How to monitor and improve the project’s cost and time?

Introduction 

In many cases, the managers are monitoring the multi-task. Many of them are unique. Example project works, Factory operations, Marketing, etc. So how can we make it easy to bring all under clear visual report? So That we could monitor, control and improve. 

The Project Monitoring Matrix

The project monitoring matrix is an effective tool. It is designed based on two key parameters 1. Time and 2.Cost. Both could be compared with the planned timeline and budgeted cost. By this, we could able to understand the real-time progress of events. subsequently, aid us to take corrective and preventive action to achieve the task in planned time and cost. Below chart for the reference. 

Picture1: Project Monitoring Table

In the above matrix, Cost is divided into three-part based on spending for the particular event. a) Underspent than budgeted (Spent < budgeted cost), b) Spent the same on-budget (Spent = budgeted cost), c) Spent over budget (Spent > budgeted cost). Same way, Time has divided into three-part a) Late (Actual time < Planned time), b) On-time (Actual time = Planned time), c) early (Actual time < Planned time). The project details carefully need to updated in the matrix. The matrix has to be updated in a regular basis to get the real-time progress. 

Simulation for project's multi-task analysis: 

The matrix is planned for multiple task monitoring. This could be used as an executive project monitoring chart. Refer to the below Picture-2. In that, some of the stimulations were taken for easy understanding.  

Picture 2: Project Monitoring Matrix

 

1. Late and underspent:

The event progress is delay against the planned date. And the cost was less than budgeted.

Example from picture-2: Salary. Here, we can understand that salary issued late. But it is less than the budgeted cost. The corrective action required on Timeline. At the same time budget also has to update if required.

2. On-time and underspent:

The event progress is on time as the planned date. And the cost was less than budgeted.

Example from picture-2: Machinery Installation and infrastructure - Both of them were under control in time and cost.

3. Early and underspent:

The event progress is early than the planned date. And the cost was less than budgeted.

Example from picture-2: Audit. Here, we can understand that Audit completed early. But it is less than the budgeted cost. The corrective action required on Timeline. At the same time, the budget also has to update to set accuracy (If required).

4. Late and on-budget:

The event's progress is late than the planned date. And the cost was as per budgeted cost.

Example from picture-2: Raw materials Procurements. Here, we can understand that procurement was delay. And the cost is as per budget. The corrective action required on Timeline.

5. On-time and on-budget:

The event progress is On-time as per the planned date. And the cost was as per budgeted cost.

Example from picture-2: Employees Training. In this event, Cost and time are well maintained. 

6. Early and on-budget:

The event progress is early than the planned date. And the cost was as per budgeted cost.

Example from picture-2: Factory Approval process. In this event, the cost is maintained and the process is completed in time. The required update could be done on one event timeline.

7. Late and over budget:

The event's progress is late than the planned date. And the cost was over pent than budgeted.

Example from picture-2: Operation start. In this case, we required immediate corrective action to be taken on cost controlling and timeline quizzing.

8. On-time and over budget:

The event progress is on-time as per the planned date. And the cost was over pent than budgeted.

Example from picture-2: Operation start. In this case, we required immediate on cost controlling.

9. Early and over budget:

The event progress is early than the planned date. And the cost was over pent than budgeted.

Example from picture-2: Operation start. In this event, corrective actions required on cost/spending.

Conclusion:

By using the porject analysis method, we could able to easily handle records and control multiple tasks. Effectively could refer and understand the cost-oriented and time-oriented progress in every individual event. This is an effective analysis and improving the tool.