Cost Baseline
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Cost Baseline is the approved version of work package cost estimates and contingency reserve that can be changed using formal change control procedures and is used as the basis for comparison to actual results. See also baseline, performance measurement baseline, schedule baseline, and scope baseline.
Definition
According to Macroeconomics by Mankiw (7th edition),
- Cost Baseline. The approved version of work package cost estimates and contingency reserve that can be changed using formal change control procedures and is used as the basis for comparison to actual results. See also baseline, performance measurement baseline, schedule baseline, and scope baseline.
