MONITORING AND CONTROL

1 Creating Framework
2 Collecting The Data
3 Visualizing Progress
4 Cost Monitoring
5 Earned Value
6 Prioritizing Monitoring
7 Getting Project Back To Target
8 Change Control
9 Managing Contracts
10 Types Of Contract
11 Stages In Contract Placement
12 Typical Terms Of A Contract
13 Contract Management
14 Acceptance
 Monitoring and Controlling
Monitoring and Controlling are processes needed to track,
review, and regulate the progress and performance of the
project. It also identifies any areas where changes to the
project management method are required and initiates the
required changes.
 What is control
control is a function of management which helps to check errors in
order to take corrective actions. This is done to minimize deviation
from standards and ensure that the stated goals of the organization
are achieved in a desired manner.

What is Monitoring
Monitoring is the regular observation and recording of activities
taking place in a project or program. It is a process of routinely
gathering information on all aspects of the project. 
1. Creating framework 
A project management framework is a maps out the methods, processes, tasks,
resources and tools needed to take the project from beginning to
Project control cycle
Responsibility
 
Project steering committee
 
Project board
 
Reporting formal or informal
Assessing progress
Setting checkpoints
 
Regular
 
Tied to specific events
 
Taking snapshots
 
   Review points or control points
 
   Assess progressdata
2 Collecting daily
 
Contents
 
   Partial completion reporting
 
   Risk reporting
Activity Assessment Sheet:
3. Visualizing progress:
Slip chart
 
provides visual indication of activities which are not progressing in schedule
 
Ball charts -Shows whether or not targets have been met
 
4. Cost monitoring:
 
            Expenditure monitoring
 
            Framing cumulative expenditure chart
 
            Projected future costs
Computer-based planning tool
5. Earned value: Earned value analysis
EVA - is a method that allows the project manager to measure the amount of
work actually performed on a project beyond the basic review of cost and
schedule reports
 BCWS
Budgeted cost of work scheduled (BCWS) is a major project management measure and
key performance indicator (KPI) that is used to understand the project’s planned costs at
any point in time.
 Baseline budget
 A baseline budget is the estimate of project costs that you start with at the
beginning of your project. 
  The baseline budget
 First stage in baseline budget
 Forecast growth
 Specify overall system
Technique
 The 0/100 technique
 The 50/50 technique
 The mile stone technique
The 0/100 technique
“0/100 EV Method” is a special case of the “Percent Start/Percent Finish Earned
Value Method”. It is used for short wok packages/activities that are completed
within one reporting period.
 The 50/50 technique
At the planned start of the work package, the first 50% of the BAC (Budget
at Completion) is credited to the Planned Value. The second 50% are
attributed at the planned completion to the Planned Value. 
 The mile stone technique
A project milestone is a way to observe, measure and monitor the progress and/or
performance of a project.
Expenditure chart
Baseline budget calculation