Which process involves estimating the duration and costs of project activities?

The process that involves estimating the duration and costs of project activities is accurately identified as Project Time and Cost Estimates. This process is crucial in project management as it encompasses the assessment of how long each task will take and how much it will cost to complete those tasks.

Estimating the duration of project activities is essential for creating a realistic project schedule. It involves evaluating various factors such as the complexity of the tasks, available resources, and any potential obstacles that may affect timelines. Similarly, estimating costs involves calculating all anticipated expenses associated with the project tasks, including labor, materials, and any other overhead costs. These estimations are integral not only for budgeting but also for maintaining control over the project’s timeline and financial resources.

The significance of this process lies in its impact on the overall success of the project. Accurate estimates lead to better planning and resource allocation, which can help in minimizing risks and avoiding cost overruns later in the project lifecycle.