Five (5) Ways to Track Your Projects:
It’s a tough challenge - juggling people, equipment, time, money and materials to complete your project on time. To do it successfully, you need to keep an eye on five key areas.
1. Time
Put an hour aside every week to determine if you are likely to complete the project on time. To do this, identify any tasks that are running late and determine whether they are likely to delay the overall project. Then look for ways that you can save time by finishing tasks earlier, delaying non-critical tasks to after the project has been completed or gaining approval from your sponsor to remove tasks altogether.
2. Cost
You also need to review the total spend of the project to date against the original budget set. Identify ways to reduce costs by allocating cheaper resources, reducing the project scope, or boosting the efficiency of your team.
3. Resource Allocation
You need to keep a constant watch on the percentage of time that your teams are allocated to tasks. Balance workload fairly so that your team is kept busy 80-100% of their time, without being overloaded. If you intend to overload resource, then only do it for a short period of time to avoid “burnout”.
As you reallocate work among your resources, keep an eye on the overall resource level. It may be that everyone is under-allocated and you can take a person off the project, saving on cost. On the other hand, if everyone is over-allocated then you may need to quickly allocate more resources to the project as soon as possible.
4. Risks, Changes, Issues
Every project encounters risks, changes and issues at some point. It’s often impossible to prevent them from occurring, so the trick is to resolve them as quickly as possible when they do come up. Throughout the project life cycle, you need to watch them closely. For each item raised, set a ‘target resolution date’ and track these dates carefully to make sure that they are adhered to.
5. Project Health
In addition to tracking the project at the micro level, you also need to stand back and take a look at the project from a helicopter level. You need to gain a clear view of the overall project health. You’ve already done most of the work by assessing the time, cost, resources, progress and efficiency of the project. By also taking a summarized view of the project each week, you can lead the project team towards success.
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Be an organization with great project, program, portfolio and PMO processes.

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