Creating Budget or Cost Baselines for Projects
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.