PJM310 (2 discussion forum responses 150-200 words each w/ APA citation)
Business Finance
Please respond to the 2 responses below in 150 – 200 words with an APA citation: The first listed is my initial submission followed by a response from my professor to my submission.
The 2nd submission is that of a student that I need to respond to as well.
Hello Class,
The
project baseline is a line that is used as a basis for future
estimation. The term baseline is used to refer to a project plan that
has been approved and accepted in project management. A project baseline
is a requirement for a project or a manager who needs to monitor and
evaluate the success of a project (Lin et al., 2018). In the absence of a
baseline, there will be no probability of making a comparison of the
current state of the project in relation to the original measurement.
The key to operating with baselines is to not to change the baseline
whenever there is a minimal adjustment to the schedule. Preferably, when
the baseline of the project is determined, it should remain without
change during the duration of the project. Nevertheless, it is, at
times, inevitable to change because of a new necessity that means a
major adjustment to cost or scope (Ljevo et al., 2018).
A baseline of a project is an essential tool for managing the performance of a project. It offers essential historical information or details that may be utilized for the enhancement of future performance. In a situation where there is a necessary contingency, there should not be any changes made to the baseline at any particular moment. Making a change to the baseline in such a situation would cause ups and downs meaning that the project should be completed within rational parameters.
References
Lin, S., Li, C., Xu, F., Liu, D., & Liu, J. (2018). Risk identification and analysis for new energy power system in China based on D numbers and decision-making trial and evaluation laboratory (DEMATEL) (Links to an external site.). Journal of Cleaner Production, 180, 81-96
Ljevo, Z., Vukomanović, M., & Džebo, S. (2018). Assessing the influence of project management on quality during the early phases of construction projects. Organization, 9(1), 1584-1592. Retrieved from https://content.sciendo.com/view/journals/otmcj/9/1/article-p1584.xml (Links to an external site.)
Hello Class,
In project management, the baseline for a project is essentially the initial part of a project plan. If there were no baseline, then performance measurement and earned value analysis would not exist for a project. According to Wrike, Inc. (2019), a baseline is a fixed reference point to measure and compare your project’s progress against; this allows you to assess the performance of your project over time. Schedule, cost and scope are the three key parts in a project baseline. They are individually examined, measured and reported to make certain they stay on track. Once the schedule, cost and scope are completely combined, it may possibly be known as a performance measurement baseline (PMB). PMB delivers the capability to resourcefully display and accomplish how a change in one element affects the others.
For the duration of the project execution, there will be modifications to the schedule and scope of effort which will affect your performance, supply plan and baseline. Only when authority has been given, during steady intervals is when a fresh baseline may be set for your project, which is known as a baseline revision. Once a new baseline has been set, the performance history should not be lost. Appropriate baseline practice produces worth and integrity for the project. Baseline revisions may be required due to performance deviations or because of changes to the scope of work (Safran, 2019). Revisions to the baseline should only display the variations from the present phase. Past performance cannot be changed, this protects the integrity of the historical data of past performance (Safran, 2019). In addition, when this happens it will not change the historic part of your contract.
-Venus
References:
Sanfran. (2019). Why Your Baseline is Essential in Project Management. Retrieved from: https://www.safran.com/blog/why-baseline-is-essent…
Wrike, Inc. (2019). What is a Baseline in Project Management (Project Baseline)? Retrieved from: https://www.wrike.com/project-management-guide/faq…
