The monitoring and reporting of progress on projects, in particular time and cost variations. The successful use of project planning tools, such as critical-path analysis and PERT (see network modelling), is dependent on a regular comparison between planned and actual performance and the consequent updating of the data used in the models. Modern project management software can calculate the impact of individual variations and the synergistic effects of multiple variations and are able to update all forms of output. Typical outputs include: actual costs of work completed, budgeted costs of work completed, and budgeted costs of work scheduled.
Subjects: Business and Management.