Project Monitoring and Control Phase PDF
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University of Mindanao
SEP
Joshua Rome Insigne
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This document provides an overview of the monitoring and control phase in project management. It details key performance indicators (KPIs) like cost, time, scope, quality, and resource utilization. The document also covers strategies for efficient tracking, such as implementing reliable time tracking and creating comprehensive resource management plans. The document concludes with examples of documentation including project status reports, issue tracking, and progress reports.
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SEP 416 - PROJECT MANAGEMENT THE MONITORING AND CONTROL PHASE Reported by Group 2 This chapter covers all areas that need monitoring and control during the execution of the project; this is done by using specific tools, methods and procedures. Performance Measurement Progr...
SEP 416 - PROJECT MANAGEMENT THE MONITORING AND CONTROL PHASE Reported by Group 2 This chapter covers all areas that need monitoring and control during the execution of the project; this is done by using specific tools, methods and procedures. Performance Measurement Progress Tracking Cost Control Agenda Schedule Control Progress Tracking and Reporting Documentation and Record Keeping Performance Measurement/Monitoring the Work-Time, Costs, and Performance Monitoring and controlling the work performed is one of the most important activities in project management because it must make sure that the work is executed with quality, following established norms and providing a safe working environment for workers. Its goal is to make every effort for the project to be done and finished as scheduled, respecting the original budget, and to the entire satisfaction of the client. Iron Triangle Project Performance Metrics There are many project performance metrics that you can monitor to measure your project performance. The most common performance metrics are: COST QUALITY TIME RISK SCOPE RESOURCE COST Cost is the filter by which you see the financial performance of a project. Once you have a budget, it is critical to measure cost. It can be used to compare against what you’re actually spending to ensure that you’re keeping to your budget. If the figures are the same, you’re on the right track. If there’s a discrepancy, as in you’re spending more than you should be by this point, you’re going to have to address that to keep to your budget. TIME Similiar to COST, this will help in determining if the project is on schedule and just as you capture the planned budget, you’ll want to capture the planned schedule. When comparing the planned schedule to the actual schedule the figures aren’t equal, then you could be running behind (or ahead) of schedule. If you’re behind, you’re going to need to make adjustments to get back on track. SCOPE Earned value analysis (EVA) - measurement that is often used for financial performance and progress based on the variance between the planned and actual cost and schedule of the project. It compares completed tasks with planned tasks and their costs, giving you a clear measure of project performance. Simply put, it's a quick way to tell if you're behind schedule or over budget on your project. QUALITY To measure quality performance compare the actual results with the expected results factors related to quality performance include customer satisfaction, stakeholder feedback, and the efficiency of your process Considering these factors return rate, complaints by customers, customer loyalty, and retention can be measured. RISK A risk is an unexpected event in a project. That event can be negative or positive, but either way needs to be either mitigated or taken advantage of. Risk can appear in any of the categories mentioned. create a risk management plan that identifies risk and plans to address any issues that show up in the project The closer you monitor performance, the faster you’ll be able to identify and resolve risks in your project. RESOURCE In project performance, you’ll want to keep an eye on five key performance indicators (KPIs): utilization rate billable vs. non-billable hours schedule variance scheduled vs. actual hours worked revenue per resource Tracking the five project performance metrics will give you an idea of how your resources are performing and if they’re meeting your project expectations. Project Performance Reports Act as a communication tool informing stakeholders on the progress of the project, who get a more general report on milestones. The following are some of the most important ones: PROJECT STATUS REPORT BUDGET REPORT PROGRESS REPORT EARNED VALUE REPORT VARIANCE REPORT PROJECT PROGRESS TRACKING It is the process of monitoring and managing progress during the various stages of the project lifecycle to ensure successful delivery. This includes monitoring three essential resources: time, budget, and project teams. Monitoring your project's progress allows you to compare its actual and planned progress and see any problems that could keep it from finishing on time and within budget. Keeping project progress on track is one of the project manager’s main duties, but also one of the most difficult things to do right. Why is progress tracking so important? Ensures project managers remain flexible and proactive in the face of sudden changes Supports visibility and transparency into project schedule and progress Improves collaboration and communication between all project stakeholders Increases accountability and reduces the chance of delays caused by miscommunication Project Progress Tracking Challenges Risk Management - early identification is very important for risk management. Communication Issues - effective communication is crucial. It can even prevent issues before they occur—for example, showing clients how certain changes impact project objectives can help manage scope creep. Reliable Reporting - Inaccurate or delayed reporting can lead to miscommunication, overlooked risks, and ineffective management of project timelines and resources. Adapting to changes - It requires spotting roadblocks early on and communicating them to key parties to implement a solution in a timely manner. Strategies for Efficient Tracking Implementing Reliable Time Tracking - using an integrated timer to track time from minute to minute to give you a real overview of how employees spend their time. Creating a Resource Management Plan - using a resourcing plan is best for a comprehensive overview of availability and capacity (contains information on your employees, their schedules, and project timelines) Example: Gantt Chart Strategies for Efficient Tracking Regular Feedback - each project is different in terms of how often you communicate with your clients and how involved they are in the project. Quantitative and Qualitative Approach - quantitative methods involve tracking numbers, such as budget usage, time spent, and task completion rates while qualitative methods include gathering insights through meetings, feedbacks, and 1-on-1s. Tracking Real-time Key Performance Indicators (KPIs) Key Performance Indicators (KPIs) Schedule Adherence: Measures how closely the project follows the planned schedule. Budget Variance: The difference between the budgeted cost of work and the actual cost. Resource Utilization: Efficiency in using available resources, including human resources, materials, and time. Risk Management Effectiveness: Evaluation of how effectively the project identifies, manages, and mitigates risks. Stakeholder Satisfaction: Measures the satisfaction levels of key stakeholders with the project's progress and outcomes. Team Performance and Morale: Evaluates the efficiency and productivity of the project team, including morale. Strategies for Efficient Tracking Proactive Project Reporting - setting up a regular tempo for sharing and reviewing your project’s progress so everyone can stay up to date through progress reports. A project progress report is a document that contains essential information on project milestones, budget spent and remaining, costs, project timelines, and future outlook: Keep it short and simple: Use simple, short, and clearly structured reports that cover the most important project updates. Project progress tracking makes it possible for teams to complete tasks more quickly, overcome obstacles quickly, and always meet deadlines. Although it might seem apparent, monitoring the status of each task at every step for each deliverable is an essential component of project tracking. SEP 416 - PROJECT MANAGEMENT COST CONTROL JOSHUA ROME INSIGNE COST CONTROL Control Costs is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline. The key benefit of this process is that it provides the means to recognize variance from the plan in order to take corrective action and minimize risk. DUE PROCESS Controlling the cost in project management is a process that is explained by three categories: inputs, tools and techniques, outputs. INPUTS INPUTS 1. Project Management Plan - the key information that is vital for controlling costs in this section include “Cost baseline” and “Cost management plan”. 2. Project Funding Requirements - The project funding requirements include projected expenditures plus anticipated liabilities. INPUTS 3. Work Performance Data - Work performance data includes information about project progress, such as which activities have started, their progress, and which deliverables have finished. 4. Organizational Process Assets - Existing formal and informal cost control-related policies, procedures, and guidelines; Cost control tools; and Monitoring and reporting methods to be used. TOOLS AND TECHNIQUES TOOLS AND TECHNIQUES 1. Earned Value Management (EVM) - Earned Value Management (EVM) is a project management technique that integrates scope, schedule, and cost baselines into a performance baseline, enabling the assessment of project progress and performance throughout its lifecycle. It provides a standardized way to measure how well a project is adhering to its plan. TOOLS AND TECHNIQUES 2. Forecasting - As a project progresses, the Estimate at Completion (EAC) is recalculated when the original Budget at Completion (BAC) becomes unrealistic, combining actual costs to date with projections for remaining work (ETC). EAC can be forecast using methods that assume future work follows the budgeted rate, current performance trends (CPI), or both cost and schedule efficiencies (CPI and SPI), providing an early warning for potential overruns. TOOLS AND TECHNIQUES 3. The To-Complete Performance Index (TCPI) measures the cost performance needed to complete the remaining work within a specific budget, calculated as the ratio of remaining work to remaining funds. It is based on either the original budget (BAC) or the revised estimate (EAC) and helps determine whether the required performance level is realistic. TOOLS AND TECHNIQUES 4. Reserve analysis is a cost control method used to monitor and adjust contingency and management reserves, ensuring they are appropriately used for risks or released if no longer needed. If new risks arise, additional reserves may be requested. OUTPUTS OUTPUTS 1. Work Performance Information - The calculated CV, SV, CPI, SPI, TCPI, and VAC values for WBS components, in particular the work packages and control accounts, are documented and communicated to stakeholders. 