In Project Management, the term project baseline refers to an accepted and approved project plan. Besides the schedule baseline, the cost/budget baseline is the most important part of a project baseline. The cost baseline is that part of the project baseline that handles the amount of money the project is predicted to cost and on the other side when that money will be spent. It is an approved budget usually in a time distribution format used to estimate, monitor, and control the overall cost performance of the project.

Sponsored Content


Comments


Written by bigmoneyweb
497 days ago

Well written article. A cost baseline is an approved time phased plan. Once a detailed budget is developed and approved, the project manager should publish this baseline and set it as a point of comparison for actual performance progress. One of the biggest challenges a project manager faces is determining when to set the baseline for the budget. A baseline is an approved time phased plan. Creating a baseline should not be a 'scary' thing. It is just a starting point from what to measure performance against. Thanks for sharing.



Log in to comment or register here.

Back to Business Contest

Updated Brochure with Newer Information

Submitted by Miesha Hunter from La Soirée Chic Events, LLC http://www.lasoireechicevents.com
Subscribe

Kelvin Cech @FunctionWriting Lives Solopreneur Dream

Sometimes it's easy to forget, but a little over a year ago, Kelvin Cech was stuck grinding out copy for a small sports … More
Editor's Picks

What can you do about those freaky accidents in the workplace?
Make sure your employees are protected from freaky accidents.
Learn what freaky accidents can do to your health care costs.
Learn more about workplace accidents on our BizSugar blog.