Management reserve is not included in the Schedule baseline.
A schedule baseline is the approved version of a schedule model that can be changed only through formal change control procedures and is used for comparison to actual results. Accepted and approved by the appropriate stakeholders as the schedule baseline with baseline start dates and baseline finish dates.
During monitoring and controlling, the approved baseline dates are compared to the actual start and finish dates to determine whether variances have occurred.
Component of Project management plan.
Schedule Forecasts are derived from progress against the schedule baseline and computed time estimate to complete (ETC). This is typically expressed in terms of Schedule variance (SV) and Schedule performance index (SPI).