monitor and control business plan

Guide to Project Monitoring and Control Phase of Project Management

Project Monitoring and Control is a crucial phase in project management that involves tracking the project’s progress, comparing it against the plan, and making adjustments as necessary. It’s about keeping the project on track and meeting its objectives, deadlines, and budget.

Monitoring and control allow project managers to analyze in real-time whether tasks are being completed on schedule and within budget and make decisions.

Despite its critical role, project monitoring is fraught with pitfalls that can derail even the most meticulously planned projects. Recognizing these common errors is the first step towards avoiding them.

As a careful project manager, you should always “Trust, but check.” Project Monitoring and Control acts like a watchful guard in project management, making sure that every tiny detail gets noticed

Table of contents:

What Is Project Monitoring and Control?

• The Essential Role of Project Monitoring and Control  

The Project Monitoring and Control Process

• Crafting a Project Monitoring and Control Plan: A Step-by-Step Guide

Putting Project Monitoring and Control into Practice

The arsenal of project monitoring and control techniques, project managers choose birdview for project monitoring and control..

At its core, Project Monitoring and Control is about proactive oversight. It’s not merely about checking off boxes or following routines; it’s about peering into the heart of your project with a keen eye, ready to catch the slightest hint of deviation.

Project control includes many steps to carefully monitor the project’s timeline, resources, and expenses. While there are tools to help with project monitoring, understanding the process behind it is crucial, and we’ll delve into this.

The Dual Pillars: Monitoring and Control

 Project Monitoring. View monitoring as the heartbeat of your project. It involves constantly gathering information, evaluating progress, and comparing results to initial plans. Think of monitoring as your alert system, giving you a heads-up on problems before they grow bigger.

 Project Control.  Control is the action arm of this phase. It’s where decisions and actions are taken in response to the insights gained from monitoring. Control ensures that your project remains on course, whether realigning tasks, reallocating resources, or revising strategies.

The Essential Role of Project Monitoring and Control

Project Monitoring and Control is more than just a step in the project management process. The core goal is to maintain the project’s health and success. This section explores the necessity of this phase and highlights its influence on different areas of project management.

Keeping Projects on Target Project Monitoring and Control’s primary importance is ensuring the project stays true to its original goals. Projects can change over time and might start to move away from their initial objectives. By keeping a close watch regularly, any shifts can be spotted early on, making it possible to take quick actions to correct them.

Risk Management Every project faces its set of uncertainties and potential risks . Active monitoring provides a proactive stance in identifying risks before they become issues, enabling the project team to implement mitigation strategies effectively and minimize negative impacts on the project.

Resource Optimization Resources, be they people, budget, or materials, are limited. Project Monitoring and Control ensure these resources are used wisely, avoiding excess and shortfall. It aids in distributing tasks evenly, managing expenses effectively, and providing resources for productive tasks.

Clients’ and Stakeholders’ Satisfaction Stakeholders, from clients to team members, have vested interests in the project. Through consistent monitoring and control, stakeholders are informed about the project’s progress, changes, and challenges. This transparency builds trust, fosters collaboration, and enhances stakeholder satisfaction.

Schedule and Budget Adherence One of the most visible signs of a project’s success is its ability to meet the agreed-upon schedule and budget. Through diligent monitoring, potential schedule slippages or budget overruns can be identified and addressed promptly.

The project monitoring and control process establishes the foundation of successful project management. This procedure monitors the project’s advancement and challenges, guaranteeing prompt action to maintain the timeline and budget. It allows the project manager to spot problems either in real-time or proactively.

Setting Baselines and Benchmarks   The process begins with establishing clear scope, time, and cost baselines. These baselines serve as the standard against which all project performance is measured. They are not just reference points but the foundation for effective monitoring.

Ongoing Performance Tracking Constantly measuring the project’s performance lies at the heart of monitoring and control. This includes monitoring progress compared to set standards and using different measures and Key Performance Indicators (KPIs) to check the project’s condition as it unfolds.

Identifying Deviations With data in hand, the process delves into variance analysis, a critical examination of where actual performance deviates from planned performance.

Implementing Corrective Actions Identifying variances is only half the battle; the essence of control lies in taking decisive corrective actions. This may involve reassigning resources, adjusting schedules, or revising strategies to bring the project back in alignment with its baselines.

Communication: Informing Stakeholders and Clients Successful monitoring and control rely on clear and ongoing communication with stakeholders. This keeps everyone updated on the project’s progress, any challenges, and the actions being implemented to resolve them.

Project Monitoring and Control Plan: A Step-by-Step Guide

A robust Project Monitoring and Control Plan is like your project’s guide, helping you keep things moving in the right direction even when things get tough.

Step 1: Establish What You Need to Track. Start by identifying the elements of the project you need to monitor, such as the scope, timelines, expenses, and any other critical areas pertinent to your project. Setting these objectives lays the groundwork for your overall strategy for monitoring and control.

Step 2: Establish Performance Metrics Choose specific, measurable indicators that will give you insights into your project’s health. These could range from task completion rates and budget variances to quality metrics and stakeholder satisfaction levels.

Step 3: Set Baseline Measurements Establish a baseline or target for each metric against which actual performance can be compared. These baselines are your project’s benchmarks and are crucial for identifying deviations requiring corrective actions.

Step 4: Determine Monitoring Frequency Decide how often you’ll monitor each aspect of your project. While some components may require daily scrutiny, others might need weekly or monthly check-ins. Your monitoring frequency should balance thorough oversight with efficiency, avoiding the pitfalls of micromanagement.

Step 5: Assign Monitoring Responsibilities Assign team members or stakeholders to monitor specific project components. Ensure each person understands their responsibilities and the metrics they’re expected to track

Step 6: Plan for Variance Responses Anticipate potential variances and plan how to address them. This involves outlining corrective actions for possible deviations from the baseline measurements and establishing thresholds for when these actions should be triggered.

Step 7: Review and Revise the Plan Acknowledge that your Monitoring and Control Plan is not set in stone. Schedule regular plan reviews to incorporate lessons learned and adapt to the evolving project landscape.

Step 8: Implement Quality Control Measures Incorporate quality checks and reviews at critical points in the project to ensure deliverables meet the established standards. Depending on the nature of your project, this could involve peer reviews and client feedback.

Step 9: Review and Revise the Plan Acknowledge that your Monitoring and Control Plan is not set in stone. Schedule regular plan reviews to incorporate lessons learned and adapt to the evolving project landscape.

Project managers often rely on several key performance indicators (KPIs) to track a project’s progress. These KPIs are crucial in assessing the project’s progress towards its goals. Furthermore, project managers use various methods and instruments to monitor and control project aspects.

Establishing a Monitoring Framework Begin by crafting a framework that outlines what will be monitored, how, and by whom. This framework is your script, guiding the entire monitoring process. Define clear metrics and KPIs that resonate with your project’s objectives.

Assigning Monitoring Roles Each person in your project has a specific role. It’s important to allocate these tasks thoughtfully, making sure everyone is clear about their responsibilities, from keeping an eye on how things are moving to spot any changes from the plan.

Conducting regular Stakeholder, project team, and client communication Regular check-ins and review meetings are super important. They help you see how things are going, spot mistakes, and improve. Having these meetings often and keeping them on point is critical.

Using project management software to monitor your project. Using project management software lets you monitor your project closely as it unfolds. It’s like having a dashboard where you can see everything in real-time, from what tasks are being worked on to how resources are being used.

In complicated projects, the project manager usually handles the tracking and guiding of the project. Like leading a big show, you must ensure everything is done right, and nothing is overlooked. Even tasks that seem simple can have unexpected issues.

Earned Value Management (EVM) EVM is like the spotlight on your project’s financial health, illuminating the actual value of the work completed. It intertwines scope, schedule, and cost, providing a comprehensive view of project performance. By tracking these variables, you’re not just observing; you’re predicting, allowing you to make proactive decisions.

Critical Path Analysis (CPA) Critical Path Analysis (CPA) helps you see your project as a series of linked tasks. It shows you the most essential path affecting the project’s length. By knowing this critical path, you can determine which tasks are strict on time and which have some wiggle room.

Gantt Charts A Gantt chart maps out your project’s schedule , letting you see everything simultaneously. It breaks down each task like a point on a timeline so you can ensure everything lines up correctly, tasks don’t clash, and everyone knows what they should be doing and when.

Visualize and Analyze Real-Time Data with BI Reports BI Reports offer clarity and foresight, allowing you to navigate the project landscape precisely and confidently. Tailor your BI Reports to focus on the metrics that matter most to your project . Whether tracking financials, assessing team productivity, or monitoring timelines, you can customize your reports to provide the insights you need.

Dashboard and Reporting Tools Your project dashboard is the control room from which you oversee the entire performance. Modern software tools offer real-time data, from task progress to resource allocation, ensuring you have the information you need to make informed decisions at your fingertips.

Reduce Risks with Artificial Intelligence In project management, Artificial Intelligence (AI) works like an intelligent system that can spot future problems before we can, helping us avoid surprises. AI uses past data and learning algorithms to predict and rank risks , helping you tackle them proactively before they affect your project.

Project managers often select Birdview as their go-to solution for overseeing and managing projects and portfolios due to its comprehensive features for monitoring and controlling various project aspects.

Get Full Visibility into your Projects and Forecast better with Birdview Try for Free

Arkady Katcherovski, a veteran of the IT industry with over three decades in the field, brings a wealth of knowledge in project management. His extensive experience is now channeled through his role as a senior manager at Birdview, where he leverages his deep industry insights.

Related Posts

Project Proposal Automation Guide: Components, Process, Benefits & Tools

Project Management Challenges and How to Overcome Them

Project Dashboards: types, examples, and benefits

Your 14-day trial is ready! Explore Birdview's full potential by scheduling a call with our Product Manager.

Get access to your account from here or check your inbox.

