This is a solution of Effective Project Monitoring part 2 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 2
Value monitoring: Value monitoring is the monitoring of the value created during the various stages of the project. Value monitoring of the project can be done as per the various steps of the project. Hence the value which has been created in each step can be taken as the benchmark and the comparison can be done for the other periods for the value creation process (Lock, 2007). Since each step in the project management is attached with definite value and accordingly resources and cost is incurred in the project. Hence value monitoring process helps in finding about whether or not there is some desired alignment in the cost, value and human resources consumed in the
Risk monitoring: The Risk monitoring process is one of the most important aspects of the project monitoring process. The Risk monitoring process helps in finding out the risk which is involved at the various steps of the project (Stevens, 2002). As per the seriousness level of the risk, it is categorised as the normal, low or high risk. And according to the priority of the risk Mitigant are taken in order to remove the risk from the project.
Cost trend monitoring: The Cost trend of the project are monitored, in order to monitor the cost of the project historical cost data is taken into account and monitoring of the cost incurred in the project is done based on the historical cost data. The Cost trend data shows what amount of cost has been incurred in past and project cost trend can be developed according to the historical cost trend (Lewis, 2000). And if extra cost is being incurred in the project that can be monitored and rectified.
Target/actual monitoring: In order to monitor the target versus actual progress of the project, this monitoring is taken into the account. The Actual progress of the project is compared with the target which was set up initially at the time of project planning. And if there are any differences then proper marketing planning is done in order to fulfil the gap between the target and actual project progress.
Ways to project monitoring
In order to monitor the projects there are mainly two ways which are:
1.Formal ways: The Method of project monitoring depends upon the level of project being monitored. In order to monitor a small project informal ways can be used while in order to monitor the big and important project formal ways has to be used by project manager (Hamilton, 2004). There are mainly three ways of formal monitoring which are as follows:
Reports: All the team members of the projects are asked to complete the status report of the project. Status reports helps in finding out the problems which would be identified in the future and status report helps in solving the problems at their earlier stage only (Ireland, 2006). There has to be some definite format of the status reports.Action Daily Weekly Monthly Quarterly Informal discussions with team Small Large Staff meetings with managers Both Project review meetings with team Small Large Status report Small Large.
Project audit (optional) Large
Team building activity Both
Report to management Both
Small = small projects
Large = large projects
Both = both small and large projects
Audit: In order to review the status of the project and other resources of the project outsiders of the project conduct the review of the project. Hence audit process is generally carried out by the parties outside the project execution.
Formal meetings: Periodic meeting is carried out by the key members of the project team in order to review the project status and also to discuss various issues pertaining to the project.
2.Informal ways: Sometimes informal monitoring is also carried out in order to understand the status of the project. The informal project monitoring is carried out by the way of conversation with the project team, basic interaction with the key stakeholders of the project and through the observation method as well (Dinsmore, 2005). The Observation method is more accurately known as the MBWA which stands for the management by walking around which the most famous method of the informal project is monitoring.
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