Struggling to track project costs? Let’s dive into the Cost Baseline!
The Cost Baseline is the approved version of the time-phased project budget, excluding any management reserves. It can be changed only through formal change control procedures and is used as a basis for comparison to actual results.
The Cost Baseline helps you measure financial performance. It ensures budget control and highlights deviations early.
Set up the Cost Baseline at the project’s start. Compare actual costs to the baseline regularly, adjusting as needed through formal procedures.
Use the Cost Baseline to maintain budget accuracy and control. It’s essential for successful project management!
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