What does the term 'project baseline' refer to in project management?

The term 'project baseline' refers to the approved version of the project plan, which encompasses the project's scope, schedule, and cost. Establishing a baseline is crucial in project management as it provides a reference point that project managers can compare against as the project progresses. This helps in tracking performance, measuring variances, and guiding decision-making throughout the project lifecycle.

When the project's objectives, timelines, and budget are formally approved, they form the baseline against which actual performance can be measured. Any changes to the original agreements typically involve a formal change control process to adjust the baseline.

In contrast, rough estimates or initial proposals lack the rigor and approval status of a baseline, which is essential for monitoring and controlling a project. A list of tasks and deadlines alone does not capture the full scope of the baseline, as it does not typically include cost considerations or the formal approvals that define the project's parameters.