📚 Project Vocabulary: Cost Baseline 💰

📚 Project Vocabulary: Cost Baseline 💰

Definition: The approved version of the time-phased project budget, excluding any management reserves, which can only be changed through formal change control procedures and is used as a basis for comparison to actual results.

Example: In a construction project, the cost baseline would be established after the planning phase, detailing the expected costs for each work package and time period, and would be used to track and manage actual expenses throughout the project.

The cost baseline is like the project’s financial anchor, keeping the budget grounded and stable. ⚓💰

#CostBaseline #BudgetAnchor #FinancialGuide #AcutePMC #changecontrol #vocabulary #reserves #tracklife