We've sent an activation link to email. Check your inbox!

Please contact us if you need any assistance.

Toll-free phone: +1-888-261-9878

I understand, thank you

By continuing to use our site, you agree that we can place cookies. Learn more .

How to Communicate, Monitor and Control the Implementation of Your Strategic Plan

• Small Business
• Business Planning & Strategy
• Strategic Planning
• ')" data-event="social share" data-info="Pinterest" aria-label="Share on Pinterest">
• ')" data-event="social share" data-info="Reddit" aria-label="Share on Reddit">
• ')" data-event="social share" data-info="Flipboard" aria-label="Share on Flipboard">

Tasks in the Five Phases of Project Management

What internal factors affect communication with stakeholders, how to analyze the key success factors for plan implementation.

• Development of Business Strategies
• Five Reasons That Business Teams Fail

Strategic plans have become crucial for small businesses looking for ways to survive in an increasingly unstable global economic climate. Crafting and developing such plans is only half the battle, however. To complete the plan's objectives, a small-business entrepreneur must designate employees to perform specific tasks, which avoids duplicating efforts. However, when goals are not being met, management must remain equally willing to rethink its objectives and prepare a system to review them.

Communicate the Objectives

Communication is one of the most crucial steps after a plan is finalized, according to an analysis prepared for the U.S. Small Business Administration. To carry out new policies and procedures effectively, employees need a solid grasp of the plan's contents. Strategic plans are more likely to succeed when workers get intimately involved with the process. This concept is known as ownership. However, small business owners must also outline a realistic schedule to roll out the plan's goals and make sure that they are implemented correctly. Failure to take this factor into account can be disastrous.

Determine Employee Roles

To successfully communicate a strategic plan's objectives, management should designate employees responsible for implementing key aspects of the document. Defining roles is important to avoid duplicating efforts, or worse, neglecting tasks that need attention. One method is to pattern the implementation team after a city council-manager form of government, according to the Foundation for Community Association Research. In this model, a condominium association's board assumes the council's executive role, with the property-management team handling day-to-day oversight, just as a city manager does. Defining these roles will improve the odds of a strategic plan's success.

Reevaluate Performance Goals

Every small-business owner needs corrective measures to get plans back on track, since individual and organizational goals are not alike, the Small Business Administration's analysis notes. If management sees performance falling short of expectations, a reevaluation of the original goals may be needed. However, management must also distinguish the causes of discrepancies between actual and planned results. Tying unit- and profit-production goals to any plan's success is straightforward. However, this approach works less well for items that are harder to quantify, such as management decisions.

Review the Outcomes

Smart strategic planners assume the need for constant follow-up, as "Entrepreneur" magazine outlined in its January 2003 interview with the Subway sandwich chain's cofounder, Fred DeLuca. According to DeLuca, one key aspect of the company's growth has come from its willingness to listen to its franchisees, who get one of five seats on its system advisory council. Every four months, the group -- which also includes company representatives, codevelopment agents, and its franchisee association -- meets to share ideas. This approach allows all the company's interest groups to air concerns while working as a team.

• Entrepreneur: The Man Behind Subway's Success
• Foundation for Community Association Research: Best Practices: Report #3: Strategic Planning
• Journal of Asia Entrepreneurship and Sustainability: Ownership Motivation and Strategic Planning in Small Business
• Reynolds Consulting: Five Things to Ask Before You Hire a Strategic Planner
• University of Texas at San Antonio Alumni Association: A Shared Vision: UTSA 2016: Implementation Plan, 2008-2016

Ralph Heibutzki's articles have appeared in the "All Music Guide," "Goldmine," "Guitar Player" and "Vintage Guitar." He is also the author of "Unfinished Business: The Life & Times Of Danny Gatton," and holds a journalism degree from Michigan State University.

Related Articles

The best practices in strategic implementation, how to write a strategic plan for delivery of nursing care, how to understand a business plan, systems analysis life cycle vs. project life cycle, ideas for team leader meetings, the advantages of assessing the level of teamwork, goals of a team leader, effective communication plan, team building & developing common goals, most popular.

• 1 The Best Practices in Strategic Implementation
• 2 How to Write a Strategic Plan for Delivery of Nursing Care
• 3 How to Understand a Business Plan
• 4 Systems Analysis Life Cycle Vs. Project Life Cycle

Guide to Project Monitoring and Control Phase of Project Management

By Kate Eby | March 8, 2022

• Share on Facebook
• Share on LinkedIn

Link copied

Monitoring and control provide project managers with real-time status reporting that informs decisions and maintains communication among stakeholders. Project managers use monitoring data to determine if work is on task, on budget, and delivered on time.

Included on this page, you’ll learn how to create a project and control plan and best practices for implementing the plan .

What Is Project Monitoring and Control?

Project monitoring and control helps you measure project performance. Use the process to look at the project plan, review project status, identify potential problems, and implement changes when necessary. This phase coincides with the execution phase of the project lifecycle.

