Question

What are the elements of a closed loop planning, monitoring and controlling project management system? What is the foundation of any system? What are the common issues associated with implementing a disciplined PM System?

Answer 1

A software system used by companies for production planning and inventory control. A system continuously monitors and adjust the plan using a feedback feature. This system synchronizes the purchasing plan with production schedule. Inputs to the system include a bio of materials, inventory status files and master production schedules. Information is sent back to mrp system so that these production plans can be adjusted according to capacity and other requirements.

The project management monitoring and controlling starts when the project starts. It is the process of tracking, reviewing, and regulating the progress in order to fulfil the performance objectives. It is the fourth process group in Project Management . This involves the management tasks, such as tracking, reviewing, and reporting the progress of a project. Moreover, this process is majorly concerned with:

• Comparing the actual performance with the planned performance
• Assessing performance to see any corrective or preventive actions are required, the status is reported and/or appropriate risk response plans are being executed.
• Maintaining an accurate, timely information base concerned with the project output and its associated documentation till project completion
• Providing information to support status reporting, progress measurement and forecasting

There are five phases of project management

1. Project initiation: This is the start of the project, and its goal is to define the project at a broad level. This phase usually begins with a business case. This is when you will research whether the project is feasible and if it should be undertaken.

2. Project planning: This phase is most important for successful project management and focuses on developing a roadmap that everyone will follow. This phase typically begins with setting goals.

3. Project Execution: This is the phase where deliverables are developed and completed. Very important things like development reports, meeting, status updates takes place in this phase. In this phase teams are informed of their responsibilities.

4. Project Monitoring: This phase is all about monitoring project status. To see if everything is working according to plan. To take necessary action if something is going wrong.

5. Project closure: This phase represents the completed project. Contractors hired to work specifically on the project are terminated at this time. Valuable team members are recognized. Some PMs even organize small work events for people who participated in the project to thank them for their efforts. Once a project is complete, a PM will often hold a meeting – sometimes referred to as a “post mortem” – to evaluate what went well in a project and identify project failures. This is especially helpful to understand lessons learned so that improvements can be made for future projects.