If the variance is due to estimating errors or estimating assumptions that have not held up, you should update your estimates and assumptions based on your actual experiences, and use this new information as the basis for the revised baseline.
As we have mentioned, the first goal of our project control system is to prevent any variance. However, we also realize variances and changes will occurthis is the nature of the project beast. Thus, the remaining goals of project control are centered on early detection and appropriate response. Let's review the general response options that are available to us (the project) when a variance occurs.
Examples of corrective actions include adding resources, changing the process, coaching individual performance, compressing the schedule (fast-tracking, crashing), or reducing scope (this would be documented as a change request too).
Approved change requests would cause a baseline revision too.
Part i. Project Management Jumpstart
Project Management Overview
The Project Manager
Essential Elements for any Successful Project
Part ii. Project Planning
Defining a Project
Planning a Project
Developing the Work Breakdown Structure
Estimating the Work
Developing the Project Schedule
Determining the Project Budget
Part iii. Project Control
Controlling a Project
Managing Project Changes
Managing Project Deliverables
Managing Project Issues
Managing Project Risks
Managing Project Quality
Part iv. Project Execution
Leading a Project
Managing Project Communications
Keys to Better Project Team Performance
Ending a Project