Purpose:
Determines the cost baseline against which project performance can be monitored and controlled.
Objective:
Aggregate the estimated costs of individual activities or work packages to establish an authorized cost baseline.
Description:
A project budget includes all the funds authorized to execute the project. The cost baseline is the approved version of the time-phased project budget but excludes management reserves.
RASIC:
Inputs:
- Cost Management Plan
- Scope Baseline
- Activity Cost Estimates
- Basis of Estimates
- Project Schedule
- Resource Calendars
- Risk Register
- Agreements
Outputs:
- Cost Baseline
- Project Funding Requirements
- Updated Project Documents
Controls:
- Cost Aggregation
- Reserve Analysis
- Expert Judgement
- Historical Relationships
- Funding Limit Reconciliation
Task Instructions:
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