Which step is included in the preliminary planning process?

The correct answer is centered around the importance of baseline cost development in the preliminary planning process. This step is crucial because it involves establishing a reference point for expected costs associated with a project or initiative. By developing a baseline cost, project managers and stakeholders can gauge financial feasibility and make informed decisions about resource allocation. This initial estimation helps ensure that the project stays within budget and aligns with the overall financial objectives.

While other steps like economic feasibility analysis, stakeholder engagement, and market analysis report also play important roles in project planning, they typically follow the establishment of a baseline cost. The baseline cost acts as a foundation upon which subsequent analyses and discussions about feasibility and stakeholder perspectives can be built. Understanding costs early on is essential to effectively engage stakeholders and assess broader market conditions, making baseline cost development a foundational element of the preliminary planning phase.