Monitoring and evaluation of project effectiveness
To ensure the competitiveness of business in modern conditions, it is necessary to carry out continuous monitoring of ongoing projects, as well as to assess their effectiveness. Untimely detected deviations from the plan and budget of the project, incorrectly identified risks may lead to the impossibility of implementing the project as a whole. To avoid these problems, it is recommended to monitor the implementation of projects, programs and project portfolios.
Monitoring is a continuous tracking of progress (within a project, program) to compare current state of affairs with the plan.
The implementation of external monitoring allows the Customer to receive timely, relevant and reliable information necessary to monitor and make decisions on the project.
For high-quality monitoring, the Customer’s company must have a project management system, including a regulatory framework (calendar with indicators, project budget) and working IT solutions.
As a result of monitoring you receive
- independent expert assessment of the project implementation,
- relevant and reliable information necessary for making management decisions on projects (current situation, forecast, problems, causes, risks),
- comments on the optimization of the schedule and budget of the project,
- formalized procedures for regular project monitoring,
- training seminars for the project staff on working with the implemented monitoring system,
- reducing the time and cost of projects by optimizing internal documents and set control processes.
The final stage of the implementation of any project should be its assessment (evaluation).
Evaluation is an analysis of the results of an activity (project, plan or program). The goal is to verify compliance with the implemented plan; analyze the reasons for reaching / not achieving the planned results.
Evaluating the effectiveness of the project allows to draw conclusions about various aspects of the effectiveness of the studied project for further management decisions.