?Ans: - What do we mean by project monitoring? It means to keep acareful check of project activities over a period of time.

Why should we monitor a project? Surely if everyone is doing their best,things will go well? To work to its full potential, any kind of project needsto set out proposals and objectives. Then a monitoring system should beworked out to keep a check on all the various activities, including finances.This will help project staff to know how things are going, as well as givingearly warning of possible problems and difficulties. How can a project be monitored? 1. Keep it simple Remember monitoring is meant to be a help to good projectmanagement and not a burden. 2. Objectives Work out clearly at the beginning the objectives of the project,including a budget of the likely cost (expenditure). 3. Plan the activities - what needs to be done- when it should be done- who will be involved in doing it- what resources are needed to do it- how long it will take to do- how much it will cost. 4. Monitoring Work out the most appropriate way of monitoring the work - again,keep it simple:- meetingsdiaries- reports on progress- accounts, reports on finances.Let me first answer the question about where I personally draw the line between project monitoring and controlling: Project monitoring is for me to constantly monitor the keyparameters of a project . Ideally, you have some visual indicators ,e.g., traffic light functions which draw your attention to a potential problem with your project without having to look into every detail(because for this, you typically will not have the time for) Project controlling is implemented for a project if there is a defined,regular controlling cycle where you really look a the details of aproject every two weeks, month, quarter (depending on thecomplexity and overall duration of the project) Monitoring and Controlling Monitoring and Controlling consists of those processes performed to observe project execution so that potential problems can be identified in a timelymanner and corrective action can be taken,

when necessary, to controlthe execution of the project. The key benefit is that project performanceis observed and measured regularly to identify variances from the projectmanagement plan. Monitoring and Controlling Process Group ProcessesMonitoring and Controlling includes: Measuring the ongoing project activities ( where we are ); Monitoring the project variables (cost, effort, scope, etc.) against the project management plan and the project performance baseline ( wherewe should be ); Identify corrective actions to address issues and risks properly (Howcan we get on track again); Influencing the factors that could circumvent integrated changecontrol so only approved changes are implementedIn multi-phase projects, the Monitoring and Controlling process also provides feedback between project phases, in order to implement correctiveor preventive actions to bring the project into compliance with the projectmanagement plan.Project Maintenance is an ongoing process, and it includes: Continuing support of end users Correction of errors Updates of the software over time Project control systems Project control is that element of a project that keeps it on-track, on-time andwithin budget. Project control begins early in the project with planning andends late in the project with postimplementation review, having a thoroughinvolvement of each step in the process. Each project should be assessed for the appropriate level of control needed: too much control is too timeconsuming, too little control is very risky. If project control is notimplemented correctly, the cost to the business should be clarified in termsof errors, fixes, and additional audit fees. Control systems are needed for cost, risk, quality, communication, time, change, procurement, and humanresources. In addition, auditors should consider how important the projectsare to the financial statements, how reliant the stakeholders are on controls,and how many controls exist. Auditors should review the development process and procedures for how they are implemented. The process of development and the quality of the final product may also be assessed if needed or requested. A business may want the auditing firm to be involvedthroughout the process to catch problems earlier on so that they can be fixedmore easily. An auditor can serve as a controls consultant as part of thedevelopment team or as an independent auditor as part of an audit.Businesses sometimes use formal systems development processes. Thesehelp assure that systems are developed successfully. A formal process ismore effective in creating strong

controls, and auditors should review this process to confirm that it is well designed and is followed in practice. Agood formal systems development plan outlines: A strategy to align development with the organizations broader objectives Standards for new systems Project management policies for timing and budgeting Procedures describing the process