![]() The key benefit of this Process Group is that project performance is measured and analysed at regular intervals, appropriate events, or exception conditions to identify variances from the project management plan." "The Monitoring and Controlling Process Group consists of those processes required to track, review, and orchestrate the progress and performance of the project identify any areas in which changes to the plan are required and initiate the corresponding changes. Moreover, with this method you can not only evaluate the performance of the project at any time, but also analyze future trends to estimate the cost and time of completion of the project.įigure 1: Project Management Process Groups. In cases like the previous example, how do we actually know the overall situation of the project? How can delays be compared with monetary data? A very useful method to achieve all this goals without subjective interpretations of the reality is the Earned Value Management (EVM) technique, which will be one of the main topics developed in the present article. Nevertheless, if these aspects are analysed separately, one can initially think that if a project meets the objectives of cost, it is on plan, but the truth could be that it is in reality delayed. But at the same time, the budgeted cost and the actual cost can also be balanced (Cost Control). When it comes to measuring project performance, the planned schedule can be compared to the accomplished one (Schedule Control). In order to get an overview of the current situation of the project, we should compare the actual state with the planned program in terms of Scope, Schedule and Costs. Therefore, it is really important to control how the different tasks are progressing. However, appropriate planning does not guarantee a successful execution of the project because the future is highly unpredictable and uncertain. It is generally known that without a good planning it is rather difficult to implement a project successfully.
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