“Having Software especially for project management can help you to execute better and monitor every activity precisely”

Implementing a successful methodology to approach a project is a key to the successful execution of planning. The fatal mistake companies make is by putting planning or monitoring into the background in the rush to move ahead with execution or reporting result. Projects are susceptible to failure for various reasons responsible like- an unrealistic schedule, poor visibility, improper execution, delays in operations, and absent project sponsor and many more. Sometimes, the cause of failure such as an unexpected departure within the team is beyond the control of the management team.

With the use of project management software such as Mavenlink, Trello, Asana, Wrike we deliver our stakeholders to achieve pre-defined project goals. Project management software gives a business the ability to collect and share project requirements, track, identify, allocate resources, manage budgets, deliverables and schedules. And to monitor and acquire excellent execution, the software becomes critical in achieving the desired result.

By continuous monitoring and analyzing project progress on a consistent basis and carrying out the planned activities as needed, risks and losses can be addressed quickly and the project can be kept on track. Out of the total five phases in project management, monitoring comes on the fourth number. It is the phase where you will construct your deliverables and resent them to your client and stakeholders. It’s usually the longest phase of the complete project life cycle and also the most demanding. Running monitoring phase concurrently with execution is pivotal in providing visibility and actionable understanding of the ongoing activities.

THE IMPORTANCE OF MONITORING

• It assists in tracking the performance and progress of the project using KPIs (Key Performance Indicators).
• It identifies whenever a change is required, what the change entails, and how to implement the required change with having minimum impact on the ongoing activities.
• It helps to prevent the impact of small changes or adjustments made to the original plan.

Key Performance Indicators that we use to track and measure the project success-

• Cycle time- It is the time required to finish a task
• Number of errors- The total number of times, a task is to be done again.
• Number of adjustment- It tells how often the designed scheduled is modified.
• Budget variance- Variation in the budget from the actual budget