David W. answered • 02/07/17
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The 10 Knowledge Areas in the Guide to the {MBOK (Guide to the Project Management Body of Knowledge are:
1. Project Integration Management
2. Project Scope Management
3. Project Time Management
4. Project Cost Management
5. Project Quality Management
6. Project Human Resource Management
7. Project Communications Management
8. Project Risk Management
9. Project Procurement Management
10. Project Stakeholder Management (added in the 5th edition)
Whether brief or lengthy, there is a Plan for each of these Areas. Each Plan details the information needed to effectively manage that Area.
For example, the Project Communications Management Plan may describe weekly reports written by all employees, weekly meetings or briefings on overall progress, monthly progress reports for management and other stakeholders, milestone completion reports, . . ., a lessons learned document.
Baseline = the approved project management plan plus approved changes.
So, there may be lots of draft plans; these may be compared for various advantages/disadvantages. Once approved, they become a baseline. There is always a method of approval (either Change Control Board, Project Sponsor, etc.). Most good Project Managers would say, “If it’s not in the Approved Plan, get an approved modification. Otherwise, you are operating “at risk” (and may not get paid for the work).
A very important aspect of Cost Management is Earned Value Management. This is because the actual value of the work is not directly proportional to the time or the cost or some other obvious value. For example, the costs of a rocket balloons at the time of the launch; but before that, there are few measures of progress (that is, ROI).
In many industries, cost overruns are commonplace. A Cost Baseline provides a current accounting of the costs to date.
1. Project Integration Management
2. Project Scope Management
3. Project Time Management
4. Project Cost Management
5. Project Quality Management
6. Project Human Resource Management
7. Project Communications Management
8. Project Risk Management
9. Project Procurement Management
10. Project Stakeholder Management (added in the 5th edition)
Whether brief or lengthy, there is a Plan for each of these Areas. Each Plan details the information needed to effectively manage that Area.
For example, the Project Communications Management Plan may describe weekly reports written by all employees, weekly meetings or briefings on overall progress, monthly progress reports for management and other stakeholders, milestone completion reports, . . ., a lessons learned document.
Baseline = the approved project management plan plus approved changes.
So, there may be lots of draft plans; these may be compared for various advantages/disadvantages. Once approved, they become a baseline. There is always a method of approval (either Change Control Board, Project Sponsor, etc.). Most good Project Managers would say, “If it’s not in the Approved Plan, get an approved modification. Otherwise, you are operating “at risk” (and may not get paid for the work).
A very important aspect of Cost Management is Earned Value Management. This is because the actual value of the work is not directly proportional to the time or the cost or some other obvious value. For example, the costs of a rocket balloons at the time of the launch; but before that, there are few measures of progress (that is, ROI).
In many industries, cost overruns are commonplace. A Cost Baseline provides a current accounting of the costs to date.
