Project Tracking

Term Definition
Project Tracking refers to the management of projects, which includes but is not limited to measuring and reporting the status of milestones, tasks and activities required in achieving the pre-defined project results. Project Tracking can also refer to Project Management software, which automates the tracking of tasks, assignments, events and activities related to the project.

A project is a one-time effort to accomplish an explicit objective by a specific time.  Each project is unique although similar projects may exist.  Every project has a definite beginning and a definite ending. Project management is the process of overseeing planning, organizing, scheduling, leading, communicating and controlling of activities to achieve the pre-defined outcome on time and within budget.

One of the key components of Project Management is controlling. Typically, the needs of the project determine the level of detail at which you need to track progress. In example, you may track simple milestones to ensure that they have been reached, or you might track the number of hours each resource has spent on a task and the associated costs. Project tracking requires a careful balance of monitoring to ensure that you will achieve the results and respond to any incidents or roadblocks, while avoiding micro management and reducing team members ability to make decisions.

There are various tools and techniques available to manage and track projects. Project management software is frequently used by companies to assist in managing the initiation, execution, tracking and closing of projects. By automating many of the project management tasks such as scheduling, time and expense reporting, and charge back reporting, project managers have access to  real-time analytics, which ensure the efficient management of resource allocation and utilization. Automation also assists project managers in consistent project execution, improved resource utilization and reduced resource gaps, operational efficiency and it facilitates communication and decision-making.

Area of Application
Project Management
Workflow Automation

Related Terms
Organizational Breakdown Structure
Project Governance
Work Breakdown Structure

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