We present a powerful and innovative statistical framework to address key cosmological questions about the universe's fundamental properties, performing Bayesian model averaging (BMA) and model selection. Utilizing this framework, we systematically explore extensions beyond the standard ΛCDM model, considering a varying curvature density parameter ΩK, a spectral index ns = 1 and a varying n run, a constant dark energy equation of state (EOS) w 0CDM and a time-dependent one w 0 w aCDM. We also assess cosmological data against a varying effective number of neutrino species N eff. Our analysis incorporates data from various combinations of cosmic microwave background (CMB) data from the latest Planck PR4 analysis, CMB lensing from Planck 2018, baryonic acoustic oscillations (BAO), and the Bicep-KECK 2018 results.We reinforce the standard ΛCDM model statistical preference when combining CMB data withCMB lensing, BAO, and Bicep-KECK 2018 data against the K-ΛCDM model anddns /d ln k-ΛCDM with a probability > 80%. Whenevaluating the dark energy EOS, we find that this dataset does not exhibit a strong preferencebetween the standard ΛCDM model and the constant dark energy EOS model w 0CDM,with a model posterior probability distribution of approximately ≈ 40%:60% in favour of w 0CDM, while the time-varying dark energy EOS model only holds below 1%probability. We find a similar result also when considering the N eff-ΛCDM model, with asplit probability almost 50%-50% from both our datasets.Overall, our application of BMA reveals that including model uncertainty in these cases does notsignificantly impact the Hubble tension, showcasing BMA's robustness and utility in cosmologicalmodel evaluation.