Required Baselines for Managing a Project
Although many types of baselines are possible, the three types that must be set for each project are:
- Requirements
- Schedule
- Cost
Requirements, cost, and schedule are known as the triple constraints. They are interdependent; a change in one of the three has an impact on the other two.
The requirements baseline is established after all project requirements have been defined and documented and then reviewed and approved by the appropriate stakeholders on the project, including the project sponsor, who then must sign off in writing.
- The requirements baseline serves as the critical baseline for the project's technical requirements. Changes to this baseline must be carefully monitored and controlled.
- The schedule baseline is established after project planning has been completed and the project schedule has been reviewed and approved. Again, all appropriate stakeholders, including the project sponsor, must sign off in writing.
- The cost baseline is established after all cost items on the project have been estimated and the price for the project has been reviewed and approved by the project sponsor.