You can use this phase to keep a project on schedule and within budget while also managing risk and avoiding scope creep. At the end of the monitoring and control phase, the customer accepts the completed project deliverables.

What Is the Main Purpose of the Project Monitoring and Control Phase in Project Management?

The primary purpose of monitoring and control in project management is to identify problems before they occur and make adjustments. These changes may require reevaluating and updating the project plan.

Alan Zucker, Founder of Project Management Essentials, LLC , who has more than 25 years of project leadership and management experience in Fortune 100 companies, identifies the purpose of monitoring and control: "Project managers regularly track performance focusing on cost, schedule, and scope. If the project is off-track, the project manager takes corrective action."

Importance of Project Monitoring and Control

Project monitoring and control are essential to completing a project on time, on budget, and within scope. Monitoring and control processes identify deviations from the project plan. Project monitoring and control ensure that performance is seamless, efficient, and on track. 

Alan Zucker describes the importance of project monitoring and control for delivering a successful project: "Project managers know that no project proceeds perfectly according to plan. We must be diligent in tracking performance to see if it meets our expectations for success. If not, we must determine what is needed to keep the project on track."

Project Monitoring and Control Process

The monitoring and control process tracks performance metrics to keep a project on schedule, on budget, and within scope. The process helps project teams discover problems before they occur. 

• Monitor Key Performance Indicators (KPIs): Monitoring KPIs keeps project deliverables on track and performance up to date. Project managers use data on timelines, budgets, and quality to enable better decisions, make changes to avoid problems, and capitalize on opportunities. 
• Monitor Change Requests: Measuring project performance data helps reveal whether the project is on track or if changes are necessary. If the project is off course, then a change request will be submitted and implemented to make a course correction. 
• Monitor Project Scope: This step helps ensure that any changes to the project scope are verified and documented. You’ll need to update any relevant documents, such as a project scope statement and work breakdown structure . You’ll also want to determine any timeline and cost adjustments that are relative to a scope increase that can cause a shift in strategy.
• Identify Risks: Ideally, risk identification should occur throughout a project; when risks arise, you have the relevant information available to make the right decision. 
• Communicate with Team Members, Stakeholders, and Clients: Maintaining regular communication keeps projects on track and helps avoid misunderstandings that cost time and money. It’s vital that stakeholders and team members receive all relevant information in a timely manner.

How to Create a Project Monitoring and Control Plan

A project monitoring and control plan integrates factors such as success, scope, schedule, resources, risk, and costs. The plan is developed during the  project lifecycle’s planning phase . 

• Outline the project. Establish scope, schedule, and budget baselines for benchmarking according to the project plan. The plan defines project goals, resources, and milestones. 
• Break down the project into subtasks or units of work . A work breakdown structure is a useful tool that project managers can use to create subtasks and manage work. This visualization helps project managers track and simplify performance and deliverables. 
• Execute the project plan, and report and analyze to identify variances. Determine if variances are acceptable and continue to monitor them. Find the cause of unacceptable variances and make adjustments.

How to Implement Project Monitoring and Control

Project managers use three to five key performance indicators to report monitoring data and define objectives to keep the project on track. KPIs must be specific, measurable, attainable, relevant, and timely.

• Monitor Project Parameters: The project plan will include the scope of the project and measurements for success. Project managers use KPIs to track schedule, effort, and cost and to ensure they align with the project plan. 
• Monitor Stakeholder Involvement: By positioning and communicating with the project team, management, and clients, you keep everyone engaged and on task. 
• Monitor Risk: When you complete risk assessments throughout the life of the project, you avoid issues and enable mitigating negative impacts on the project timeline and budget.
• Monitor Project Performance: Project managers use KPI dashboards to identify problems and measure work progress.
• Take Corrective Action to Control Progress: Project managers use the project plan as a baseline to control progress and track changes until resolution or the project enters the closure phase.
• Monitor and Manage Data Documentation: Documenting performance and changes in the project keeps stakeholders involved, mitigates issues, and informs future projects.

Project Monitoring and Control Best Practices

Project monitoring and control best practices require constant attention to detail. These best practices can empower project managers and teams to balance time, cost, and budget.

• Define Project Management Team Roles: Make sure that team members know the expectations and the timelines to meet.
• Identify a Point of Contact: When problems arise, there should be a dedicated person who is responsible for tracking, documenting, and monitoring any issues. 
• Determine the Frequency of KPI Reporting: When developing the project plan, decide how often you’ll conduct KPI reporting and stick to that schedule. This data is essential for monitoring and control performance.
• For schedule variance (SV), subtract planned value (PV) from earned value (EV). 
• For budget variance (BV), subtract the money spent from the planned budget for each line item and divide it by the original budget to calculate the percentage.
• For cost variance (CV), subtract actual cost (AC) from earned value (EV).
• Determine if Variance Cause Is Common or Unique: Work continues without change under expected and acceptable variance. If the variance is caused by the unexpected, identify and implement the proper change. 
• Scrutinize Change Orders: Review documented change requests with the project team to approve or reject them.
• Monitor and Control Scope Creep: Mitigate scope creep to maintain project parameters and recognize that project change may impact outcomes.
• Conduct a Rigorous Approval Process at Completion: Make sure to document and file all approvals appropriately.

