Question

In: Economics

According to the PMBOK® Guide, what are project baselines? The project’s baseline is used to measure...

According to the PMBOK® Guide, what are project baselines?

The project’s baseline is used to measure how performance deviates from the plan and is defined as the original scope, cost and schedule. The project’s baseline must be completely defined and documented before the project execution and control activities can begin. Once the project’s baseline is put under change control to help you evaluate any further change and its impact on the project. No meaningful measurements can be made if the scope, cost and schedule are not under strict change control disciplines; so having an accurate baseline will determine the measurement of your performance. any change is approved then your new baseline is redefined as the original plan plus the approved change. It is a good idea to keep records that show how the plan has progressed and changed over time. A project baseline allows you to efficiently oversee and manage how a change in your schedule, cost, or scope affects everything else.


what else can Iadd to this

Solutions

Expert Solution

Project baselines are the crux of projects which are undertaken and without the baselines, there is essentially no project in place. It helps the employees, contractors and people working with each other focus on key aspects of the project and helps streamline interactions which are to the point and address the issue because of the project baseline being prevalent.

It makes work fairly easy and under control of the task to be undertaken. With the help of the baseline one is able to determine whether one is on track and it helps with all other processes of the business such as finance, budget estimation, timeline, etc. The client is also able to monitor the performance of the company and how it is on track to execute the plan.

A project baseline is very important in terms of avoiding scheduling delays, lack of resources, and management problems. Everyone on the team has to be on sync in order to execute the project timeline, otherwise all goes in vain and can cause various problems and delays in the execution of the project. When a project baseline is strong and the foundation is strong, there are less chances of projects being delayed due to petty reasons. And even if there are delays, because of the strong baseline, delays are adjusted for in the process for timely execution.


Related Solutions

Using the Chapter 7 - User Guide to the PMBOK 4th edition - Project Cost Management...
Using the Chapter 7 - User Guide to the PMBOK 4th edition - Project Cost Management course material as a guide and the Earned Value (EV) formulas described in the example problem, answer the questions below by showing your calculations and solutions for each project parameter. Our 6-month project example is described as follows: Total Hours of Work:  1,100 Hours Cost per Hour:  $185 per hour Project cost at end of month three: $110,000 Estimated work complete at end of month three:...
The PMBOK Guide (2013) defines Project Cost Management includes the processes involved in planning, estimating, budgeting,...
The PMBOK Guide (2013) defines Project Cost Management includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget. What actions should you as a project manager take to control costs?
1) The __________________ establishes the baseline from which we measure performance and is later used in...
1) The __________________ establishes the baseline from which we measure performance and is later used in Cost Control. a) Work Breakdown Structure b) Resource Plan c) Cost Estimate d) Cost Budget
Describe various tools and techniques used in human resource management for a project. Use PMBOK as...
Describe various tools and techniques used in human resource management for a project. Use PMBOK as your main source of information List and describe some techniques for conflict management.
Project control is a critical success factor for a project’s completion. What are some issues that...
Project control is a critical success factor for a project’s completion. What are some issues that may surface for what reasons?
Discuss in detail what should a project manager do to prepare cost baseline.
Discuss in detail what should a project manager do to prepare cost baseline.
what are methods used to measure ingredients and their units of measure
what are methods used to measure ingredients and their units of measure?
what are methods used to measure ingredients and their units of measure
what are methods used to measure ingredients and their units of measure
What does it mean when a capital budgeting project has an NPV of zero? The project’s...
What does it mean when a capital budgeting project has an NPV of zero? The project’s IRR will be less than the required hurdle rate for the project The firm’s stockholders will earn a positive return, but it will be less than their required return, given the risk of the investment The firm’s security holders will earn their required rate of return, given the risk of the investment The firm’s stockholders will earn a negative return none of the above
When a capital budgeting project has an NPV of zero, what does this mean? The project’s...
When a capital budgeting project has an NPV of zero, what does this mean? The project’s IRR will be less than the required hurdle rate for the project The firm’s stockholders will earn a positive return, but it will be less than their required return, given the risk of the investment The firm’s stockholders will earn a negative return The firm’s security holders will earn their required rate of return, given the risk of the investment none of the above
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT