Lesson 2: Project Monitoring and Control
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Project monitoring and control is the process of tracking project progress, identifying variances, and taking corrective actions to ensure that the project is on track to meet its objectives. This process involves collecting data, comparing actual progress to planned progress, and analyzing the differences to determine whether corrective action is necessary.
The following are some of the key activities involved in project monitoring and control:
- Monitoring project progress: This involves collecting data on project performance, such as the status of tasks, milestones, and deliverables, and comparing it to the project plan.
- Identifying variances: Variances are differences between actual project performance and the planned performance. These variances can be positive or negative and can be identified by comparing the actual performance to the project plan.
- Analyzing variances: Analyzing variances involves determining the cause of the variance and its impact on the project. This analysis helps project managers decide whether corrective action is necessary.
- Taking corrective action: Corrective action involves taking steps to address the causes of variances and get the project back on track. This may involve changing project plans, reallocating resources, or reassigning tasks.
- Updating project plans: Based on the results of the monitoring and control process, project plans may need to be updated. This includes revising schedules, budgets, and resource allocation.
Overall, project monitoring and control is a critical process in project management, as it helps ensure that projects are completed on time, within budget, and to the desired level of quality. It helps project managers identify and address issues early on, before they become major problems that can derail the project.
The image below further illustrates what project monitoring and control entails:
Task: True/False
Completion of the In-Lesson Task does not contribute to the assessment grading and serves as preparation for the final assessment.