Final answer:
The work breakdown structure (WBS) is critical for creating the project schedule and enabling earned value management by organizing the total scope of work into manageable pieces and serving as the baseline for various aspects of project management. a. scope statement
Step-by-step explanation:
The element that provides a basis for creating the project schedule and performing earned value management for measuring and forecasting project performance is c. work breakdown structure (WBS). The work breakdown structure is a hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables. It organizes and defines the total scope of the project, and it breaks down the project into smaller, more manageable pieces.
The WBS is crucial because it is used to develop the project execution strategy, serves as the baseline for progress measurement and control, budgeting, risk management, and communication. Furthermore, it provides a structured vision of what has to be delivered. In comparison with other options: a. the scope statement defines the project work that is and is not included, b. the cost management plan dictates how costs will be managed and controlled, and d. the project charter oftentimes includes high-level project information and authorizes the project.
For earned value management, the WBS facilitates the division of project work into components where progress can be measured and assessed for performance. It underpins both the project schedule, as it can include time information for each activity or task, and cost estimates, setting the foundation for measuring project progress and performance against a baseline.