Cost Baseline Notes: Definitions & Explanations PDF | Download eBooks
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Cost Baseline Definition:
Cost Baseline is defined as the approved version of the timephased project budget that is used as a basis for comparison to the actual results.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Cost Baseline Notes:
Cost baseline is basically a detailed budget of the project. The cost estimates of all the associated activities are included in the cost baseline. It is a plan to address the cost issues of the project. Cost baseline, along with the project budget in general, includes the contingency reserves (also known as management reserves) to cope up with any potential risks. A project is divided into different work packages. The cost estimate of each work package is established and the sum of these costs make up the cost baseline. Cost baseline is used to compare the actual costs with the estimated ones to show any deflection from the project budget.
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