Catalog

3.4 Managing and Monitoring the Project

Managing and monitoring the project involves a continuing process of reviewing each task throughout implementation and comparing actual durations, costs, and resource requirements with the original estimates in the project setup. As each task is completed, the project manager must check to see that the task has been completed correctly in accordance with the specified technical, functional, regulatory, and/or financial requirements. If the task has exceeded the assigned duration, appropriate action must be taken to either regain lost time by completing other related tasks in a shorter time or through other mitigating action to ensure that overall the project remains on track.

Controlling costs is an important component of project management. Through close monitoring of each project task and total project expenditures, and by comparing actual expenditure with the cost estimate for the work completed to date, potential cost overruns should be identifiable at an early stage, so that action can be taken to correct or minimize the overruns. Cost control measures include the following:

• implementing authorization procedures for expenditures on project goods and services;
• controlling disbursements to suppliers, contractors, and consultants;
• controlling project variations and change orders;
• controlling overhead expenditure for communications, transport, and documentation; and
• controlling expenditure for overtime work, etc.

Forecasts of the cost to complete a project should be accomplished on a regular basis (e.g., monthly) and compared with budget predictions. Any major variations should be reported to the client’s project management and, if appropriate, to the ADB project officer.

Quarterly or monthly progress reports should be prepared (see subsection 5.11)

Reporting on tasks completed and tasks planned should include comments on each major component; for example detailed design, procurement, construction, safeguards, and monitoring.