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| Accurate Project Status and ForecastingProject oversight is designed to provide the project sponsors and executives with validated and unbiased information about a project's true status, performance trends, and forecast for completion. Forewarned of adverse situations, action can be taken in time to prevent problems from becoming project disasters. Thus project oversight helps provide for a higher return and a lower capital investment on a project. Many project forecasts are inaccurate because once slippage occurs, the project team gets caught up in trying to catch up. They lose the ability to see the project objectively, and are too busy with immediate tasks to be able to see the situation in its true perspective. At the point where they realize that they are just not making the needed progress in spite of their valiant attempts, they can cease even wanting to see the true picture. In contrast, independent project oversight can remain unbiased, and can provide timely reports that compare:
Remedial action can be called for at the first early warning signs, which is the time when the chance for successful remedy is at its highest and the minimal amount of time has been lost. Most serious project problems are reported to management only after the project has gone past the point of being able to recover the lost time or costs. The time to assert corrective project control is before the project or project phase gets out of control or beyond recovery. Those managers sleep best who have good project oversight in place.
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