Project Management

MGT 400

Chapter 13: Progress and Performance Measurement and Evaluation

-Please answer the following questions:

Q1. Identify and discuss 5 (five) reasons why we need to monitor a project? ......

Q2. One of the aspects that involves creating Project Monitoring System is 'Reports and Reporting'. Briefly explain what we need to consider while preparing the progress reports. ........

Q3. What is a Project Control Process? List and discuss the project control steps for measuring and evaluating the project performance.

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Why do we need to monitor a ff." Many Reasons: - Helps better schedule work, to see how well the project is progressing. - Help revise time-phased budgets and establish the project baseline. - Helps revise tasks and other resources. - Helps the support good decisions {0' the project is moving too fast of too slow). - Helps determine if it is still worth doing the project. - Helps determine how long the project should take and would cost. - Helps understand needed cash flow. - Helps forecasting nal project cost. - Allows review of scope (reduce Project Creep) that could slow the project. The Project Control Process Pg. 461-462 Control The process of comparing actual performance against plan to identify deviations, evaluate courses of action, and take appropriate corrective action. . Project Control Process: 1. Setting a baseline plan. 2. Measuring progress and performance. 3. Comparing plan against actual. 4. Taking action. . Tools Tracking and baseline Gantt charts . Control charts