Chapter 11. Monitoring and Controlling
11.6 Key Takeaways
- The monitoring and controlling process consists of tracking, reviewing, and reporting the overall progress to meet the performance objectives defined in the project management plan.
- Project managers monitor the project work by collecting project performance data, producing performance measures, and reporting and disseminating performance information. Then, they compare actual performance with planned performance, analyze variances and assess trends to affect process improvements, and finally evaluate possible alternatives and recommend appropriate corrective action as needed.
- Qualitative monitoring involves measuring quality rather than quantity, and it focuses on the scope, quality, stakeholders, communications, risks, resources, procurement, and team management.
- Earned Value Management (EVM) is a quantitative monitoring technique that uses metrics and indexes to assess project performance. Earned value analysis compares the performance measurement baseline to the actual schedule and cost performance.
- The main EVM parameters are planned value (PV), earned value (EV), and actual cost (AC).
- CPI is a measure of the cost efficiency of budget resources. When CPI is less than 1.0, it indicates a cost overrun.
- SPI is a measure of schedule efficiency. When SPI is less than 1.0, it indicates that the project is behind schedule.
- After PV, EV, and AC values are generated, and variance analysis (e.g., CPI and SPI) is performed, we can conduct trend analysis to predict how our project may perform during the rest of the project, and when the project is completed.
- In order to manage the control process effectively, projects must have a change management plan and a configuration management plan which are sub-plans of the overall project management plan.
- Any change to the project needs to be documented so we can figure out what needs to be done, by when, and by whom. Any stakeholder can request a change.