Project Management Monitoring and Control

Monitoring and Control Phase

• This phase monitors and controls all areas needing attention during project execution.
• Specific tools, methods, and procedures are used.

Agenda

• Performance Measurement
• Progress Tracking
• Cost Control
• Schedule Control
• Progress Tracking and Reporting
• Documentation and Record Keeping

Performance Measurement/Monitoring the Work-Time, Costs, and Performance

• Monitoring and controlling work performed is a critical project management activity.
• It ensures quality, follows norms, and provides a safe working environment.
• The goal is to complete the project on schedule and budget, satisfying the client.

Iron Triangle

• Three elements of project management that are crucial to success are interconnected:
  • Scope (Features, Functionality)
  • Cost (Resources, Budget)
  • Quality
  • Time (Schedule)

Project Performance Metrics

• Cost
• Time
• Scope
• Quality
• Risk
• Resource

Cost

• Cost is a critical metric for financial project performance.
• It's vital to compare actual spending against the budget.
• Differences indicate a potential need to adjust the budget or re-evaluate the project plan.

Time

• Time is a crucial metric for maintaining project schedule.
• Comparisons of the planned schedule versus actual progress can reveal if adjustments are necessary.
• Differences mean the project might need adjustments to stay on track.

Scope

• Earned Value Analysis (EVA) measures project performance based on the planned and actual cost and schedule.
• It helps determine if the project is on track regarding the budget and schedule.

Quality

• Quality performance is measured by comparing actual results to expected results.
• Factors like customer satisfaction, stakeholder feedback, and process efficiency are critical to measure this aspect.

Risk

• Risk includes both positive and negative unforeseen events or occurrences during a project.
• Risk management plans need to be created to mitigate issues.
• The faster a risk is identified, the better it can be addressed.

Resource

• Five crucial performance indicators (KPIs) in project resource management:
  • Utilization rate
  • Billable vs. non-billable hours
  • Schedule variance
  • Scheduled vs. actual hours worked
  • Revenue per resource
• Project performance is improved by considering these KPIs relative to the project's expectations.

Productivity

• Measuring input units against output units to evaluate resource usage.

Gross Profit Margin

• Calculating profit percentage against total costs.
• Shows project contribution towards overall profitability.

ROI (Return on Investment)

• Measuring project benefit against total costs.
• How project benefits outweigh costs.

Earned Value (EV)

• Measures the value earned by a project from money spent so far.

Customer Satisfaction Score

• Measurement of product/service alignment with customer needs.

Employee Satisfaction Score

• Measures how satisfied team members are with the project management process.
• Provides feedback to improve the project management experience.

Actual Cost (AC)

• Total costs from time period.
• Indicates total spending on a project.

Cost Variance (CV)

• Difference between planned and actual costs.

Schedule Variance (SV)

• Difference between budgeted and planned schedule versus actual progress.
• Useful in determining project timeliness.

Cost Performance Index (CPI)

• Evaluates how efficient the project is at turning costs into value.

Project Performance Reports

• Project Status Report
• Budget Report
• Progress Report
• Earned Value Report
• Variance Report

Project Progress Tracking

• Process of managing progress throughout various project stages.
• Involves measuring time, budget, and project team performance.
• Monitors whether a project is on track.

Importance of Progress Tracking

• Flexibility for project managers in handling unexpected changes.
• Visibility and transparency for the team and stakeholders about the project schedule and progress.
• Improves collaboration and communication between stakeholders.
• Increases accountability reduces delays due to miscommunication

Project Progress Tracking Challenges

• Risk Management
• Communication Issues
• Reliable Reporting
• Adapting to changes

Strategies for Efficient Tracking

• Reliable Time Tracking
• Resource Management Plan
• Regular Feedback
• Tracking KPIs

Key Performance Indicators (KPIs)

• Schedule Adherence
• Budget Variance
• Resource Utilization
• Risk Management Effectiveness
• Stakeholder Satisfaction
• Team Performance and Morale

Proactive Project Reporting

• Regular tempo for project progress sharing.
• Progress reports keep everyone informed.

Project Progress Tracking Makes it Possible

• Teams to complete tasks quickly and efficiently.
• Obstacle overcome quickly.
• Meet deadlines consistently.

Cost Control

• Monitoring and updating project costs.
• Managing cost baseline changes.
• Recognizing variances from the plan and taking corrective action.

Cost Control: Inputs

• Project Management Plan
• Project Funding Requirements
• Work Performance Data
• Organizational Process Assets

Cost Control: Tools and Techniques

• Earned Value Management (EVM)
• Forecasting
• To-Complete Performance Index (TCPI)
• Reserve Analysis

Cost Control: Outputs

• Work Performance Information
• Cost Forecasts
• Change Requests
• Project Management Plan Updates

Control Schedule: Inputs

• Project Management Plan
• Project Schedule
• Work Performance Data
• Project Calendars
• Schedule Data
• Organizational Process Assets

Control Schedule: Tools & Techniques

• Performance Reviews
• Project Management Software
• Resource Optimization
• Modeling Techniques (What-if scenario analysis, Simulation)
• Leads and Lags
• Schedule Compression (Crashing, Fast tracking)
• Scheduling Tools

Control Schedule: Outputs

• Work Performance Information
• Schedule Forecasts
• Change Requests
• Project Management Plan Updates
• Project Documents Updates
• Organizational Process Assets Updates

Progress Tracking and Reporting

• Progress reports detail a project's advancement.
• They give a snapshot of status, milestones, tasks, and any obstacles or risks.

Importance of Progress Reports

• Stakeholder alignment
• Identifying roadblocks
• Aids for future planning

What is in a Progress Report?

• Project overview
• Milestones achieved
• Current challenges
• Budget and schedule review
• Next steps

How to Develop a Progress Report

• Define goals
• Decide which team members involved
• Collect information to be included
• Create the report and share updates
• Identify changes in the project plan
• Develop a future actionable plan

Documentation and Record Keeping

• Enables progress monitoring, stakeholder engagement, risk management, successful project delivery.

Types of Project Documentation

• Project Charter
• Statement of Work
• Project Status Reports
• Risk Management Plan
• Financial Plan
• Issue Tracker
• Technical Document
• Rollout Plan
• Document Analysis

How to Create Project Documentation

• Collect all relevant files
• Ensure comprehensive and clear documentation
• Organize documents for ease of access
• Foster collaboration
• Publish and update continuously

Document Management Lifecycle

• Document Creation
• Document Storage
• Document Delivery
• Document Archival/Deletion