The Performance Measurement Baseline (PMB) is a tool used by project managers to track and measure how well a project is doing over time. It is a time-phased budget plan that shows how much a project will cost and when it will be done. It also serves as a benchmark against which the actual performance of the project can be judged.
The PMB has several important parts:
Work Breakdown Structure (WBS): The WBS is a way to divide the project’s scope into smaller, easier-to-handle work packages in a hierarchical way. Each work package is given a unique number and an estimate of how much it will cost and how long it will take.
Network Diagram: The network diagram is a picture of how the project’s activities happen in order and how they depend on each other. It helps find the project’s critical path, which is the order of tasks that must be done on time for the project to stay on track.
Schedule Baseline: The schedule baseline is a plan that shows when each activity in the project is supposed to start and end. It’s used to figure out how far along a project is and how much it’s deviating from what was planned.
Cost Baseline: The cost baseline is a time-phased plan that shows how much each part of the project is expected to cost. It is used to figure out how much a project will cost and how much it will differ from the budget.
By comparing the actual performance of a project to the PMB, project managers can find differences and take steps to get the project back on track. For example, if the actual schedule is getting behind, the project manager can figure out which tasks are causing the delay and take steps to get the project back on track. In the same way, if the actual costs are higher than the budget, the project manager can figure out what is causing the higher costs and take steps to bring the project back on budget.
Overall, the PMB is an important tool for measuring how well a project is doing and making sure it stays on track to meet its goals.
Usage
It is used in project monitoring and control
