Each Phase contains activities shown in the graph. These activities have equal importance. A good and detailed planning will allow a good progress control together with an accurate cost control. During the construction phase, by carefully tracking actual progress versus the baselined planning and use of resources, the Project can be completed on time and stay within its initial budget, unless resources have been initially underestimated. Therefore, when the information reaches the desk of the Project Manager, it will be too late for him to take the right decision.
New investments are much more carefully planned and competition is keener.
Feasibility studies and business plans are more detailed and take longer to complete. Being overly careful, decision making becomes slower. However, when a decision is taken, the Project has then to be completed within shorter schedules and prices are squeezed drastically, leaving smaller profit margins. To remain on those tight schedules, fine progress tracking becomes indispensable but it seems that few Project Managers have wide experience in the use of sophisticated Project Management computer programs. In case of slippage of the Project, few are able to put it on track again.