Zucker adds, "Soft skills are often missed, so focus on communication and effectively maintaining stakeholder interest. Projects can benefit from a fresh perspective, and an advisory board of specialists provides oversight and guidance for project managers."

Project Monitoring and Control Techniques

Project managers depend on monitoring and control to track, review, and report on project performance. They rely on this phase to make informed decisions, avoid crises, and maximize performance and opportunities. 

Project monitoring and control techniques address three areas in project management:

• Project Plan Monitoring: Use the critical path method (CPM) to identify essential project milestones and keep deliverables on schedule.
• Project Budget Monitoring: Use earned value management to assign project tasks according to their cost.
• Project Status Monitoring: Use project status reports to standardize the reporting process and identify completed tasks, key takeaways, risks, and real-time progress.

Project Monitoring and Controlling Strategy

Successful projects require diligence and precision in monitoring and control, so having the right strategy can make all of the difference. A good monitoring and control approach looks at quality, risk, and stakeholder engagement levels and communicates all project outcomes.

These tips can help you adhere to a project monitoring and control strategy:

• Establish a cadence and well-defined process for managing change requests. 
• Tailor performance reporting to project needs. 
• Do not overburden the project team with information requests. 
• Position stakeholders where they are needed most according to their expertise. 
• Prioritize performance data that is actionable and requires a decision. 
• Take into account how decisions impact the schedule, budget, and scope. 
• Establish a transparent decision-making process and communicate and document outcomes.

Project Managers Rely on Smartsheet for Project Monitoring and Control

From simple task management and project planning to complex resource and portfolio management, Smartsheet helps you improve collaboration and increase work velocity -- empowering you to get more done. 

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed.

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time. Try Smartsheet for free, today.

Discover a better way to streamline workflows and eliminate silos for good.

The Essential Guide to Monitoring Your Business Metrics

Related blogs.

• Harness the Power of a Business Plan Calendar for Your Business
• Understanding the Art of Networking in Business
• The Steps to Writing a Comprehensive Business Plan
• The Benefits of Investing in Employee Benefits
• Utilizing Working Capital to Grow Your Small Business

Introduction to Monitoring Business Metrics

Monitoring business metrics is an essential part of running a successful business or organization. Metrics are actionable insights that help you measure the success and potential of your company and make decisions. They give you a clear understanding of the performance of your business, help you forecast future performance, and identify opportunities for improvement.

Definition of Metrics

Metrics are measurements or indicators of activity or performance. Business metrics are used to measure performance and progress of an organization against its business objectives. Some of the most common metrics that can be used to assess the performance of a business include revenue, expenses, customer count, customer loyalty, profit margin, sales, and market share.

Benefits of Monitoring

• Metrics provide concrete information and evidence to inform decisions and prioritize objectives.
• Monitoring metrics allows you to track progress and discover areas of growth and opportunities for improvement.
• Metrics can show trends and indicate strengths and weaknesses of products, services, and processes.
• Metrics can help you determine potential solutions to improve performance.
• Metrics can be used to inform strategic decisions and ensure alignment with long-term objectives.

Gathering Relevant Metrics

Monitoring business metrics every day, week, and month, allows businesses to stay ahead of any potential issues and make necessary adjustments to keep operations running smoothly and achieve goals. To achieve this, it is important to gather relevant metrics.

Define Your Goals

Before gathering relevant metrics, it is important to define your goals. Knowing what you want to track and measure will help with understanding what data is important and relevant to achieving those goals. Consider factors such as volume of customers, customer satisfaction, and product quality, as these can all help to define what success looks like and what metrics are important to track.

Collecting and Analyzing Data

Once you’ve identified which metrics to track, it is important to collect and analyze the data. This can be done by setting up data collection systems, or tracking specific metrics manually. It is particularly important to ensure that the data collection system is set up correctly to ensure accurate results. After this, relevant data can be collected and analyzed in order to make informed decisions about business operations.

When collecting and analyzing data, it is important to ensure that data is accurate and up-to-date. Data accuracy is essential in allowing businesses to make informed decisions and monitor progress towards their goals. Additionally, historical data should be archived in order to be able to reference it in the future.

Measuring Business Performance Through Metrics

Measuring and assessing business performance is an essential part of any successful enterprise, and translating performance into objective metrics offers an invaluable tool for understanding the efficiency and efficacy of an organization. By considering the different types and categories of metrics, businesses can better identify actionable insights and trended data in order to make informed decisions that drive the organization forward.

Types of Metrics

The two primary types of data and metrics used to assess business performance are financial metrics and operational metrics. Each offers a unique view of how the organization is functioning and how the performance of different components or processes directly affect and contribute to overall success.

Financial Metrics

Financial metrics provide a quantitative review of the financial position of an organization, including an overview of revenue, expenses, liabilities, and assets. By using tools such as margin analysis and cash flow tracking, businesses can quantify the effects of any given performance period.

Examples of Financial Metrics Include:

• Net Profit/Loss
• Return on Investment (ROI)
• Profit Margin
• Current Ratio
• Debt/Assets Ratio

Operational Metrics

Operational metrics provide an assessment of the organization’s operational efficiency and effectiveness, including a review of production, customer service, and workforce performance. By using tools such as efficiency metrics, cost analysis, and customer satisfaction surveys, businesses can better understand the performance and process production bottlenecks.

Examples of Operational Metrics Include:

• Productivity Ratios
• Total Quality Metrics
• Throughput Analysis
• Workforce Utilization Rates
• Customer Satisfaction Ratings

Defining KPI Targets

When monitoring business performance using Key Performance Indicators (KPIs), it is important to set targets in order to measure progress and effectively interpret the resulting data. Setting targets can be done in two stages - establishing a baseline, and then calculating the targets.

Establish Baseline

Before setting KPI targets, it's essential to establish a baseline which will give a starting point for measuring actual performance. This serves as a gauge for how well the organization performs compared to its original status - a reference to compare any subsequent changes in value. It's important to use the same reference period in order to make sure that calculated changes in performance accurately measure the impacts of initiatives and processes. Without using a baseline, organizations can miss the most important data points and make wrong strategic decisions.

Calculating KPI Targets

After establishing a baseline, you can use it to figure out the KPI targets. There are several factors that should be taken into consideration when deciding on the right target. First, consider the objectives of your organization and the desired outcomes. Those objectives should dictate the target values, such as revenue goals or customer satisfaction targets. Additionally, consider the external context in which the target is set. Depending on the sector or industry, certain KPIs might be better suited than others to reach the organizational goals. Finally, establish realistic and achievable targets. High targets should be reachable, but should also be challenging for the organization.

Setting consistent and measurable KPI targets is essential for assessing business performance and drive success. By establishing a baseline and taking into consideration various external factors, organizations can set realistic and achievable targets that will help them reach their desired outcomes.

Setting Up Automated Monitoring

Being able to swiftly identify, assess and take the necessary steps towards early resolution of the various business issues that can arise is incredibly important for increasing productivity and efficiency, as well as delivering a better service to customers. By implementing an automated system for monitoring specific metrics, businesses can track and analyze data in real-time and identify any potential problems as soon as they arise.

Implement Tools

The most important step for setting up automated monitoring is to choose the best tools that will deliver the most accurate and useful insights. The more precise the data the better it will be for interpreting the insights that businesses can draw from the results. Choose tools that are simple and straight forward for your staff to understand and use and that are comprehensive enough to fit all the needs of your business.

Analyzing Real-Time Data

Once the tools have been put in place, the next step is to analyze the real-time data that is gathered. This can be done quickly and easily using automated systems that enable businesses to gain a real-time bird's eye view of the most important metrics that they need to track. Through properly analyzing the data, businesses can then identify any issues and trends that they may need to act upon in order to improve the state of their business.

The ability to track and monitor business metrics in real-time can be a powerful asset for businesses of all sizes. With the right automated systems in place, business owners can gain greater insights into the current performance and make any timely changes that are needed for the betterment of their organization.

Presentation of Data

Visualizing metrics.

Presenting data in a visualization format can make it easier to identify trends, spot outliers, and visualize progress without sifting through long lists of numbers. Visualizations can be static or interactive, and are often accompanied by dashboards that make daily tracking of metrics more efficient. Additionally, visual presentations help make complex data more understandable and can form an integral part of communicating business results to the internal and external stakeholders.

Reporting Progress

For businesses seeking to track their performance, reporting progress is key. This information can be presented on dashboards, which can also be used for active monitoring and troubleshooting. Reports that are generated on a regular basis help businesses understand their performance more easily and recognize patterns and trends over time. Additionally, presentation of progress can provide insight into areas of the business that are performing well and those that require improvement.

• Analyzing performance can be done on a daily, weekly, or monthly basis
• Graphs, charts, and other visuals can help make complex data more understandable
• Relevant data should be featured on dashboards to make tracking metrics simpler
• Progress reports can provide insight about areas of the business that need improvement

Monitoring business metrics is essential in ensuring businesses have the data they need to make informed decisions that result in positive growth and profitability. At the same time, understanding the different levers that drive growth and profitability is essential in order to identify the key metrics that need to be tracked. Monitoring the right business metrics helps identify any changes or trends in the data that may have a positive or negative impact on the company’s performance.

Importance of monitoring

Businesses must have insight into the health of the business in order for them to make informed decisions about how to address inefficiencies, generate opportunities for growth, and improve profitability. As such, closely monitoring key performance indicators (KPIs) to gauge the company’s performance is a vital practice for businesses of all sizes.

Key takeaways

• Good data analysis requires accurate and up-to-date data.
• Identify and focus on the key business metrics that drive growth and profitability.
• Analyzing data helps identify any changes or trends that 2020 have a positive or negative impact on the company’s performance.
• Continuous monitoring helps increase efficiency, productivity, and profitability.

