CAPM Practice Exam 2026 – All-in-One Guide to Master Your Certified Associate in Project Management Exam!

Question: 1 / 885

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

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.

Get further explanation with Examzify DeepDiveBeta

To allocate the budget for project materials

Next Question

Report this question

Download CAPM (Certified Associate in Project Management) Practice Exam PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy