¶ … Progress and Performance Monitoring
With any project that's intricate, involved and worth completing, the progress and performance need to be consistently monitored. Proper project monitoring allows all stakeholders in the project to determine if the project is on course or not.
One method of monitoring the success and development of a project is via performance indicators. These indicators are flags which provide proper image of a project's impact, outcomes, outputs, and inputs as a means of evaluating the overall progress of the project toward its objectives (Alexander, 1996). Such indicators are also used to evaluate the success of the project and how closely the project is reaching its desired end result or outcome. "Indicators organize information in a way that clari-es the relationships between a project's impacts, outcomes, outputs, and inputs and help to identify problems along the way that can impede the achievement of project objectives" (Alexander, 1996).
There are many uses and factors which are directly related to performance indicators, though more than anything, performance indicators help to provide an accurate snapshot of how well a project is evolving while demonstrating if there's anything that needs to be tweaked or adjusted along the way. Other factors and main ideas which are directly connected to project progress and performance monitoring are strategic planning, performance accounting, forecasting and early warning during program implementation, measuring program results, program marketing and public relations, benchmarking and quality management (Alexander, 1996). Furthermore, from an outside perspective, it can be too easy to forget that with any project, there's a tremendous amount of money and time at stake. Thus, monitoring and assessing becomes something that absolutely crucial to the success of the project, and to ensure that the project is on due course and that the money is not being badly spent, over or under-spent, or otherwise frittered away. "A project represents a set of promises that are made to stakeholders about what will be achieved with a set of resources in a given timeframe. Monitoring provides crucial information about how the project is performing, which helps decision makers and other stakeholders track how well the 'promises' are being kept" (iucn.org, 2004). This is a truly insightful and accurate assessment of what any given project is: a series of promises that absolutely need to be kept to all parties involved, particularly the ones who are bank-rolling the project. Monitoring offers all leaders and managers a powerful tool to track implementation so that they can pinpoint all obstacles which are negatively affecting the project's success, as early as possible (iucn.org, 2004). This truly acts as a form of information for green-lighting any changes in management. In fact, when it's well-used, it can help to justify all changes in management and to zero-in on necessary interventions which could help in avoiding problems or targeting necessary solutions.
One of the lesser-known powers of monitoring is that it was be a powerful motivator for all stakeholders in that it helps in generating a communal understanding of the project and the contexts of the project (iucn.org, 2004). The information can offer a greater level of accountability, credibility and overall confidence in the endeavour being undertaken (iucn.org, 2004). There are two overwhelmingly crucial aspects of monitoring: projects operation and results.
Discuss how they are applied in a project environment as suggested in the literature (30%)
While it's important to have a truly comprehensive understanding of all these aspects of project management, it's even more crucial to be able to implement them effectively when the project is mid-way. One of the most fundamental aspects of this revolves around the issue of strategic planning. "For any program or activity, from a development project to a sales plan, incorporating performance measurement into the design forces greater consideration of the critical assumptions that underlie that program's relationships and causal paths. Thus performance indicators help clarify the objectives and logic of the program" (Alexander, 1996). It's quite common with many projects that the course, plan or path will need to be adjusted mid-way. Performance indicators are thus crucial in allowing the strategic planning to adjust and to be adjusted. A similar tool which can be applied in a project environment that can offer a clear view of whether a project is on the right path is via performance accounting. Performance accounting can help one determine if resource allocations decisions are being made well and if they are being properly utilized to help guide...
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