In Project Cost Management, which of the following combinations correctly identifies a typical input, a tool or technique, and a primary output of the Cost Estimating process according to the PMBOK Guide?

Introduction / Context:
The Cost Estimating process in Project Cost Management is where the project team develops an approximation of the monetary resources needed to complete project activities. These estimates form the foundation for budgeting and cost control. The PMBOK Guide describes a set of standard inputs, tools and techniques, and outputs for cost estimating that appear frequently on the PMP exam.

Given Data / Assumptions:

• The knowledge area is Project Cost Management.
• The process under discussion is Cost Estimating or Estimate Costs.
• We want one representative input, one tool or technique, and one primary output.
• A scope baseline has been established, including the WBS and detailed scope statement.
• The goal is to estimate the cost of resources needed to perform project work.

Concept / Approach:
Cost Estimating relies on the scope baseline, schedule information, resource requirements, and historical data as key inputs. One widely used tool and technique is parametric estimating, where a mathematical model relates cost to other project parameters such as size, quantity, or duration for example, cost per meter or cost per hour. The primary output is activity cost estimates, often accompanied by a basis of estimates and updates to project documents. These estimates can be expressed in a range, with confidence levels and assumptions documented for future reference.

Step-by-Step Solution:
Step 1: Identify a relevant input. The scope baseline is essential for understanding what work must be costed and for ensuring estimates cover the full project scope. Step 2: Select a common tool or technique. Parametric estimating is a recognised method in PMBOK, especially when historical data and statistical relationships are available. Step 3: Determine the primary output. Activity cost estimates are the direct result of estimating the money needed for each activity or work package. Step 4: Choose the option that includes scope baseline, parametric estimating, and activity cost estimates. Step 5: Confirm that other options relate to different processes in scope, schedule, quality, or human resource management rather than to cost estimating.

Verification / Alternative check:
PMBOK style ITTO tables for Estimate Costs show scope baseline, project schedule, resource calendars, risk register, cost management plan, and enterprise environmental factors as inputs. Tools and techniques include expert judgment, analogous estimating, parametric estimating, bottom up estimating, three point estimates, and reserve analysis. Outputs include activity cost estimates, basis of estimates, and project document updates. This aligns closely with the combination in the correct option.

Why Other Options Are Wrong:
Option B belongs to scope verification. Option C describes time management and activity sequencing. Option D refers to quality control techniques. Option E is associated with acquiring the project team, not estimating costs.

Common Pitfalls:
A typical mistake is to equate all estimating processes, forgetting that time and cost estimating use different units and sometimes different techniques. Another pitfall is to underestimate the importance of the scope baseline; without a clear scope baseline, cost estimates are likely to be incomplete or inaccurate. For the exam, link Cost Estimating with inputs like the scope baseline, techniques like parametric estimating, and outputs such as activity cost estimates and basis of estimates.

Final Answer:
The correct ITTO combination for Cost Estimating is scope baseline; parametric estimating; activity cost estimates.