Q. Describe briefly the Project Monitoring and control. - MBA Assignment Notes
In a project life cycle, monitoring and controlling is the process of regularly observing and tracking the progress of your project and making any necessary proactive corrections.
This stage is vital in ensuring your project stays on track and within budget.
Any project aimed at delivering a product or a service has to go through phases in a planned manner, in order to meet the requirements. It is possible to work according to the project plan only by careful monitoring of the project progress. It requires establishing control factors to keep the project on the track of progress. The results of any stage in a project, depends on the inputs to that stage. It is therefore necessary to control all the inputs and the corresponding outputs from a stage.
A project manager may use certain standard tools to keep the project on track. The project manager and the team members should be fully aware of the techniques and methods to rectify the factors influencing delay of the project and its product. To analyze the project, methodologies such as, PERT (Program Evaluation Review Technique) and CPM (Critical Path Method) may be used.
• In the PERT method, one can find out the variance and use the variance to analyze the various probabilistic estimates pertaining to the project.
• Using the CPM, one can estimate the start time and the finish time for every event of the project in its WBS (Work Breakdown Structure).The analysis charts can be used to monitor, control, track, and execute a project. The various steps involved in monitoring and controlling a project from start to end are listed below.
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