Mgmt 4135 project management chapter-8 scheduling resources and costs chapter-8 • baseline: the original plan the new changes • this is now the new schedule it includes the original schedule plus all the changes • time-phase: using the project schedule, you can time-phase work packages and assign resources. I'm preparing a time phased budget - basically my project schedule with all resources and cost allocated when its reviewed, i will need to baseline it for calculating variance (tracking) in future. Baseline costs: at the point of accepting the project, you set a baseline, a copy of the schedule that adheres to the time, budget and scope constraints for the project baseline costs reflect the “forecasted” costs at that time the project is set up.
In project management, variance baseline is established by identifying the cost, schedule and scope scope defines all the work which needs to be done the project management team creates a work-breakdown structure (wbs) which is a hierarchical view of all tasks to be accomplished. Description the planning phase begins when the project has been formally approved and funded, and the project charter is approved this phase requires study and analysis culminating in the full project management plan and that may lead to system development activities. Basic concepts of earned value management (evm) or bcws, for each task and thus the project this time phased budget is the performance measurement baseline (pmb) this section is a very straightforward, long standing project management set of 6 guidelines for capturing actual costs (acwp) expended for project work effort. The project management office (pmo) is an organization within a company that develops and enforces project management processes, tools, and techniques a pmo may form at a program level, a.
Project management glossary of terms made to a project’s baseline scope, time, cost and quality objectives or agreed benefits are identified, evaluated, project or phase and bringing it to an orderly end, including the archiving of project information and post-project review. A well-managed project often involves comparing a project to earlier version of it this is a critical part of tracking your project before you start tracking your schedule, however, you need to set a baseline so that you can compare it with your up-to-date schedule later in the project. Baseline the approved time phased plan (for a project, a work breakdown structure component , a work package , or a schedule activity ), plus or minus approved project scope , cost , schedule, and technical changes. Project management is solely based on the idea that a project goes through a number a phases characterized by a distinct set of activities or tasks that take the project from conception to conclusion. Time-phased project work is the basis for project cost control work package duration is used to develop the project network further, the time - phased budgets for work packages are timetabled to establish fiscal measures for each phase throughout the project.
A project plan, project charter and/or project scope may be put in writing, outlining the work to be performed during this phase, a team should prioritize the project, calculate a budget and schedule, and determine what resources are needed. Cost baseline: “the approved version of the time-phased project budget, excluding any management reserves, which can be changed only through formal change control procedures and is used as a basis for comparison to actual results. Project schedule is a project document, whereas schedule baseline is a part of the project management plan project schedule is updated as the project is being executed, whereas schedule baseline is revised only as a result of an approved change request. Project documents updates project funding requirements cost baseline approved version of the time-phased project budget (excluding any management reserves) that can only be changed via formal change control procedures. Instructions: explain the risks associated with leveling resources, compressing or crashing projects, and imposed durations or “catch-up” as the project is being implemented why is it critical to develop a time-phased baseline the risk of leveling involves the reducing of an activity’s slack.
One of the most misunderstood terms in project management, the project plan is a set of living documents that can be expected to change over the life of the project like a roadmap, it provides the direction for the project develop the cost baseline, which is a time-phased budget, or cost by time period. The cost baseline is a “time-phased budget that is used as a basis against which to measure, monitor, and control overall cost performance on the project” (pmbok, 2004, chap 7231) many factors can affect the cost performance of a project. Management reserve is not a part of the cost baseline, and the project manager needs management’s permission to use this reserve management reserve is not an estimated reserve it is a figure which is defined according to the organization’s policy. The cost performance baseline is an authorized time-phased budget used to measure, monitor, and control overall cost performance on the project it is developed as a summation of the approved budgets by time period and is typically displayed in the form of an s-curve, as is illustrated in figure 7-3.
This article provides an introduction to the basic concepts of earned value management as scheduled the resource loaded schedule is the basis for the monthly budget, or bcws, for each task and thus the project this time phased budget is the performance measurement baseline (pmb) the total budget for each task, control account, or the. Baseline is a common project management termit refers to a set of data about project that represents state before the work actually began a baseline is a static copy of plan data that's compared with actual and current data. The best of plans for a project will fail unless the project's progress is properly monitored and managed baseline budgets for a project and baseline schedules contain the required reference points that can be used in any analysis.
10 steps to creating a project plan by elizabeth larson, pmp, cbap, and richard larson, pmp,cbap with the possibility that the baseline(s) will change project management plans develop the cost baseline, which is a time-phased budget, or cost by time period. Time estimation and management can make or break a project and is therefore critically important in the project management field it’s important to estimate time correctly, for two main reasons: deadlines for project planning and delivery come from the estimated duration. Project budgeting explained you can combine the activity costs that are planned for that period to determine the time-phased budget success tips, my free project management newsletter where i share tips and techniques that you can use to get your project management career off to a great start.