What is the best way to report against the baselines for scope, cost, and schedule?

The best way to report against the baselines for scope, cost, and schedule is through performance reporting. This method involves systematically collecting and analyzing data related to the project's performance and comparing it to the established baselines.

Performance reporting provides a comprehensive view of how the project is progressing in relation to its scope, cost, and schedule. It often includes key performance indicators, such as earned value management metrics, which help in assessing the current status and forecasting future performance. By utilizing performance reporting, project managers can identify variances and trends, enabling them to make informed decisions and adjustments to keep the project on track.

In contrast, variance analysis focuses specifically on identifying and quantifying deviations from the plan but might not encompass the broader context of overall performance or provide a structured format for ongoing reporting. Status updates typically offer a snapshot of the project's progress but may lack the depth and analytical rigor found in performance reporting. Finally, the project closeout report is a concluding document that reflects on the project as a whole rather than a tool for ongoing reporting during project execution.