From the course: Why Projects Fail and How to Improve Their Success

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Monitor and adjust the project schedule and costs

Monitor and adjust the project schedule and costs

From the course: Why Projects Fail and How to Improve Their Success

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Monitor and adjust the project schedule and costs

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- One of the biggest responsibilities a project manager has is to monitor and control the project's cost and schedule. Many project managers will create a budget and schedule and rarely update either during the project. Or if updates are made, they may be based on some arbitrary number, like saying an activity is 25% complete just because it's started. There was a time when I first started managing projects, that if anyone asked how the project was doing I'd say, the project is going well, but in the back of my mind I had no clue how the project was really doing or how much money I'd spent. Luckily, they'd take me at my word and move on. But I recommend you take a page out of the PMBOK guide and explore the tools that you can use to monitor and control your costs and schedule. One powerful tool that helps in the analysis of project performance is earned value management or EVM. EVM is a systematic process used to find the…

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