In accordance with the PMBOK® Guide and the Process Group mapping, the processes of project management are divided into five distinct groups: Initiating, Planning, Executing, Monitoring and Controlling, and Closing.

Control Costs: This is a specific process within the Project Cost Management knowledge area that falls under the Monitoring and Controlling Process Group. Its primary function is to monitor the status of the project to update the project costs and manage changes to the cost baseline. It involves comparing actual spending against the planned budget to identify variances.

Comparison with Other Options:

Plan Quality (B): This is part of the Planning Process Group. It identifies quality requirements and/or standards for the project and its deliverables.

Perform Quantitative Risk Analysis (C): This is part of the Planning Process Group. It numerically analyzes the effect of identified risks on overall project objectives.

Determine Budget (D): This is part of the Planning Process Group. It involves aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.

The Monitoring and Controlling Process Group consists of those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes. Every Knowledge Area (Scope, Schedule, Cost, Quality, etc.) has at least one " Control " or " Monitor " process that belongs to this group.