Project management is a very effective tool in the hands of every manager. The monitoring stage is important for taking the necessary measures to solve problems that may arise during the project. Most likely, you simply will not be able to start working on a project and then check the correctness of its work without having a roadmap in front of you.
In addition, recent data from the International Project Management Association show that when using modern methods and programs, this approach can save a company up to 30% of the time and 20% of the money spent on the implementation of all projects. However, it is important to remember that project management is not just a set of activities, but the process of implementing and realizing an entire mechanism.
Now let's take a look at the main constraints that require careful monitoring in any project:
Scope: defined tasks to be performed to achieve project goals
Time: project deadlines, including start of the project, end of the project and deadlines for tasks and milestones
Budget: the cost of the project, divided into specific categories
These elements are closely interconnected and even depend on each other:
- expanding the scope of the project – you will have to increase or adjust the budget and schedule for additional work;
- shortening the project time – you will either have to increase your budget (since the work has to be done faster and therefore will cost more) or reduce the project scope;
- cutting costs – you will either have to extend the time frame or, again, reduce the scope.
Project monitoring helps to keep a balance between these elements – scope, time, and budget. However, it is also very important to clearly establish how this monitoring will be carried out. It's important that everyone knows what is expected of them and what they should do in the event of a possible emergency. Only then will any project be successfully implemented.
Thus, project monitoring is crucial for managing changes in scope, timeline and budget throughout the project development process.