Scenario Continuation
With your project schedule finalized, it's time to map out how and when costs will accumulate over the life of the project. To do this, you'll construct a Cost Baseline Diagram.
Cost is one of the Triple Constraints in project management (alongside scope and time). Effectively managing it is critical to delivering your project on time and within budget.
To support your planning, you've requested historical data from the previous paint booth installation. The Controller has provided a previous breakdown of costs from the last project in 2021, and the General Manager has offered additional info about the upcoming project.
Objective
Develop a Cost Baseline Diagram to visualize cumulative costs over time, using the provided schedule and cost data. Refer to your Gantt Chart and memos for the schedule and cost data.
- Review the memos to identify updated costs, removed tasks, and any new requirements.
- Revise the 2021 cost table with the new line items and amounts.
- Assign costs to the appropriate dates based on your Gantt chart (e.g., deposits, permits, delivery, installation).
- Update the cumulative totals in the table.
- Create an updated Cost Baseline Diagram (cumulative cost curve) from your table.
- (Bonus): Simplify the visual, highlight the key cost changes from 2021, and apply formatting that guides the viewer’s attention. For tasks with ongoing costs (e.g., rentals, prep, installation), try spreading the total evenly across their duration instead of recording as a single lump sum.