In: Finance
(TCOs 4 and 6) Describe the 4-step general model of project control. Provide examples of each step.
Four crucial steps in the model project control are mentioned below with explanations/examples:
1. Setting a goal/objective – The primary task in the process is
to define an achievable goal, the success of the goal is dependent
upon the achievement of determined goal. E.g.: say 3 months for xyz
task.
2. Measuring progress – The second step in the model project
control is measuring progress at every step of the way. In the xyz
task I will try to figure out whether 33% of the work is done after
one month passed.
3. Comparing actual performance to the planned performance, it is a
very crucial step of the model as it gives a clear picture of how
well the goal is achieved and how much deviation is still
there.
4. Taking action – This step is a continuation of comparing actual
performance to the planned performance, if there is a deviation in
the actual performance of xyz task, then corrective measures to be
taken for the same to make the goal achievable.