2. Cost Forecasts - Either a calculated EAC value or a bottom-up EAC value is documented and communicated to stakeholders. OUTPUTS 3. Change Requests - Analysis of project performance may result in a change request to the cost baseline or other components of the project management plan. 4. Project Management Plan Updates - Changes to the cost baseline are made to account for approved changes in scope, resources, or cost estimates, and severe variances may require a revised baseline. Similarly, the cost management plan may be updated based on stakeholder feedback to adjust thresholds or accuracy levels for managing project costs. SEP 416 - PROJECT MANAGEMENT THANK YOU FOR LISTENING! MWAH! JOSHUA ROME INSIGNE CONTROL SCHEDULE Control Schedule is the process of monitoring the status of project activities to update project progress and manage changes to the schedule baseline to achieve the plan. The key benefit of this process is that it provides the means to recognize deviation from the plan and take corrective and preventive actions and thus minimize risk. This task falls on the project manager and it is important that the project manager acts immediately before the changes affect or influence the entire project schedule. CONTROL SCHEDULE INPUTS TOOLS & TECHNIQUES OUTPUTS 1.Project Management 1.Performance reviews 1.Work performance Plan 2.Project management information 2.Project Schedule software 2.Schedule forecasts 3.Work Performance Data 3.Resource optimization 3.Change requests 4.Project Calendars techniques 4.Project management 5.Schedule Data 4.Modelling techniques plan updates 6.Organizational Process 5.Leads and lags 5.Project documents Assets 6.Schedule compression updates 7.Scheduling tool 6.Organizational process assets updates Figure 1. Control Schedule: Inputs, Tools & Techniques, and Outputs CONTROL SCHEDULE Figure 2. Control Schedule Data Flow Diagram CONTROL SCHEDULE: Inputs Project Management Plan Project Management Plan is a process of defining, preparing, and coordinating all subsidiary plans and integrating them into a comprehensive project management plan. 1 The schedule management plan describes how the schedule will be managed and controlled. The schedule baseline is used as a reference to compare with actual results to determine if a change, corrective action, or preventive action is necessary. CONTROL SCHEDULE: Inputs Project Schedule Project schedule refers to the most recent version with notations to indicate updates, completed activities, and started activities as of the indicated data date. 2 Project schedule is the schedule created with start date and end date for each activity. CONTROL SCHEDULE: Inputs Work Performance Data Work performance data is the raw observations and measurements identified during activities being performed to carry out the project work. 3 Work performance data refers to information about project progress such as which activities have started, their progress (e.g., actual duration, remaining duration, and physical percent complete), and which activities have finished. CONTROL SCHEDULE: Inputs Project Calendars A project calendar identifies working days and shifts that are available for scheduled activities. A schedule model may require more than one project calendar to allow for different work periods for 4 some activities to calculate the schedule forecasts. CONTROL SCHEDULE: Inputs Schedule Data The schedule data for the project schedule model is the collection of information for describing and controlling the schedule. 5 The schedule data includes at least the schedule milestones, schedule activities, activity attributes, and documentation of all identified assumptions and constraints. CONTROL SCHEDULE: Inputs Organizational Process Assets Organizational process assets are the plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization. 6 The organizational process assets that influence the Control Schedule process include, but are not limited to: Existing formal and informal schedule control-related policies, procedures, and guidelines; Schedule control tools; and Monitoring and reporting methods to be used CONTROL SCHEDULE: Tool & Techniques Performance Reviews 1 Performance reviews measure, compare, and analyze schedule performance such as actual start and finish dates, percent complete, and remaining duration for work in progress. Various techniques may be used, among them: Trend analysis. Trend analysis examines project performance over time to determine whether performance is improving or deteriorating. Critical path method. Comparing the progress along the critical path can help determine schedule status. CONTROL SCHEDULE: Tool & Techniques Performance Reviews 1 Performance reviews measure, compare, and analyze schedule performance such as actual start and finish dates, percent complete, and remaining duration for work in progress. Various techniques may be used, among them: Critical chain method. Comparing the amount of buffer remaining to the amount of buffer needed to protect the delivery date can help determine schedule status. Earned value management. Schedule performance measurements such as schedule variance (SV) and schedule performance index (SPI), are used to assess the magnitude of variation to the original schedule baseline. CONTROL SCHEDULE: Tool & Techniques Project management software 2 Project management software for scheduling provides the ability to track planned dates versus actual dates, to report variances to and progress made against the schedule baseline, and to forecast the effects of changes to the project schedule model. CONTROL SCHEDULE: Tool & Techniques Resource optimization techniques 3 Resource optimization techniques involve the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time. Examples of resource optimization techniques that can be used: Resource leveling. A technique in which start and finish dates are adjusted based on resource constraints with the goal of balancing demand for resources with the available supply. Resource Smoothing. A technique that adjusts the activities of a schedule model such that the requirements for resources on the project do not exceed certain predefined resource