Fundrising Ready

MAC & PC Compatible

Immediate Download

Related Articles

The surprising truth about profitability in the appliance store industry: a deep dive into the numbers, why investing in an alcohol treatment center is more profitable than you think, counting the profits: a closer look at the profitability of accounting agencies, the art of boosting profits in your a la carte restaurant: a comprehensive guide, airbnb: unpacking the profitability of one of the world's most successful companies., the untold story of how car washes are making a fortune: discover the profit potential today, pedaling to profit: unveiling the lucrative world of bicycle couriers, thirsty for success discover the untapped profit potential of running a beer bar, the beauty within profits: discovering the lucrative world of beauty salons, unlocking the profit potential: how to make your beach hotel more profitable, leave a comment.

Your email address will not be published. Required fields are marked *

Please note, comments must be approved before they are published

• TrueProject

Command Your Projects: Project Monitoring and Control Matters

• TrueProject Insights
• Project Office

Have you ever faced challenges in tracking project progress? How did you address them? In the dynamic landscape of monitor and control project management, the key to success lies in the ability to monitor and control projects effectively. Project monitoring and control encompass a range of activities that involve tracking the progress of a project, identifying potential risks, and taking proactive measures to keep it on track. But what tools or techniques do you use for effective project monitoring and control?

Over the years, project control and monitoring have evolved from manual and time-consuming processes to sophisticated methods that leverage technology and data analytics. The objective of control and monitoring project management is to ensure the successful delivery of projects within the defined scope, timeline, and budget while maximizing stakeholder satisfaction."

“Continuous monitoring enables us to be proactive and responsive, allowing us to anticipate challenges and pivot as needed.”

- James Walker, CIO of Adaptive Projects, Inc.

Importance of Project Monitoring and Control

• Ensuring Timely Delivery : Timely project completion is crucial for meeting business objectives and staying competitive in the market. Effective monitor and control mechanisms ensure that the project stays on schedule, preventing delays and missed deadlines. Regular progress updates can help you identify potential bottlenecks and take corrective actions to keep the project on track.
• Managing Resources Efficiently : You should understand that the resources, including human capital, finances, and materials, are limited, and must be utilized optimally. monitoring and controls allows you to track resource allocation and usage, ensuring that resources are assigned to the right tasks and projects. By optimizing resource allocation, organizations can reduce waste, enhance productivity, and achieve better cost efficiency.
• Minimizing Risks : Every project involves uncertainties and potential risks that can impact its success. Effective monitoring and controlling projects include risk identification, assessment, and mitigation strategies. Proactive risk management helps project teams anticipate potential threats, develop contingency plans, and implement risk responses to minimize their impact on project objectives.
• Meeting Stakeholder Expectations : Engaging stakeholders throughout the project lifecycle is vital for project success. Regular and transparent communication keeps stakeholders informed about project progress, challenges, and achievements. Engaged stakeholders are more likely to provide support and resources, fostering a positive project environment and increasing the likelihood of successful project outcomes.
• Improving Decision-Making : Real-time data and insights obtained through monitoring and controlling in project management enable data-driven decision-making. Project managers can use performance metrics to evaluate project progress, identify trends, and make informed decisions about resource allocation, risk mitigation, and project priorities.
• Enhancing Quality : Quality is a crucial aspect of project success. Effective project controlling and monitoring ensures that your project deliverables meet quality standards and comply with stakeholder requirements. By monitoring quality metrics and conducting regular quality checks, your project teams can proactively address quality issues and deliver high-quality results.
• Adapting to Change : In today's rapidly changing business environment, projects often encounter unexpected changes and challenges. Effective monitoring and controlling processes provide project teams with the agility to adapt to changing circumstances. Project managers can use real-time data to assess the impact of changes, make necessary adjustments, and align the project with evolving business needs.
• Aligning with Business Goals : Successful projects align with the strategic objectives of the organization. Monitoring and controlling the project ensures that it remains focused on achieving business goals and align with the overall organizational strategy. Regular performance evaluations help project managers verify if the project is contributing to the organization's strategic objectives.
• Enhancing Team Collaboration : Collaboration among project team members is essential for seamless project execution. Project monitoring and controlling encourages open communication, fosters teamwork, and improves coordination among team members. By encouraging collaboration, you can create a supportive and cohesive team environment, leading to enhanced project outcomes.
• Boosting Project Success : Overall, once you monitor and control project work, it significantly contributes to project success. By implementing robust project controlling techniques, organizations increase their chances of delivering projects on time, within budget, and to the satisfaction of stakeholders.

"Transparent project monitoring fosters a culture of accountability and collaboration, where teams take ownership of their responsibilities and work towards a common goal."

