Identify one common method of project cost management.

Budget tracking and variance analysis is a fundamental method of project cost management. This process involves monitoring the financial performance of a project by comparing the planned budget against the actual expenditures. It allows project managers to identify discrepancies, understand their causes, and make informed decisions to keep the project within its financial limits.

By tracking the budget closely, project managers can promptly address any overspending or underutilization of resources, making adjustments as necessary to maintain the overall health of the project. Variance analysis specifically helps in determining whether a project is on track, ahead, or behind schedule, and it provides insight into where resources may need to be reallocated to mitigate risks associated with cost overruns.

The other choices, while important aspects of project management, do not directly pertain to cost management. Risk assessment techniques focus on identifying and evaluating potential risks to the project, team building activities strengthen collaboration and performance among project members, and stakeholder interviews gather input and feedback from those invested in the project. However, none of these methods specifically address the vital practice of managing and controlling project costs.