Page 249 - DCAP304_DCAP515_SOFTWARE_PROJECT_MANAGEMENT

Unit 12: Monitoring & Control

Notes
Figure 12.4

Did u know? What are the benefits of visualizing progress?
 Easy to see information because it is in a single consistent format
 Project staff are forced to review progress on a period basis
 Little work involved to generate a report

 Periods can be set to match company requirements.

Cost Monitoring

Having accurate project estimates and a robust project budget is necessary to deliver within the
project budget. Both Estimate Costs and Determine Budget are project planning processes.
Without keeping an eye on the actual costs while the project is being implemented, the project
will most likely never be delivered on-budget. There are several techniques as stated in the
PMBOK used to monitor and control the cost of a project:
 Earned Value Management
 Forecasting

 To-Complete Performance Index (TCPI)
 Variance Analysis
 Performance Reviews

Earned Value Management or Analysis

Earned Value Management (EVM) is a mathematical method by which you can measure the
actual performance of a project. You will use EVM to monitor your project in terms of schedule
and cost. For example, suppose your project is on track as per the schedule. Through EVM, you

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