From this chapter, much was learned about progress and performance measurement and evaluation. It is understood that there are four different steps for the purpose of controlling a project. With the advancement in time, the project environment is becoming more and more complex and thus tools such as Gantt Chart are to be used. This helps address one of the major constraints that are of schedule. In projects, managing schedules is one of the stressors but with proper planning and performance measurement and evaluation, this can certainly be addressed. Proper calculation and interpretation of performance and percent indexes is a necessity to ensure that the project cost does not get exceeded. Then again, it was also understood that proper forecasting can make much difference in a project. Forecasting is all about checking on the present status information and thereafter figuring out the future performance. This suggests much about the results of the project and serves as a guide to take many important decisions. It was understood that forecasting cannot be done qualitatively rather it requires that thorough estimations and associate predictions are needed to be done based on proper evaluation of the information and knowledge that is available at hand. It is required that the experts be allowed to change original baseline durations and the related costs as the newly added information tells the original estimates are not accurate. Revising estimates of future project costs is important in any project and there is a need to make use of actual costs-to-date alongside an efficiency index to project the final costs in case of large-scale projects. This is more needed in the large-scale projects are here the budget that is initially decided on is often unreliable. Then again, the issues that are encountered when maintaining control of projects should be given due priority. These include technical performance measurement, changes to the baseline, data acquisition costs and associated problems, and lastly scope creep. All of these need to be addressed in a way that problems in the project life cycle do not be the reason for the failure of the project.
The knowledge gained from this chapter will be of much help when managing any project. The most important thing that is often ignored by many of the project managers is performance evaluation and this is the reason for proper feedback not being incorporated and adverse results. In my future ventures, I will ensure that project performance evaluation is done in an organized manner. This has to be following proper steps and some proper tools and techniques. The most important thing is that in the complex project environment of the time there is a need to be specific about the tools that are to be used. The tools and techniques to be used should be chosen to address the project objectives. Proper research needs to be done before going for any tool or technique. Thus, it can be said that project performance evaluation should be given due in any project environment irrespective of the nature or type of the project.
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