Every project begins with a planning timeline and conceptual budget. The baseline plan, which is the final product of the planning process, provides a framework for measuring progress and evaluating success as the project is implemented. This plan serves as constraints and allow stakeholders to assess the project’s progress and chances of achieving its goals.
Since the plan is dynamic and iterative, it will continue to evolve over time. It is important to note that the baseline plan is fixed unless there are significant modifications to the scope of work.
Crucial Role of Project Policies and Procedures in Formulating Baseline Plan and Achieving Key Milestones
Project policies and procedures play a crucial role in developing, reviewing, and approving the baseline plan. At this stage, the goals, objectives, and overall scope of work are known in sufficient detail, allowing for the development of a conceptual model and the establishment of key milestones.
Assessing Feasibility: Evaluating Stakeholder Requirements against Budget and Timeline, with a Focus on Revising Baseline Plans
The feasibility of meeting stakeholder requirements is evaluated based on the baseline planning timeline and budget, and revisions are made if necessary. It is essential to obtain stakeholders’ agreement before making any changes to the plan, following established procedures for rebaselining.
Agreement on Key Rebaselining Factors, Including Budget, Schedule, and Percent Complete, Crucial for Contracting Parties
Reaching an agreement on key rebaselining factors, such as budget, schedule, and percent complete, is of utmost importance for all contracting parties involved. This agreement plays a crucial role in ensuring the successful execution of any contractual arrangement.
Whenever significant changes occur, a revised baseline plan is required, which must be re-approved. This new plan then becomes the basis for future forecasting and measurement. When rebaselining, all major aspects, including the budget, schedule, and percent complete status, should be agreed upon by the contracting parties.
