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How do you baseline metrics for your project?

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Favi Aguilar
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Joined: 19 Jul 2018
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My company currently has a Statement of Work (SOW) static document that is supposed to be developed and approved by the end of Planning phase.  This SOW is not between our company and a vendor like most SOWs.  This SOW is between the PMO and the business the project is for.  The SOW is meant to capture the requirements, scope, resources, schedule and budgets approved by the business that the PMO will deliver.  This also establishes our baselined metrics.  This works well for a traditional waterfall project.  With the changes in technology and agile becoming more common, we are struggling to keep our SOW process relevant. 

What other process to baseline metrics would you use?