What is defined as the approved version of the project management plan?

The approved version of the project management plan is referred to as the project baseline. This is a critical component in project management as it represents the original plan to which project performance can be measured. The project baseline includes three key elements: scope, schedule, and cost. Once approved, it serves as a reference point, allowing project managers and stakeholders to evaluate changes, track progress, and manage performance throughout the project lifecycle.

Establishing a baseline is essential because it provides a clear framework within which project deviations can be assessed. Any alterations or additional work beyond the baseline will require proper change management procedures to keep the project aligned with its initial objectives.

In contrast, the project charter establishes the project and outlines its objectives and high-level requirements, but it does not provide the detailed plan necessary for managing the project. The project scope statement defines what is included in the project, whereas the project schedule details the timeline of tasks. However, none of these documents serve as the approved version of the project management plan in the same way the project baseline does.