This is a solution of Effective Project Monitoring part 1 in which we discuss the Thing which differentiate project from business is the temporary nature of the project while in contrast business is assumed to be of continuous nature.


Effective Project Monitoring part 1

Project management is a vast discipline which relates with the planning, organising and securing the resources which are necessary for carrying the project successfully. A project is some temporary task which contains some specific objective and timeline to finish it (Witzel, 2003). The Thing which differentiate project from business is the temporary nature of the project while in contrast business strategy is assumed to be of continuous nature. The Main aim of the project management is to achieve all the goals of the project which are in form of small tasks. Also the constraints which are provided with the project are to be honoured by the project manager. Some of the project constraints are time, budget, and manpower and scope etc. Another major challenge which project managers have to face is the efficient allocation of the resource so as to optimise the performance (Kousholt, 2007).

Approach to project management

There are numerous approaches to project management such as agile, phased, incremental and interactive approach. Every project management approach takes into consideration several parameters irrespective of the methodology followed in each project management approach. These factors which are considered in each project management approach are: roles and responsibilities of the stakeholders, project objectives, timeline of the project, and overall budget of the project.

Traditional project management approach

The Phased approach to the project management goes through sequence of steps to be completed in the project. The Phased approach of the project management divides the whole project into the 4 steps and the control of the project thus making it the five step approach (Phillips, 2003). A typical diagram for the traditional approach to the project management can be shown as follows:

The Major phases of the project management are as follows:

Project monitoring can be defined as the systematic process of regular and occasional information collection in order to identify and measure the changes which has occurred in the project over a period of time (Phillips, 2003). Project monitoring is generally integrated with project evaluation in order to control the overall project.

Reasons for project monitoring

There are various reasons to monitor and evaluate the project; some of the major reasons for project monitoring are as follows:
To know about the project results: The Main objective of the project monitoring is for knowing the project results. Project monitoring tells about the way in which goals and objectives of the project are being meet and what changes would be there in the project.
To improve project management: Project monitoring is a powerful tool for the improvement of project management. It helps in adapting the risk factors related with the project. To understand stakeholder perspective: Project management process helps in knowing the perspectives of the various stakeholders of the project. As various stakeholders are directly involved in the monitoring of the project hence it becomes easy to understand the interest of the various stakeholders in the project management (Cleland & Gareis, 2006).
To ensure the accountability: The project monitoring business process helps in finding out the accountability of the stakeholder driving the work. Hence it ensures whether the person accountable for doing the work is doing it in effective, efficient and appropriate way or not.

Project monitoring variables

The Project monitoring id carried out by taking various variables into considerations. The variables which are monitored during the project execution can be risk factor, cost incurred in the project and various resources used in the project. Monitoring of such variables is very important since monitoring can help the project manager in best utilization of the resources and directive way of project management as well. Some of the important variables.

which are considered for the project monitoring are as follows:

Investment analysis: Investment analysis of the project can help the project manager in finding out the total investment which has been done on the project execution. Since the total investment which would be done on the project are decided initially so investment monitoring helps the project manager in finding out that how much investment has been done vis a vis how much work have been completed. This investment monitoring is very essential since it aligns the investments and work progress of the project and also saves the over-costing of the project. Cost benefit monitoring: Cost benefit monitoring is a simple analysis in which the cost incurred in the project are compared Vis a Vis benefits which are sought from these cost incurred in the project (Kwak,2005). Cost benefit analysis can be done by looking at the cost of the various resources acquired during the project execution and the benefits given by these resources in the project.

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