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Question:

A project manager meets with the team to discuss how they will evaluate budget performance moving forward. What activity is the team participating in?

A Developing the cost management plan
Explaination

The project manager is putting together the cost management plan, which is an activity carried out through the Plan Cost Management process. The cost management plan documents the rules of performance measurement, level of precision and accuracy, units of measure, organizational procedures links, control thresholds, reporting formats, process descriptions, and other budget-related details necessary to develop, manage, and control the budget.