Project Management Process: Monitoring, Scope Changes, Forecasting and Contract Closing Process Flow

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 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

This document should be used as a general guide to understand and review this business process. Organizations should customize this tool to ensure that it reflects their business operations and continuously monitor the process to ensure that the steps described are accurate.