Project management monitoring and controlling is all about making sure that all activities related to a project are regularly monitored, measured, and adjusted to ensure success. It involves using a variety of techniques and processes to identify variances or potential risks that could impact the successful completion of the project; and then taking corrective action in order to restore balance or mitigate those risks. Monitoring and controlling is essentially the “nuts and bolts” part of project management: it’s the task of ensuring that the project is running on time, within budget, and according to specifications.