Project Monitoring and Control guideline

Project monitoring and control are the critical elements of Project Management. They are significant in almost every phase of the project for its successful delivery but they are more crucial in the execution phase of the project. After the initiation of the project, various issues can be encountered which can lead to cost overruns, project delay, and substandard quality of the project. The project monitoring and control cover all aspects of the project including budget, schedule, quality, etc. It includes tracking work progress and KPIs, comparing it with a planned budget, schedule, and performance, identifying complications and their causes, and taking corrective measures.

The main difference between monitoring and control is that monitoring involves tracking challenges during the project and control is taking corrective measures to address the encountered challenges for efficient completion of the project. Both are important as no suitable corrective action can be taken unless the problem is identified correctly after proper monitoring. Both terms are commonly used together and interchangeably in project management as they are substantial for stakeholders. The elements of tracking work progress, comparing with baseline, and identifying causes of complications are included in monitoring whereas the last element of implicating mitigation measures is related to project control.

IMPORTANCE OF PROJECT MONITORING AND CONTROL

The project monitoring and control maximize project benefits and minimize the associated risk. It is essential for the timely delivery of the project within the budget and with desired performance. It helps in the early detection of potential risks and then mitigation measures can be taken accordingly. It aids in quality assurance, resource optimization, and timely adjustments. Effective project monitoring and control ensures the success of the project. The successful project leads to client satisfaction which is beneficial for the organization and all other stakeholders. Value engineering can be achieved through efficient project control.

IMPLEMENTING PROJECT MONITORING AND CONTROL: STEPS AND METHODS

The following steps are involved in effective project monitoring and control;

     1. Efficient Planning

Efficient planning is required to monitor the project progress. The planning may include the establishment of clear objectives or goals, scope, budgeting, and scheduling of the project. The comprehensive planning will help in the monitoring process as per the baseline.

   2. Key Performance Indicators (KPIs)

It is essential to identify the key performance indicators (KPIs) of the project. These measurable KPIs are crucial for monitoring project progress. They help in measuring and evaluating the project objectives. They track progress, highlight the areas that need to be strengthened, and can make the project successful. The outcome helps in taking the right mitigation measures and making informed decisions.

   3. Checklist development

The checklist can be developed for progress tracking and efficient monitoring. This checklist can be utilized for comparing all concerned parameters with the baseline or planned outcomes. It can help in keeping the progress easy to understand and helps in predicting whether the desired outcomes are possible to achieve within the provided timeframe or not. It will aid in making conscious decisions and taking the right actions.

   4. Progress tracking

Progress tracking is the most essential step in project monitoring. The progress tracking shows how much work has been done and how much is remaining which can be easily compared with the planned work during the specified duration. It can help in assessing whether in available duration the goals can be achieved or not.

    5. Documentation

Proper documentation is necessary for effective monitoring of the project. The documentation of the progress can be initiated by the development of a checklist and then keeping records of all tasks and their assigned budget and duration. Every detail can be noted in the records including the task details and employees’ detail responsible for the tasks. This will help in making informed decisions according to the progress of the project and it will be a useful document for similar projects in the future.

    6. Reporting

The reporting mechanism ensures that every stakeholder is well informed and work progress is monitored. Various project reports can be prepared for ensuring project success like status reports to track the project progress, risk reports for evaluating risks, etc.

    7. Communication

Clear communication is significant for the successful completion of the project and client satisfaction. All stakeholders should be well-informed about the situation and challenges of the project to maintain a good relationship. Effective communication can help in addressing various issues and making informed decisions through collaboration.

    8. Meetings

Regular meetings are an important aspect of project monitoring and control. It paces the work through coordination and cooperation. Stakeholders can be kept informed through meetings and this makes up the task of monitoring and control. Feedback and suggestions during meetings can help in keeping the project on track and for its successful completion.

    9. Tools and techniques

Various tools and techniques are available globally for effective project control. Decisions can be made based on the results of assessments. The common techniques include Gantt charts, earned value analysis, critical path method, time performance ratio, etc.

Gantt Chart

One of the most common techniques is the Gantt chart. Gantt chart is the visual representation of project tasks with the timeline. It provides the start and finish date of activities. Gantt charts can be used to compare the critical path or longest path between any two schedule updates. By adjusting the timescale and sight lines, day-to-day work logic and resources for a small number of activities can be checked. It is an easier way of analyzing the workflow and helps in monitoring of project to take efficient corrective measures. Below is a sample Gantt chart.

Earned value (EV) analysis

Earned value analysis is the performance measurement technique. It compares the value of the budgeted cost for work performed at the original allocated budget to both the budgeted cost for planned work and the actual cost for the work performed. This technique is useful for project monitoring and control. Performance indicators of a project are calculated and inferences are made based on the estimated information. The indicators are mentioned as follows;

• Schedule Performance indicator: SPI = EV/PV
• Cost Performance indicator: CPI = EV/AC
• Schedule Variance: SV = EV – PV
• Cost Variance: CV = EV – AC

These indicators help in understanding how the project is doing as of the current date. SPI greater than 1 and positive SV indicates that more work has been completed than planned. Similarly, a CPI less than 1 and a negative CV indicates that the project cost performance is below the planned.

Critical Path Method (CPM)

The critical path method is a technique used for the estimation of minimum project duration and to determine the critical path of the project. The critical path is the longest path through a project. The activities lying on the critical path are critical activities and delay in those activities can lead to the overall delay in the project. This technique helps in calculating the early start, early finish, late start, and late finish of activities based on their duration. The total float and free float calculation in CPM help in scheduling and how much activity can be delayed.

Time performance ratio

The time performance ratio is the measure of the actual time of an activity as compared to the planned duration of the same activity. It is a performance indicator and is used to identify the area that needs improvement and the type of work being affected. It is an effective way to narrow down the problem area so that further detailed investigation can be carried out. A Time performance ratio of less than 1 indicates that work is completed in less time than originally planned.

  Software

Software is available globally for project monitoring and control. The common software is Digger, Schedule Analyzer, MS Project, Primavera P6, MS Excel, etc. These tools offer a variety of options for analyzing the workflow of the project, once the information is input in the software. The software makes collaboration easier among stakeholders. Many software generates reports as per the provided information. The reports can be evaluated to take necessary corrective measures. The advanced tools should be utilized for effective project monitoring and control as they help in the successful and timely delivery of the project.

CONCLUSION

Effective project monitoring and control ensures the success of the project. The success of the project leads to client satisfaction and maintains the relationship with stakeholders. By implementing various discussed methods, dynamic projects can be efficiently managed. When projects are effectively monitored and controlled, value engineering can be achieved which elevates the reputation of the organization. Hence it is significant in project management to monitor and control the project by utilizing advanced methods and techniques.