Maximizing Success: The Crucial Role of Project Monitoring and Controlling

Embarking on a new project is always an exciting venture, filled with anticipation and high hopes for success. However, the path from project initiation to completion is fraught with challenges and uncertainties that can jeopardize the achievement of project goals. This is where the significance of project monitoring and controlling comes into play. In this blog, we will delve into why project monitoring and controlling are indispensable elements for ensuring project success.

Project Monitoring Steps

Once the project manager has scheduled tasks and created a project plan that the project sponsors approve, it’s time to move on to the project execution phase. As defined above, project monitoring is done together with the project’s execution to make sure the project is executed as per the schedule and budget. Below are the eight steps to take to ensure that you’re properly monitoring the project.

1. Create a Project Scope Baseline

A project scope defines the expectations and requirements of the project stakeholders. It’s used throughout the project to monitor progress. A project scope baseline captures those expectations and requirements and can be used to measure the planned effort against the actual effort to ensure that the project execution aligns with the project plan. The scope baseline can be reviewed and revised during the project, but only through a formal change control process to avoid scope creep.

2. Make a Project Schedule Baseline

When your schedule has been approved by key stakeholders, save it. That’s called a project schedule baseline. That can then be used throughout the project like a scope baseline, but in this case, it’s used to compare your actual progress against your planned process. This allows project managers to track project variance and take corrective action to get the project back on track. It also helps with stakeholder communication, as they’re always interested in if the project is on schedule. A project schedule baseline is another necessary project control.

3. Estimate Project Costs and Define a Project Budget

The more accurate your project costs, the more accurate your project budget. Once you’ve submitted a budget and it’s been approved by stakeholders, the last thing you want to do is request more funds to deliver the project. There are various techniques you can use to accurately estimate costs and plan your budget accordingly. Now, you’ll want to monitor all project expenses and use change control systems to track the project costs and respond to any discrepancies. You can also make a baseline of the budget to use that to compare actual against planned costs as a way to monitor spending.

4. Use a Risk Log

One of the most important things to look for when monitoring a project is risk. During the planning phase, you can create a risk log that collects the risks you think might show up in the project. Then you can note the risk’s potential impact on the project and who’s responsible for identifying and mitigating it. You can also set priorities to help determine which risks must be dealt with immediately or if they can wait. While you’re monitoring the project, the risk log will help you stay alert for issues that are likely to impact the project, whether for good or bad. If an issue is identified, you can respond quickly and effectively.

5. Use a Change Log

Project monitoring is all about detecting change. When you do, you’ll need a change log to control it. A change log is a document that chronologically lists the changes that have been made to the project. This acts as a summary of the changes you’ve made and allows project managers to track and communicate all the changes that have occurred. This also gives project managers another communication tool to keep project stakeholders informed so they understand the changes that occurred and that they were properly managed.

6. Establish Quality Control Procedures

The importance of delivering projects on time and within budget is often discussed, but don’t neglect the importance of quality. If the product or service doesn’t meet quality expectations, it’s a failure. Quality control procedures ensure that the product or service is tested and meets the standard set in the project planning. It also works to reduce errors. Therefore, establishing quality control procedures is a key part of any thorough project monitoring.

7. Use Project Monitoring Tools

Project monitoring tools are essential for project monitoring. Project management software has many features that give project managers a window into the project, whether costs, resources or time. Some dashboards provide a high-level view of the project’s progress and performance, detailed status reports and other types of reporting to get more information and even resource management features to track your team’s performance. Be sure to look for a project management software that has these features and is cloud-based so you get real-time data for more insightful monitoring.

8. Create Project Reports

We just touched on project reports, but they deserve more detail. Project reports describe the current state of the project. Status reports capture data for a specific period, while portfolio status reports do the same but for multiple projects. However, there are more reports on project variance, workload and more. All reports are important to monitor the project and should be shared with stakeholders to update them on the project.

Conclusion:

In the complex realm of project management, monitoring and controlling emerge as the guiding lights that steer a project towards success. By providing real-time visibility, mitigating risks, optimizing resources, assuring quality, adapting to change, fostering communication, evaluating progress, and ensuring client satisfaction, project monitoring and controlling serve as the pillars upon which successful projects are built. Embracing these practices is not just a choice but a necessity for organizations aspiring to thrive in today's competitive landscape.

Best Regards

Santosh Rai

9451060092

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