PROJECT MONITOR & CONTROL THROUGH MANAGEMENT BY EXCEPTION-A FRAMEWORK FOR SOFTWARE INDUSTRY

A project is a temporary endeavor undertaken to create a unique product, service, or result based on specific requirements and expectation of customer. The temporary nature of projects indicates that a project has a definite beginning and end. A project is driven by “triple constraints” Scope, Time and Cost which deliver a defined quality product or service in order to succeed, a project must deliver to cost, to quality, and on time; and it must deliver the benefits presented in the business case. The effective implementation of Management by Exception (MBE) for every efficient use of management time as it reduces managers time burden without removing their control by ensuring decision are made at the right level in the organization. The project has defined tolerances for each project objectives to establish limits of a delegated authority. The tolerance is a permissible deviation above and below a plan's target for time and cost without escalating the deviation to the next level of management. The success of the project depends on effective monitoring and controlling of tolerance level of project's parameters to identify the root causes of the issues and properly address these in timely manner.