The cost Baseline is a time-phased budget that project managers use to measure and monitor cost performance.
The cost baseline uses the overall cost of all work packages and individual tasks as a point of comparison rather than taking into account potential future variations in the project's activity. As a result, it does not assign the cost estimations to the operations' future actions. It is only used to keep track of the project's projected and actual costs.
What do you mean by the budget and project cost baseline?
1. The project's approved cost baseline includes a list of salaries, materials, equipment, and other expenses.
It is illustrative of
Cost Baseline = Project Cost Estimates + Contingency Reserves
2. Budgets are used by corporations, governments, and people to estimate their income and expenses for a given future period of time. It includes earnings, outlays, and contributions to the overall GDP.
If we are setting the project's cost baseline, this is the case. Budget will be the process's end result in the end.
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