Measure the performance of the project compared to its goals, and prepare realistic forecasts for the targets (e.g., time and cost). Prepare one, or multiple reports, with a focus on forecasts, send them to various stakeholders, and check with them to make sure that they have received and understood the report.

Check the list of stakeholders in the Project Description to make sure that each of them has received a proper report. If you realize that the current format of the report is not suitable for a stakeholder, revise the format or design a new alternative, and add this information to the list of stakeholders.

Purpose

The main purpose is to understand where we are compared to the targets and goals, which will be used to recover from deviations as soon as possible. The secondary purpose is to keep the relevant stakeholders informed of the status of the project, which in turn creates trust and further potential for collaboration.

Common pitfalls

Consider the following to avoid the commonest pitfalls in this management activity:

Don’t try to be too accurate with measurements – find the optimum level of accuracy and detail that can serve the purpose.
Be careful what you measure: All measurements must match the targets and goals of the project rather than, for example, the amount of resources spent.
Keep the reports short, simple, clear, and focused on the effective measures of progress. If you send a detailed report to some stakeholders, make sure you also send them a single‑page, short version.

Principles

The following principles play a significant role in this management activity: