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The estimated costs of the following inputs create this baseline: cost management plan, scope baseline, activity cost estimates, project schedule, basis of estimates, project schedule, resource calend
The estimated costs of the following inputs create this baseline: cost management plan, scope baseline, activity cost estimates, project schedule, basis of estimates, project schedule, resource calendars, risk register, agreements, and organizational process assets. The purpose of the cost baseline is to provide a reference point against which project performance can be monitored and controlled.
1. According to PMBOK 2013, what outputs from the cost management plan create the cost baseline, and what purpose does a cost baseline serve in a project, please explains.
2. Why is it important for project managers to understand and use an earned value management approach to managing costs in projects, please explain?
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1. Following outputs are used to cost baseline from cost management plan :
Cost Performance baseline
Project funding requirements
Project documents updates
Purpose :
Cost baseline forms a crucial part of the project baseline which handles the cost related work and predicts the costs to be incurred on projects and also what is the total amount to be spent on the project.
2. Earned value management approach is one the best methods or analysis to determine the actual work done or cost incurred. Not everything can be determined by schedule and cost reports, earned value analysis is easier and a more thorough approach, provides a better review of the project. Also, for a project manager it forms an accurate base for further decision and to conform that the project is progressing.