Project monitoring nd control

Masters
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Business
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ll projects must be rigorously monitored t regulr intervls throughout their lifecycles to ensure tht required technicl performnce occurs on schedule nd within the pproved budget. To guge project's success, project mngers devise mesures tht help control qulity, schedule, nd cost…

Introduction


Project control t the senior mngement level consists of evluting nd responding to forml Project Sttus Reports prepred by the project tem. These reports detil the overll progress of the project with specil ttention pid to production delys or budget overruns tht might jeoprdize contrctul greements. The reports ssist senior mngement in determining when expenditures on prticulr project re no longer profitble nd should be terminted. Depending on the level of mngement control, sttus reports my prompt senior mngers to provide dditionl funding, direction, or clrifiction to the project tem.
In contrst, project control t the opertionl level is driven by need to determine how successful the tem hs been in chieving specific plnned objectives nd by need to ssist in the coordintion of complex nd interrelted ctions. The project tem monitors the progress of ech ctivity, tking corrective ction when ctivities re shown to be delyed or drifting (Spinner, 1992). Knutson nd Bitz (1991) list five stges of the opertionl project control process:
Time, cost, nd performnce form the bsis for the operting chrcteristics of project. These fctors help to determine the bsis for project control. Project control is the process of reducing the devition between ctul performnce nd plnned performnce. Mesurements re tken on ech of the three project constrints of time, performnce, nd cost.
Cost Control. ...
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