the estimated costs, detailing the assumptions and methods used in the estimation. Project document updates ensure that any relevant project documents reflect the latest cost information.