- Samantha Lewis, CMO of Collaborative Dynamics

Effective Tips for Project Monitoring

• Establish Clear Objectives : Clearly define project objectives, scope, and key performance indicators (KPIs) from the outset. Well-defined objectives help project teams stay focused, align their efforts with the project's purpose, and measure progress accurately.
• Utilize Project Management Tools : Leverage project management software and tools to streamline monitoring and controlling project work. These tools offer real-time data, facilitate collaboration among team members, and provide visualizations to help project managers make data-driven decisions.
• Regularly Review Progress : Conduct regular project reviews at predefined intervals to assess progress, identify potential issues, and adjust the project plan as needed. Frequent reviews ensure that the project stays on track and meets its milestones.
• Encourage Transparent Communication : Create an open and transparent communication environment where team members feel comfortable sharing updates, challenges, and insights. Effective communication fosters collaboration, enables quick issue resolution, and keeps stakeholders informed.
• Set Milestones and Deadlines : Divide the project into manageable milestones with specific deadlines. Milestones provide clear checkpoints for progress evaluation and allow project managers to assess if the project is proceeding as planned.
• Involve Stakeholders : Engage stakeholders throughout the project lifecycle to gather their feedback, understand their expectations, and ensure alignment with project goals. Stakeholder involvement enhances project buy-in and increases the likelihood of project success.
• Monitor Resource Utilization : Keep a close eye on resource allocation and utilization to prevent resource overloading or underutilization. Optimizing resource allocation helps maintain project efficiency and reduces the risk of bottlenecks.
• Analyze Trends and Patterns : Regularly analyze data for monitoring and controlling project management helps identify trends, patterns, and potential areas for improvement. Analyzing data helps project managers make informed decisions and proactively address emerging challenges.
• Implement Corrective Actions : If any deviations or risks are identified during the process of monitoring and controlling project work, take corrective actions. Addressing issues early helps prevent them from escalating and minimizes their impact on project outcomes.
• Celebrate Achievements : Recognize and celebrate project achievements, milestones, and successes. Celebrating milestones boosts team morale, fosters a positive project culture, and motivates team members to stay committed to project success.
• Use Performance Metrics : Establish relevant performance metrics aligned with project objectives as parts of the project control techniques. Track these metrics regularly to assess progress and identify areas for improvement. Performance metrics provide valuable insights into project health and help project managers make data-driven decisions.
• Implement Change Management : Acknowledge that projects may face changes and uncertainties. Implement effective change management processes to assess the impact of changes, communicate them to the team, and ensure smooth project transitions. According to Sarah Miller, CIO of Transformational Ventures, "Embracing change management as an integral part of project management ensures that our teams are ready to embrace innovation and drive transformation."
• Establish Project Baselines : Set project baselines for scope, schedule, and budget. Baselines act as reference points to measure project performance and determine if the project is on track or needs adjustments when you are monitoring control.
• Involve the Entire Team : Involve all project team members in the monitoring and controlling project work. Encourage them to provide updates and share their observations. Collaboration among team members improves project communication and coordination.
• Continuous Improvement : Emphasize a culture of continuous improvement. Encourage the team to learn from past projects, capture lessons learned, and apply them to future projects to enhance project management practices.

In conclusion, effective project monitoring and control play a vital role in the success of any project. It involves the continuous assessment of project performance, identifying potential issues, and taking proactive measures to ensure project objectives are met. By implementing best practices and utilizing modern project management tools, organizations can optimize resource allocation, enhance team collaboration, and improve decision-making.

Regular project reviews, transparent communication, and stakeholder engagement foster a collaborative project environment and enable quick issue resolution. Moreover, analyzing trends and data empowers project leaders to make informed decisions and implement corrective actions promptly.

TrueProject plays a crucial role in helping firms with project monitoring and control by providing real-time visibility into project progress, facilitating effective communication, and enabling proactive decision-making. It facilitates the identification and tracking of project issues and risks. Project managers can log and monitor potential roadblocks, enabling them to take timely corrective actions and mitigate risks before they escalate. It allows firms to document changes, assess their impact, and implement approved changes while keeping track of the change history.

More information on TrueProject can be found at: TrueProjectInsight.com

Brian Eckert is the Director of Engineering for TrueProject. Brian has 30+ years of experience in software development and process. He specializes in Requirements Analysis, Software Project Management, and SDLC.

• Brown, Lucy. “Understanding Project Monitoring and Control.” Invensis Learning, October 3, 2022. https://www.invensislearning.com/blog/understanding-project-monitoring-and-control/
• Frost, Shelley. “How to Monitor Project Progress.” Chron, July 1, 2018.   https://work.chron.com/monitor-project-progress-3352.html
• ProjectPractical. “8 Tips to Effectively Monitor and Control Project Work”. https://www.projectpractical.com/8-tips-to-effectively-monitor-and-control-project-work/
• Soken-Huberty, Emmaline. “10 Reasons Why Monitoring and Evaluation is Important”. Tools4dev. https://tools4dev.org/blog/why-monitoring-and-evaluation-is-important/

Recent Blogs

How to Create a Robust Executive Project Dashboard

Managing Project Quality - Why Is It Important?

Teams, Trust, and AI

What Is Real-Time Data Analytics (And How It Helps Projects)?