Success and failure in project planning is not only based on the used method but also depends on the review of ongoing projects, i.e. if the plan works out –  what we call project controlling. This is more than just looking at key figures (KPI). You have to ask yourself what is good project controlling and what are the elements?

1. Definition
2. Targets and tasks
3. Implementation and methods
4. Software solutions

1. Definition

REFA lexicon says that project controlling describes all activities that are necessary to control a project over its entire duration. It includes the specific project calculation, scheduling, communication and financing of projects in the company.

It is therefore also a subarea and subtask of the project management.

According to the PMBOK Guide, these tasks are assigned to the project management areas for regular monitoring and control; this could also be classified as Monitoring & Controlling.

Another important component is DIN 69901 describing not only the basics, processes, process model, methods, data, data model and terms in project management, but also ensuring that the project targets are achieved and thus to the control of all project processes as noted in Wikipedia.

2. Targets and tasks

An important task here is undoubtedly the regular review of meeting the deadlines and costs, but also the review of the added value in the overall project. At the end of the project, the greatest possible benefit should be generated at the lowest possible cost.

3. Implementation and methods

How these tasks can be skillfully solved depends on a wide variety of influencing factors; in detail, you should take into account :

• the importance and scope of the project
• the size of the team and company
• the key performance indicators (KPIs)

The basis for getting review of the situation in the project is the use of a schedule or work breakdown structure (WBS). It provides visual information o the chronological sequence of all work packages (tasks), milestones, activities and the end of the project. 

Traffic light ratings

A very popular and well-known way to get an overview of the running projects, as well as to see if all schedules and other KPIs have been met, is the use of traffic light systems. With the color system, green, yellow and red, you can immediately rate the current status of the project. Also, these ratings are always up to date.

Benefit analysis

Compared to other methods, the benefit analysis is a very special method designed to rate several attributes by the best possible benefit. You can heavily weight your own preferences and priorities here. 

Earned Value Analysis (EVA)

According to Wikipedia, the Earned Value Analysis (EVA) is a project controlling tool. It is used to analyse the progress of projects. The current time and cost situation is described by key figures. The key values are among others plan cost, actual cost and estimate at completion.

Compared to the benefit analysis described above, the EVA offers a far more objective approach. Here, the actual numbers (e.g. times from schedules and costs) and facts are objectively opposed, compared and rated.

4. Software solutions

Today, professional project controlling no longer needs to be operated with your own tools, but is integrated in sophisticated project management software.