Project managers have numerous tools at their disposal to effectively track project progress and identify any variances from the project plan. Some of the key methods include using a work breakdown structure, developing a schedule with milestones, collecting status reports, analyzing earned value metrics, and issue tracking.

A work breakdown structure (WBS) is a deliverable-oriented decomposition of the work to be executed by the project team to accomplish the project objectives and create the required deliverables. The WBS breaks down the project work into smaller, more manageable components called deliverables or work packages. These may include major project phases, work streams, specific tasks, or subtasks. The WBS provides the framework for detailed cost estimating and budgeting, controls progress, and guides schedule development. Having a detailed WBS makes it easier for the project manager to determine the work completed versus remaining.

Creating a project schedule with defined milestones is essential for tracking progress. Milestones represent significant points or major accomplishments in the project such as key deliverables, phase completions, or decisions. Schedules should include early start and finish dates, late start and finish dates, and durations for each task or work package in the WBS. Tracking actual progress against this schedule enables the project manager to quickly see if work is ahead of schedule, on schedule, or delayed. Milestone tracking in particular provides easy visibility into the overall status of the project. Any variances can then be identified and corrective actions taken.

Collecting regular status reports from team members is another important method for measuring progress. These reports provide updates on the work completed during a specific period as well as work planned for the next period. Issues encountered, decisions required, and risks identified are also typically included. While self-reported status poses a risk of accuracy, project managers can manage this risk by also collecting objectively verifiable data like completed inspection and test records or delivered work products. The status reports are analyzed to measure progress, calculate schedule and cost performance, track issues, and determine the likelihood of meeting deadline and budget commitments. Significant variances or missed objectives are then evaluated.

Earned value management (EVM) is a technique that allows measurement of project progress in terms of planned cost and timephased budgets assigned to scheduled work. It involves establishing an integrated project baseline for scope, schedule, and cost along with measurement of the actual work performed. By comparing the budgeted cost of work performed (BCWP) to the budgeted cost of work scheduled (BCWS), the project manager can compute schedule variance (SV) and cost variance (CV). These values indicate the efficiency of the project and whether work is ahead or behind schedule according to the planned budget and determine if corrective actions need to be implemented to get back on track.

An important monitoring practice involves tracking all issues, risks, changes, decisions and other elements that may impact project objectives in an issues log. This information is needed to determine root causes of any cost overruns or schedule delays and what responded is required. Maintaining a standardized issues tracking process makes it easy to analyze status, prioritize according to importance and urgency, and get resolution from appropriate stakeholders or managers. The issues log is essentially a project manager’s early warning system that identifies challenges, barriers or problem areas requiring attention before they undermine the integrity of the project plan and its successful execution in terms of time, budget, quality and scope.

There are many established practices project managers can employ to systematically measure performance against the project baseline, determine if the plan is being correctly followed, and catch signs of potential variances early. This helps them make timely adjustments as needed through corrective actions, management initiatives or plan revisions. Close progress monitoring also assures stakeholders that the project remains on track or that issues are being appropriately handled. These approaches support a project manager’s ability to successfully deliver projects according to their approved scope, schedule and cost constraints.