Executing 

Project execution consists of processes and work that are performed to satisfy previously developed project specifications and requirements. It involves the coordination of people and resources to perform activities specified in the project management plan. As the project plan is put into action, the tasks and deliverables need to be monitored to ensure that the project succeeds. Making sure the team is sticking to the project plan is essential. 

During project execution, rebaselining and project planning updates may be necessary based on real time results. As an example, the project may need to alter expected activity durations. One reason this could occur is because of instances of unanticipated risk or variances in processes.If changes prove to be necessary, a change management plan should be followed.

It is often the case that during the execution stage most of the project's budget is expended. Therefore it is important to ensure the budget is being tracked during this phase. It is also important that the project stay on task and not head towards scope creep. If scope creep seems like a possibility then change management planning should be implemented.

Success is not just completion of a set of activiites within time, cost and performance constraints. It is at proper performance or specification level, with acceptance by the customer/user, and was preferably completed with minimal and mutally agreed upon scope changes. Ideally iit was accomplished without disrupting lives, organizations, and cultures.

Key performance indicators (KPI)

Key performance indicators are quantifiable measures of performance over a set of time for a specific objective. Basically, they provide targets for project teams to gauge progress against. During the execution phase, project teams should frequently compare their performance with those of intended key performance indicators. Key performance indicators must be measurable, actionable, and understandable. In most cases, therefore, they are quantitative numeric values. Key performance indicators look at the effects of success. They can be used to evaluate individual performance.

Some examples of key performance indicators in project management are meeting specified milestones within specified time periods, staying within the intended budget for the point of time in the project, using labor and other resources as was allocated in the project plan, and staying on target with the project schedule. When it comes to assessing cost as compared to schedule, some common metrics that are used are planned value, actual cost, and earned value. See the cost management chapter for more information on planned value, actual cost, and earned value.

Key performance indicators are defined by looking at a specific project objective and defining measures of success for it. Most projects have at least five KPIs defined. In some cases KPI results are shared across the team via dashboards or score cards. That way the entire team can evaluate results and make changes to strategies or processes as necessary. The team can also assess if the KPIs are aligned as intended with the project goals and objectives.

Risk management

Well before project execution, a risk management plan should have been developed. During execution, the team needs to know what risks to be looking for and how they might be mitigated. It is also helpful to ensure team members have clear responsibilities and accountabilities. Equally, if the team experiences a setback, no matter what the cause, course correction needs to be implemented. This is more likely to occur when the team openly communicates.

See also risk management

See also communication management