Monitoring project progress and performance is all about keeping a close eye on the success of a project. In essence, it’s about examining each phase of a project to ensure it is being completed in line with budgets, timelines, and quality standards. This can involve regularly assessing progress milestones, resources utilization, budget tracking, and overall project goals. By effectively implementing these practices, organizations are able to assess its success or failure, make necessary adjustments and reach the desired outcomes. It’s not just about ensuring the job gets done on time and budget but also about providing stakeholders with assurance that the project is progressing correctly.