How is project performance typically monitored?

Monitoring project performance is primarily accomplished using performance indicators and baselines. Performance indicators, often referred to as key performance indicators (KPIs), are specific metrics used to assess how well the project is achieving its objectives. These indicators can include factors such as schedule adherence, budget compliance, and quality measures.

Establishing baselines at the outset of a project—usually for scope, schedule, and cost—provides a reference point against which actual performance can be compared throughout the project's lifecycle. By regularly measuring actual performance against these baselines, project managers can identify variances early on and make informed decisions to help keep the project on track. This systematic approach allows for objective evaluation and ensures that any necessary corrective actions can be taken in a timely manner, enhancing overall project success.

While stakeholder interviews, project schedule adjustments, and daily team meetings can play roles in gathering feedback and facilitating communication, they do not serve as the primary methods for quantifying and tracking project performance against set goals and objectives.