limits. CONTROL SCHEDULE: Tool & Techniques Modelling Techniques 4 Modeling techniques are used to review various scenarios guided by risk monitoring to bring the schedule model into alignment with the project management plan and approved baseline. Examples of modeling techniques include, but are not limited to: What-If Scenario Analysis. What-if scenario analysis is the process of evaluating scenarios in order to predict their effect, positively or negatively, on project objectives. Simulation. Simulation involves calculating multiple project durations with different sets of activity assumptions, usually using probability distributions constructed from the three-point estimates to account for uncertainty. CONTROL SCHEDULE: Tool & Techniques Leads and Lags 5 Leads and lags are refinements applied during network analysis to develop a viable schedule by adjusting the start time of the successor activities. Leads are used in limited circumstances to advance a successor activity with respect to the predecessor activity, and Lags are used in limited circumstances where processes require a set period of time to elapse between the predecessors and successors without work or resource impact. CONTROL SCHEDULE: Tool & Techniques Schedule Compression 6 Schedule compression techniques are used to find ways to bring project activities that are behind into alignment with the plan by fast tracking or crashing schedule for the remaining work. Schedule compression techniques are used to shorten the schedule duration without reducing the project scope: Crashing. A technique used to shorten the schedule duration for the least incremental cost by adding resources. Fast tracking. A schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration. CONTROL SCHEDULE: Tool & Techniques Scheduling Tool 7 Schedule data is updated and compiled into the schedule model to reflect actual progress of the project and remaining work to be completed. The scheduling tool and the supporting schedule data are used in conjunction with manual methods or other project management software to perform schedule network analysis to generate an updated project schedule. CONTROL SCHEDULE: Outputs Work Performance Information In the cost management knowledge area, we will see how to calculate different metrics using earned value management formulas. In earned value management, there are some metrics used for 1 schedule such as schedule variance (SV), schedule performance index (SPI), etc. are work performance information used to analyze how the project progressing against the schedule. CONTROL SCHEDULE: Outputs Schedule Forecasts Schedule forecasts are estimates or predictions of conditions and events in the project’s future based on information and knowledge available at the time of the forecast. 2 CONTROL SCHEDULE: Outputs Change Requests Change requests are processed for review and disposition through the Perform Integrated Change Control process. Preventive actions may include recommended changes to eliminate or reduce the 3 probability of negative schedule variances. CONTROL SCHEDULE: Outputs Project Management Plan Updates Elements of the project management plan that may be updated include, but are not limited to: Schedule baseline. Changes to the schedule baseline are 4 incorporated in response to approved change requests related to project scope changes, activity resources, or activity duration estimates. The schedule baseline may be updated to reflect changes caused by schedule compression techniques. CONTROL SCHEDULE: Outputs Project Management Plan Updates Elements of the project management plan that may be updated include, but are not limited to: Schedule management plan. The schedule management 4 plan may be updated to reflect a change in the way the schedule is managed. Cost baseline. The cost baseline may be updated to reflect approved change requests or changes caused by compression techniques. CONTROL SCHEDULE: Outputs Project Documents Updates Project documents that may be updated include, but are not limited to: Schedule Data. New project schedule network diagrams 5 may be developed to display approved remaining durations and approved modifications to the schedule. CONTROL SCHEDULE: Outputs Project Documents Updates Project documents that may be updated include, but are not limited to: Project Schedule. An updated project schedule will be 5 generated from the schedule model populated with updated schedule data to reflect the schedule changes and manage the project. Risk Register. The risk register, and risk response plans within it, may also be updated based on the risks that may arise due to schedule compression techniques. CONTROL SCHEDULE: Outputs Organizational Process Assets Updates Organizational process assets that may be updated include, but are not limited to: Causes of variances, Corrective action chosen and the reasons, and 5 Other types of lessons learned from project schedule control. PROGRESS TRACKING AND REPORTING WHAT ARE PROGRESS REPORTS? Progress reports detail a project’s advancement toward specific objectives and deliverables. They usually offer a snapshot of project status, milestones achieved, and tasks in progress. These reports also highlight any encountered obstacles, identified risks, and the required actions to address them. WHY ARE PROGRESS REPORTS IMPORTANT FOR THE PROJECT TEAM? Tracks project status and milestones: It ensures the team and stakeholders are aligned on current progress, have the right expectations, and make informed decisions. Identifies roadblocks: Shows issues that could affect deadlines or resource allocation. It allows the team to collaborate on solutions to overcome them and move the project forward smoothly. Aids future planning: Consistent progress reports help teams learn from past projects, improve processes, and optimize productivity. Project overview WHAT IS IN A Milestones achieved PROGRESS Current challenges REPORT? Budget and schedule review Next steps HOW CAN A PROJECT MANAGER DEVELOP A PROGRESS REPORT? 