What is the difference between monitoring and controlling?

1.	What is the difference between monitoring and controlling?
Answer» Knowledge Area: COST Management EVM is a technique which is used for numerically calculating the schedule and cost variance in a project. It is used for calculating the schedule and cost performance index of the project. This is ALSO used for CREATING new cost and performance forecast for the project. This technique used quantification of planned value (PV) of work at different points in project schedule, earned value (EV) of work (work actually completed) and actual cost (AC) of work completed. It is simple, yet a very practical and effective technique for ascertaining the variances and PERFORMANCES of the project numerically so that the team can make meaningful forecast and also identify APPROPRIATE corrective actions for managing the variances.

Answer»

Knowledge Area: COST Management

EVM is a technique which is used for numerically calculating the schedule and cost variance in a project. It is used for calculating the schedule and cost performance index of the project. This is ALSO used for CREATING new cost and performance forecast for the project.

This technique used quantification of planned value (PV) of work at different points in project schedule, earned value (EV) of work (work actually completed) and actual cost (AC) of work completed.

It is simple, yet a very practical and effective technique for ascertaining the variances and PERFORMANCES of the project numerically so that the team can make meaningful forecast and also identify APPROPRIATE corrective actions for managing the variances.

Discussion

No Comment Found

Related InterviewSolutions

What is the significance of project or phase closing? How does proper closing help the project and the organization?
Prepare the list of various activities that will have to be performed during closing of phase or project.
When can one start closing the phase or the project?
How are Fast Tracking and Crashing techniques used for project control? Explain.
How do you ensure that the project gets delivered as per agreed project timelines?
While monitoring your project, you discover that your project is behind schedule? What can you do to bring your project back on track with regards to schedule?
What is the difference between project monitoring and project evaluation?
What is the difference between corrective actions and preventive actions? Give example of some corrective actions and preventive actions.
What is difference between trend analysis and variance analysis?
What is Earned Value Management (EVM)?What is the use of EVM?