Project Monitoring and Controlling

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Project Monitoring and Controlling

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shetyep142

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Project Monitoring and

Controlling
Project Management & Entrepreneurship
Introduction to Project Monitoring

• Project Monitoring is the process of tracking the project’s progress.

• It involves comparing actual performance with the planned performance.
• Helps identify deviations early to make necessary adjustments.
• A critical component for keeping projects on schedule and within budget.
Introduction to Project Controlling

• Project Controlling ensures that the project stays on track.

• Involves taking corrective actions to address project variances.
• Focuses on managing project scope, schedule, and costs.
• Works in close collaboration with project managers and stakeholders.
Key Components of Project
Monitoring
 Scope Monitoring: Ensures the project stays within its defined scope.
 Time Monitoring: Tracks the project schedule and deadlines.
 Cost Monitoring: Compares actual spending to the project budget.
 Quality Monitoring: Measures the project outputs against quality
standards.
Key Components of Project
Controlling
 Scope Control: Ensures no unauthorized changes to the project scope.
 Schedule Control: Adjusts timelines to keep the project on track.
 Cost Control: Monitors and corrects any cost overruns.
 Risk Control: Identifies and mitigates potential project risks.
Tools for Project Monitoring

 Earned Value Management (EVM): Measures project performance and

progress.
 Gantt Charts: Provides a visual timeline for task and milestone tracking.
 KPIs (Key Performance Indicators): Quantitative measures to assess
performance.
 Project Dashboards: Real-time, visual reporting tools to track progress.
Tools for Project Controlling

 Risk Management Software: Helps identify, assess, and mitigate risks.

 Change Control Systems: Manages and documents project scope
changes.
 Budget Tracking Tools: Monitors and reports on actual vs. planned
budget.
 Resource Management Tools: Optimizes the allocation and use of project
resources.
Monitoring and Controlling Across
Phases
 Initiation Phase: Define the project scope, goals, and stakeholder
expectations.
 Planning Phase: Develop detailed schedules, budgets, and resource
allocation.
 Execution Phase: Monitor project progress and implement necessary
adjustments.
 Closing Phase: Conduct final evaluations and closeout the project
efficiently.
Challenges in Project Monitoring and
Controlling
 Scope Creep: Uncontrolled changes or continuous growth in project
scope.
 Budget Overruns: Exceeding the allocated budget due to unforeseen
costs.
 Project Delays: Deviations from the planned timeline, leading to delays.
 Lack of Communication: Poor communication among stakeholders can
hinder progress.
Role of Entrepreneurs in Monitoring
and Controlling
 Vision and Leadership: Entrepreneurs provide the direction for project
monitoring.
 Stakeholder Communication: Act as the bridge for effective
communication.
 Adaptation and Flexibility: Entrepreneurs adjust the project strategy as
necessary.
 Decision-Making: Quick, data-driven decisions to resolve issues and
mitigate risks.
Best Practices for Effective
Monitoring and Controlling
 Set Clear and Measurable Objectives: Well-defined project goals ensure
focus.
 Regular Status Updates: Keep all stakeholders informed on progress and
issues.
 Use Data and Metrics: Use data to make informed decisions and ensure
alignment.
 Proactive Risk Management: Continuously identify and mitigate risks
before they occur.
Conclusion and Key Takeaways