Monitoring tools in a project are central to ensuring that activities run smoothly and as planned.

Project monitoring consists of several steps to monitor schedule, resources, and costs accurately.

Let’s look deeper into this article to understand what this is all about.

What is project monitoring?

Project monitoring should be conducted simultaneously as the project execution phase.

Project monitoring is a management step designed to measure activity performance and ensure that activities adhere to the project plan.

Therefore, the project manager must closely monitor project progress and performance, identify potential risks, and execute corrective actions whenever necessary to keep the project on schedule and within budget.

Why is project monitoring important?

Project monitoring is a great way to manage risks and avoid scope creep, as it ensures that each project remains on schedule and prevents overspending.

By tracking different parameters, a project manager can identify risks early before they occur and can harm their project.

An early identification implies advance mitigation. The same goes for scope creep.

Even when changes are implemented to a project, control procedures can help prevent them from negatively impacting planning.

Overlooking project monitoring and control means leaving the project in the hands of fate.

This may work, it may not, but it is different from what a project manager should do.

Project monitoring phases

As mentioned earlier, monitoring is conducted along with project execution to ensure that activities are executed on schedule and within budget.

Here are the six steps to be performed to ensure proper project monitoring:

 1. Create a baseline of your project scope

The project scope defines stakeholder expectations and requirements and is used throughout the project life cycle to monitor progress.

A project scope baseline captures expectations and requirements and can be used to measure the planned vs. actual effort to ensure that project execution matches the project plan.

This baseline can be revised during the project, but only through a formal change control process.

2. Create your project plan

When key stakeholders approve the scope, a project plan will be drafted. This plan will outline all the activities needed to achieve the set goal.

The project plan also helps the project manager keep track of deviations and take corrective action to get the project back on track. It also assists in keeping track of communication with stakeholders.

3. Estimate project costs and set a budget

The more accurate the project costs are, the more precise the budget will be.

Once a budget has been submitted and approved, the last thing a project manager wants to do is ask for additional budget funds. Many techniques can be used to accurately estimate costs and plan the budget accordingly.

It is also vital to monitor all expenses and use control systems to keep track of project costs and respond to discrepancies.

4. Use a risk register

One of the most important things to monitor during a project is risk.

During the planning step, project managers can create a log of risks that might emerge, noting their potential impact on the project and who is responsible for identifying and mitigating them.

It is also possible to prioritize and determine which risks need to be addressed immediately or whether they can be addressed later. This way, if a problem is identified, it can be addressed quickly and effectively.

5. Use a change log

Project monitoring involves detecting change. This requires a change log, a document that lists the changes made to the project in chronological order. This allows the project manager to track and report all changes.

6. Define quality control procedures

A common discussion is the importance of delivering projects on time and within budget, yet quality should not be overlooked.

If a product or service does not meet customer expectations, the project is a failure. Quality control procedures ensure that the product or service is tested and meets the standards established in project planning.

Therefore, establishing quality control procedures is vital to any project monitoring.

Project monitoring tools

Project monitoring tools are software and methodologies used to track a project’s progress compared to its original plan.

The goal is to provide project managers and teams with the information they need to promptly identify and remedy any problems, ensuring that project objectives are achieved on time and within budget.

There are several types of project monitoring tools, including:

• Task management software: These tools, like Twproject, provide the option to create and assign tasks to team members, track their completion, and identify delays.
• Gantt charts: These charts outline the project activities chronologically, showing their dependencies and progress.
• Reporting tools: They generate reports on project progress, resources used, and costs incurred.
• Dashboard: Dashboards offer a snapshot of project status, showing key performance indicators (KPIs).

Choosing the right project monitoring tools depends on your project’s specific needs and your team’s preferences. Choosing easy-to-use tools that provide the information needed to make informed decisions is critical.

Twproject: the ultimate tool for your project monitoring

To provide the best project monitoring, there is no need to resort to other tools.

Twproject is one of the best one-stop project monitoring software that provides everything we have covered in this article.

This software delivers real-time data to monitor project activity status at all times.

Also, Twproject is a collaborative platform that can keep all stakeholders connected, even if they are located at different places.

This streamlines communication and helps to identify and solve problems quickly. Collaboration and communication among team members are crucial to identifying issues early and suggesting effective solutions.  

It also provides a more comprehensive picture of your project and allows you to best leverage everyone’s skills. In this way, each project can benefit from more effective and focused management, improving the odds of success.

Twproject’s dashboard provides a high-level overview of your project; plus, you can create customizable reports to dig deeper into your data.

Twproject automatically collects project data on parameters such as time, cost, workload, and more, which are used to generate easy-to-read charts and graphs.

There is no need to resort to time-consuming and confusing tools for effective project control and monitoring.

By choosing Twproject, you can enjoy a centralized control channel to ensure the success of your project.