What type of document is a baseline?

A baseline is fundamentally an approved version of a project plan. It serves as a reference point against which project performance can be measured throughout the lifecycle of the project. When a project plan is created, it includes various elements such as scope, schedule, and cost. Once these elements are finalized and approved, they become the baseline, allowing project managers and stakeholders to track progress and make comparisons as the project unfolds.

The significance of the baseline lies in its role in performance measurement and management. It enables project managers to assess whether the project is adhering to the planned schedule, budget, and scope by comparing actual performance to the baseline. If deviations occur, this can prompt the need for corrective action to align future performance with the project's objectives.

The other options don't accurately reflect the definition of a baseline. A forecasting tool for project risks pertains more to risk management rather than establishing a concrete version of the project plan. A report on team performance relates to assessing the effectiveness of team members rather than serving as a project reference point. A summary of stakeholder inputs captures feedback and doesn’t represent an approved version of the detailed project directives necessary for baseline establishment. Thus, the approved version of a project plan is indeed the correct description of what a baseline is.