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Many tools are available to monitor and control large IT projects. They are project selection and reselection, project scheduling, estimating, and budgeting, planning, project team management and selection, stakeholder management, management support, procurement management, learning and knowledge management, and risk management.
1-22) use it as an independent variable. Project selection is the procedure of approving or rejecting projects. Project benefits are weighted against criteria to obtain the approval to use corporate resources (Cai et al., p. 6).
Project scheduling, estimating, and budgeting is another tool in the monitoring and control of large IT projects. Scheduling is laying out in advance the time and place of work and the resources required. The status of work is monitored and controlled by comparing to the schedule laid out. Estimating is quantifying the resources needed to finish the project. It could be done by a process called knowledge management. Budgeting is usually prepared by the finance department before the start of the project to plan the costs of the project (Cai et al., p. 6-7). Scheduling, estimating, and budgeting are especially important in large IT projects that are more complex (Cai et al., p. 10). Indeed, Prasad (p. 125) found evidence that inaccurate estimates and lack of control by comparing the budget to the actual predicts budgets overruns.
A study conducted by Yetton et al. (2000) found that planning is yet another effective tool in the monitoring and control of large IT projects for UK and New Zealand businesses and governments. Poor planning will result in inefficiencies in development and overrunning of budgets (Yetton et al., 2000). ...
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