CAPM (Certified Associate in Project Management) Practice Exam

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What is the purpose of the estimate costs process?

To finalize the project budget
To determine the financial impact of project delays
To determine the costs associated with delivering a project
To allocate the budget for project materials

The correct answer is: To determine the costs associated with delivering a project

The purpose of the estimate costs process is to determine the costs associated with delivering a project. This process involves estimating the costs of resources needed, such as labor, materials, equipment, and other expenses required to complete the project. By accurately estimating costs, project managers can develop a realistic budget, make informed decisions, and ensure that the project is completed within the approved budget. Option A, finalizing the project budget, may be a step that follows the estimate costs process, but it is not the primary purpose of this process. Option B, determining the financial impact of project delays, is important but it is not the main purpose of the estimate costs process. Option D, allocating the budget for project materials, is a specific aspect of cost management but does not encompass the overall purpose of the estimate costs process.