Project Monitoring and Controlling
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3 hours 24 minutes
Welcome back to the county. A project plus P. K +0004 This is your instructor, Roberto Hilario,
continuing with our evaluation off the life cycle of a project. Now we go into four stage
moderate and controlling
In this stage, we're gonna learn about how to monitor risk and issues,
measures off performance,
what is and how to a minister change control and but finally, budget monitoring.
Looking back at our chart, our image, the modern stage, um, how was the execution? Sage? But it's actually, as we said before, connected together with the planning and execution stages as he provide seed back and allows for readjustments in making changes in direction
that we're planning a different way.
So modern, controlling it
essentially evaluates the progress and identifies one needs to be adjusted.
And if there is any difference, what variants? What difference?
Um, one degree of difference is there from the original plan. In the actual outcome,
there are four areas that we need to modern control. 1st 1 is risk, you know, look into that performance.
Change on budget
risk is not something that has happened yet, But there you expect
that would do or that could do, and that carries the probability off doing so.
Risk is not necessarily bad. If you remember, risk can either be positive or opportunity or negative
So for risk you have to plan. You have to
what are my threats? What are my other opportunities?
You need to identify them. You need to another analyze and prioritize and finally strategize how to resolve each of these.
There's gonna be a whole section John's discussing risk
performance. He's also an important thing. If you remember, we were speaking a section about the teams
right before performing. It's Norman.
if the team does not reach a level of performance that produces
the results in the timely fashion or with a cost that we're expecting, how do we know we need to monitor this performance? And we need to adjust, um, along the way,
So performance is essentially monitoring on measuring the different deliverables. The results. The team members the processes and match it against the plan outputs and verify that is, ah, compliant.
A deviation that is against the compliance will may
may result in an overrun off time, scope or budget.
Another important management thing here is changed management. There's gonna be a whole section also this color scheme change management.
This one identifies of the different items that need to be adjusted as our
execution progresses and we come across different challenges that may have been planned for,
but maybe not in the degree that they turned out to be. So it needs to be updated because off the update, this means that we have to adjust the plan and the plan will require that we also adjust the execution. So change management
is it could come from different sources. By the way, it could be that
one of the stakeholders the size of that, the change,
the result that you are presenting through other communications are not according to what they believe it's seasonal
or the one they believe is adequate. And they
move the project in tow, adjusting whether it's a color with its length, whether you size or contents. So this has to be documented so when are changed, requested, submitted is not just executed, he has to be reviewed, and we have to backtrack and see
how it affects previous war done
and how it can affect ah, future work could represent on overrun in any of the key components of a project could represent savings. Or maybe ah marks more expenses.
If one has been approved, you are just a plan. Inform the change and continue on to execute the new plan.
Finally, we have budget
and budget needs to be monitored carefully. We'll look into that as well. Later on.
It identifies the different resource is financial resource is in this case and how they're being your lives. If there is no inefficient use,
waste it or because of poor planning, you end up under budgeting yourself.
So the idea off of budget monitoring is to make sure that the budget
is executed according
to the plan, if there are savings because off good management, that's a positive, but there should never be assed much as possible. We should avoid to have ah, budget overruns.
So to conclude this section, what have we learned today?
First, that we need to monitor risk and the different issues that our project may encounter. We need to plan for it, and we need to keep an eye on it. We need to measure performance. The execution is key to the results of the project. And if we cannot
see if the results are according to
what we have planned, if we cannot compare this, then we may end up with something very different than we intended.
We need also to a minister change and how it affects our plan, our budget, our time line in Wana. And finally we need to monitor the budget.
Well, that's it for this section. And we will see you
in our next section. Thank you so much.