There are many steps involved in the project management process, such as monitoring, forecasting and contract closing. This sample process flow outlines the risks associated with project management, and controls to mitigate associated risks. Some process risks include, the project expenses being classified to the incorrect account, project change orders not appropriately approved, inaccurate project budgets, and project deliverables not satisfactory to the customer.
This document can be used as a general guide to understand and review the project management processes. Organizations should continuously update and monitor the processes included in this document to ensure that it reflects business operations.
This project management process focuses on steps such as:
- Monitoring discrepancies in labor and other direct costs
- Billing the customer for work completed
- Managing and documenting scope changes
- Managing budget vs. actual costs