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Project Management Professional · PMI
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- The cost baseline is the approved, time-phased project budget excluding any management reserves, and it changes only through formal change control. The project budget adds management reserve on top of the cost baseline (work package estimates plus contingency reserve). Management reserve is time or money that management holds outside the baseline and releases for unforeseen work within the project's scope (unknown unknowns); a scope change goes through change control instead. Because it sits outside the baseline, it is not part of the performance measurement baseline.