September 28 & 29, 2020 | Virtual
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By Monitoring & Controlling ....
Control scope, schedule and cost, but also project work, quality, communications, risks, procurement and stakeholder engagement.
The tools to do this are diverse, you may find them at PMBoK: expert judgement, analytical techniques, PMIS, meetings, inspection, audits, variance analysis... There are several, I'd encourage you to check PMBoK for a complete overview.
By performing Earned Value Management.The main indicators are CPI and SPI.
These allow you to compare the cost incurred versus the cost planned, be it in time or Budget.
According to the results, you re-adjust the planning of the project and/or take necessary corrective actions.
Be careful with EVM. The numbers can be misleading. Projects rarely progress at a consistent rate; there are periods of slow activity and times of rapid progress. If you only look at EVM and nothing else, you could be led to believe that your project is behind schedule when, in fact, things are just fine. Even worse, you could be led to believe your project is ahead of schedule when it is actually falling behind, and there is a major risk in the near future that could derail the entire project. There's also the possibility that your project plan is simply wrong, and there is nothing you can do to get it done on time and under budget. That's a tough conversation to have with your stakeholders, but it's better to have that conversation early if you confirm that this is the case.
How exactly a PM should account for risks and monitor progress depends on the type of project and project team, but a PM needs to be able to look at a project from multiple points of view and see the entire picture.
I agree with my fellow colleagues. Just do proper and continious Monitoring & Control. At least this will help you tackle any issues early enough to resolve them.
You already have the answer Monitor and Control.
The other helping factor is the frequency if need you may increase it. The more you will increase de frequency closer to real time you will be. What is the right frequency is for you to determine.
Monitoring and control, thats the answer. From project to project may varied in what to monitor and control, but the proccess is the same: group of monitor and proccess control
Another humble suggestion is also to make sure Quality is on track along with Scope , Time and Cost. Quality assurance and Audit will enable you to make sure that you don't have to do excessive testing .
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