GMS 450 Lecture Notes - Lecture 11: Diminishing Returns, Resource Allocation, Control Chart

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 450
• Professor: Peter Monkhouse

Document Summary

Monitorign is the collection, recording and reporting of project information. Control uses the monitored data to bring actual perforamcne into agreement with the plan. Monitoring and control are the opposite sides of project selection and planning. Project planning identfities the elemtns to be controlled. The plan monitor control cycle constituets a closed loop process. Closed loop: continues until the project is completed. With complex project,s there is a temptation to minimize the planning-moniotring-controlling effort so that real work can be done. It is theses projects that need the planning-monitoring-controlling process the most o o o o. Project authroization and expenditure control systeme information flow. Identify the special characteristics of scope, cost and tiem that need to be controlled. Specific performance characteristics should be set for each level of detail in the project o. Real-time data must be identified to measure achievement against the plan. It is important to avoid the tendency to focus on easily collected data.