The fourth stage in the five project phases covers the control and monitoring of the project. Monitoring and controlling in project management covers the process of defining, taking, and analysing the project performance measurements or key performance indicators (KPI).
Project managers will use several KPIs to help them measure the current state of completion throughout the project. These include:
Project Performance: Tracks the project changes throughout its life cycle, noting issues that arise, reaction times to problems, and the efficiency in which they are solved.
Project Objectives: Determines if the project is on track and on budget and whether it is projected to meet stakeholder objectives.
Effort and Cost Tracking: Measures the monetary and human resources allocated to project areas to determine if the project will meet all deadlines and objectives.
Quality Deliverables: Concerns about whether or not all project tasks are being completed and goals are being met.
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