ABSTRACT
This chapter examines best practice methods for measuring performance and, just as importantly, for analysing what that means in terms of delivering the project scope on time and within budget. The primary purpose of setting a project specification, schedule and budget is to provide a reference that enables measuring and controlling the project parameters of cost, time and quality. Most project practitioners regularly progress their plans and generate status reports indicating the events and milestones that have been achieved. They also predict events that will occur in the future and when those events are expected to happen. Performance measurement indicates where shortfalls are occurring and where extra resources, management action or other support is required to overcome the problem. Strict control of changes or a design freeze can curb unnecessary expenditure and conserve budgets.