1. Define the report goals Start writing the report by clarifying its purpose. Is it to report on achieving a major milestone or perhaps a monthly report to review the progress made since the previous report? HOW CAN A PROJECT MANAGER DEVELOP A PROGRESS REPORT? 2. Decide which team members to be involved 3. Collect information to include in the progress reports 4. Create the report and share project updates 5. Identify changes in the project plan 6. Develop an actionable plan for future reference DOCUMENTATION AND RECORD KEEPING Project documentation and record-keeping are crucial skills for any project manager. They enable you to monitor progress, engage with stakeholders, manage risks, and ensure the successful delivery of quality outcomes. Project Charter What are the types of A foundational document that defines a project’s scope, goals, key elements, and stakeholders, serving as a guiding reference throughout project documentation? the project’s lifecycle. Statement of Work (SOW) A formal contract between two parties that details the project's scope, deliverables, and objectives, commonly used in external collaborations or agreements. Project Status Reports Regular updates prepared by project managers to monitor the progress of tasks and track the current status of a project’s development. Risk Management Plan A strategy document that identifies potential risks to the project, outlining how to minimize, avoid, or address those risks if they occur. What are the types of Financial Plan A detailed budget that allocates funds across various project tasks and project documentation? milestones, helping manage financial resources effectively. Issue Tracker A tool or system used by project managers to record and manage issues as they arise, helping to prevent them from escalating into larger problems later. Technical Document A comprehensive document that describes the design, usage, and development processes of a technical system, including safety protocols and functional specifications. Rollout Plan A strategic plan that outlines the steps, phases, and necessary training required for the successful deployment and adoption of a system or product within an organization. Document Analysis Document analysis is a technique used to gather requirements by reviewing existing documents and identifying relevant information. A variety of documents can be analyzed to help extract these requirements. How to create project documentation? 1. Collect All Relevant Files Start by gathering all project-related files from various sources such as emails, hard drives, Word documents, PDFs, and internal communications. Centralizing these files in one place ensures easy access and organization for the documentation process. 2. Ensure Documents are Comprehensive and Clear Make sure you have the necessary documents for every phase of the project, from start to finish. While new documents will likely be added as the project progresses, having the essential ones prepared from the outset will help keep the project on track. 3. Organize Documents for Easy Access Existing documents might contain extraneous information that makes it difficult to find key details. To streamline this, consider adding organizational features like internal links, a table of contents, or clear sub-categories to improve searchability and ease of navigation. 4. Foster Collaboration Since it can be challenging to filter out the irrelevant from the essential, involve your team early in the documentation process. Team members can help identify missing information, clarify unclear points, or update outdated content to ensure the documentation is complete and accurate. 5. Publish and Continuously Update Once the documents are finalized, ensure they’re easily searchable by adding tags or an indexing system in your documentation platform. Remember that maintaining project documentation is an ongoing task—regularly review and update the documents to keep them relevant as the project evolves. Document Management Lifecycle Document Creation: Document Storage: Initial phase where necessary project Securely storing documents for easy access and documents are drafted (e.g., plans, reference. N STO Can involve physical storage (e.g., file cabinets) reports, specifications). O Involves gathering information, TI or digital storage (e.g., cloud storage, project RA management tools). A collaboration, and ensuring document CRE accuracy and alignment with project Proper organization and categorization to ensure GE quick retrieval and protection from unauthorized objectives. access or loss. ARC Y Document Archival or Deletion: Document Sharing and Delivery: ER Archival: Storing documents for long-term Distributing documents to stakeholders (team access, future reference, legal compliance, or IV H I V members, clients, external partners). audits. AL DE L Sharing methods may include email, file- Deletion: Removing outdated or irrelevant sharing services, project management tools, or documents to reduce clutter and maintain physical delivery. security/privacy. Ensures stakeholders have necessary Ensures proper storage of important information to perform their roles and information and disposal of unnecessary files. maintain version control. ROLE OF PROJECT MANAGER IN DOCUMENTATION AND RECORDS KEEPING The project manager is responsible for overseeing documentation and record-keeping, ensuring that project documents are created, maintained, and stored consistently and in compliance with standards. They facilitate communication, track progress, manage risks, and ensure proper documentation of changes and decisions. After project completion, they ensure that all records are properly archived for future reference or audits. Back to Agenda Page THANK YOU FOR LISTENING :D