Question

What the eleven project control cycle that makes a project successful? Why control and evaluate projects? How are projects controlled and monitored? What type of tools are available for managers to correct decisions? What's termed value, and how is it utilized in project management?

Answer 1

Solution:

The project control cycle is a sequential step process that is conducted to ensure that the project is controlled and implemented as per the project delivery strategy. Hence, it is desirable to have a solid and smooth functioning project control mechanism to ensure we are keeping various aspects of the project checked and within control to ensure the successful delivery of the project. Hence, this is why the project control cycle is very critical in determining the success of projects.

It is necessary to control and evaluate the projects because the projects are spanned over a longer duration with huge budgets. Most of the activities in a project are sequential and thus a mistake in any activity of the project directly impacts the entire project. This is why we must take appropriate care to ensure that we are monitoring and rectifying any mistakes in projects well before it is too late. This is why it becomes very essential for project managers to constantly monitor and evaluate the progress of the project to ensure that the project is going in the desired direction.

Project are controlled and monitored using various different tools available with project managers to manage their project progress and this is why the use of tools is very critical for the success of any project manager. The sophisticated tools provide a cutting edge to the proejct managers for understanding and managing the project effectively. There are many project management softwares such as MS Project, Zoho Projects that are widely used by the project managers to manage their projects.

Termed value is the value that is associated with the project. This termed value is calculated at regular intervals in the project to compare against the actual and theoretical scenario to assesss the project's progress. HEnce, this is why the concept of termed value is very crucial to understand the value generated by the project so far.

Hence, these are the underlying explanation for some of the project management techniques and terms.