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List down3 Main Benefits of Project Baselining
A baseline is a set of stored values. Usually these will be:
The main benefits of having a project baseline are:
In Project management, Baseline refers to the accepted and approved plans & their related documents. Project baselines are, generally, approved by project management team and those are used to measure and control of project activities.
When you are managing a project, you establish "baseline" cost estimates and schedules based on beginning assumptions. The thing is, at the very beginning of a project there is a lot of uncertainty, so it's really only a ballpark estimate at that point. As things develop, you start to remove some of the uncertainty. Also, situations change - the concept for the project might change, resource availability might change, costs might go up, etc.
Compare the plan with the actual standing
In development sector, Project baselining helps you in:
1. Need assessments
2. Feasibility study
3. Identifying pre-conditions
4. Developing project proposals & concept notes
Creating a first overall plan for Implementation wherein all deliverables are agreed . Setting up a baseline means that from here the Implementation shall be monitored as per that plan.