What is project performance monitoring?

Project performance is measured by comparing the project execution to the performance measurement baseline, which is an approved integrated plan for scope, schedule, and cost for the project, as explained here:

• Cost baseline - This is the planned budget for the project over a time period, used as a basis against which to measure, monitor, and control the cost performance of the project. The cost performance is measured by comparing the actual cost to the planned cost over a time period.

• Schedule baseline - This is a specific version of the project schedule developed from the schedule network analysis and the schedule model data. This is the approved version of the schedule with a start date and an end date, and it is used as a basis against which the project schedule performance is measured.

• Scope baseline - This is the approved project scope that includes the approved project scope statement, the WBS based on the approved project scope statement, and the corresponding WBS dictionary.