Project control is essential to keep track of a project's status and to manage the project using logical techniques, so as to avoid costly mistakes. It also ensures that the project is using strategies and actions for the timely accomplishment of the preconceived goals. Project control which mainly includes time control, quality control, resource control and contract control, relies upon vigilant monitoring, measuring and managing performance. Hence, the measurement of project performance is a vital means to control the project. Project performance measurement (PPM) is a significant way of evaluating a program, operation or project's progress towards the fulfillment of outcomes.
PPM helps in successful project controlling by lessening variation which further helps in efficient project management. Although it is true that projects are well organized and carefully planned, the success of every project highly depends upon timely measurement of its performance through all stages of its life cycle. Moreover, it provides a right track for monitoring progression and forecasting achievement by following several appropriate corrective action plans to protect the project against unfavorable events coming in the way of project success. Traditionally, cost accounting information is taken into consideration while measuring the project performance. But it is essential that in a thriving total quality organization, performance should be measured by the progress observed by the customers as well as by the results delivered to the stakeholders. Put differently, project performance measurement is meant |
