In a construction project, what is evaluated in a cost baseline?

The correct choice focuses on the total estimated costs of the project, which include all costs needed for successful completion. A cost baseline is a component of the project management plan that establishes the approved version of the project budget, serving as a basis for comparison throughout the project lifecycle. This baseline encompasses direct costs such as labor, materials, and overhead, along with any other incurred costs.

The total estimated costs reflect both fixed and variable expenditures expected during the project, allowing project managers to monitor spending and control any cost variances effectively. This comprehensive view helps ensure that the project remains within budget, contributing to overall project success.

Other options do not provide a complete picture of what a cost baseline entails. For instance, focusing solely on labor and materials fails to account for other necessary expenses, while an emphasis on variable costs ignores fixed costs. Additionally, comparing projected revenues against costs pertains more to financial performance than to establishing a project cost baseline.