7 Steps In Estimating a Cost Baseline
Here are the procedures that you have to follow when are estimating a cost baseline.
- Gather the inputs you will need to establish the baseline, such as the WBS, the project schedule, the cost estimates, and the risk management plan.
- Use the project schedule to determine when activities will be taking place.
- Use one of the methods for assigning costs, allocate funds for each activity or work package for the time period in which it will be taking place.
- Consider adding a contingency amount to accommodate the risk of incurring extra expenses.
- Total the cost for each time period.
- Plot the cost for each period on a chart to create an S-curve of the baseline.
- Publish and distribute the cost baseline to the appropriate project stakeholders.
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