Question

The current course module addressed the knowledge areas of project resource management and project cost management. Please locate these knowledge areas on the framework (find the document in the resources section of Module 1) and select all the processes that belong to them from the following list.

A) Resource Planning.
B) Cost Estimation.
C) Cost Control.
D) Risk Management.

Answer 1

Resource Planning is a part of project resource management, while Cost Estimation and Cost Control fall under project cost management. Risk Management is not a part of these knowledge areas but is its own area in project management.

Step-by-step explanation:

The knowledge areas of project resource management and project cost management are essential components in the field of project management.

Within the Project Management Body of Knowledge (PMBOK) framework, these knowledge areas encompass a number of processes.

• Resource Planning (A) is part of project resource management. It involves identifying the physical and human resources needed to complete the project.
• Cost Estimation (B) and Cost Control (C) are both part of project cost management. Cost Estimation is the process of forecasting the financial resources required for the project, while Cost Control involves managing changes to the project budget.

Risk Management (D) is not part of these two knowledge areas but is a separate domain within project management that deals with identifying, analyzing, and responding to project risks.