The document is a transcript from an April 16th, 2011 AACE Symposium workshop about performance measurement baselines. The speaker defines a performance measurement baseline as a time-phased budget plan for accomplishing work that is used to measure project performance. It includes budgets assigned to scheduled work and their spreads, as well as indirect budgets derived from a resource loaded master schedule contained in work packages. The speaker notes that connecting four key words - credible, performance, measurement, and baseline - can increase the probability of project success.

1. AACE Symposium, April 16th, 2011
Thank you all for coming to the work
shop today.
The title of the Work Shop title speaks
about the Performance Measurement
Baseline.
This may be a new term for some of
you. After our four hours today, I’m
hoping it will be a term you'll be using
back on your own projects.
Let’s define what we mean at this point
in the work shop. At the first slide.
The Performance Measurement
Baseline is a time-phased budget plan
for accomplishing work, against which
the project performance is measured.
It includes the budgets assigned to
scheduled work , their budget spreads,
and the applicable indirect budgets.
This budget plan is derived from a
resource loaded Master Schedule.
These resource loads, along with other
information, are contained in Work
Packages.
You’ll hear many times the phrase
“cost and schedule.” I want you to start
thinking about what it sounds like when
you say “schedule and cost.”
It’s the schedule – the sequence of the
Work Packages – that is the basis of
the cost.
Copyright ©, 2011, Lewis & Fowler, All Rights Reserved 1/34

2. AACE Symposium, April 16th, 2011
There are four words that we’ll connect
together today. These words – when
they are connected, will describe how
to increase the probability of success
for your projects.
Any project, doesn’t matter the
domain, the context in that domain, the
methods used to manage the project,
the specific technology of the products
in the projects.
If you don’t have these four words in
your vocabulary, you’re going to
reduce the probability of success.
This doesn’t mean the project will fail.
This doesn’t mean the project will be
challenged.
All it means is the Probability of
Project Success will be reduced.
These four words are here in front of
us.
 Credible
 Performance
 Measurement
 Baseline
The title of this talk puts the words
together. But they also stand alone.
Let’s look at one as a standalone word
first.
Copyright ©, 2011, Lewis & Fowler, All Rights Reserved 2/34