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Financial Monitoring and Evaluation in Project Management: Key Processes and Tools

Learn about the importance of financial monitoring and evaluation in project management, including key processes, tools, and reporting requirements. Understand the differences between monitoring, review, and evaluation, and explore the impact on project success.

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Financial Monitoring and Evaluation in Project Management: Key Processes and Tools

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  1. CASE STUDIES IN PROJECT MANAGEMENT Lecture 5 Monitoring Review Evaluation

  2. Project control • Monitoring • Review • Evaluation Differences in timing Monitoring - continuously Review - occasionally Evaluation – at the end

  3. Measuring performance • Why? • For the managing Authority, … (external) • For you (internal) • How? • Relevance • Efficiency • Effectiveness • Impact • Sustainability

  4. Financial Monitoring • How the system has to work? • Which level of detail is needed? • How often these information will be requested? Minimum information to be checked for each expenditure: Budget line Work package/Group of activity Description of the specific cost declared Amount of the payment Cash date of the payment

  5. Financial monitoring sheet

  6. Financial reporting • Twice a year • 3 table attached to the progress report: • financial implementation of the activities • financial implementation of each partner • external expertise

  7. Financial implementation of activities

  8. Financial implementation of each partner

  9. External expertise

  10. Financial evaluation of the progress report • Respect of budget breakdown/amount • Over/under spending • Activities done - costs declared • Justification of costs • Filling of all the foreseen sheets • Deviations • Errors • Coherence among sheets • Increasing of expenditure • Reasons of underspending • Capacity to absorb not declared amounts

  11. Monitoring and Evaluation • Based on the logical framework • Strengthens accountability and transparency • Provides information for effective management • Helps determine what works well and what requires improvement • Builds knowledge

  12. Purpose of Monitoring and Evaluation • It is the continuous process of collecting, processing and assessing information about the: • Project implementation • Project progress • Project impact and effects • Project environment

  13. Monitoring (i) • Continuous function that aims to provide early indications of progress or lack thereof in the achievement of results

  14. Monitoring (ii) • Assumes the validity of the existing plan • Takes place at project level • Is the responsibility of the project management • Is based on the indicators defined in the logical framework

  15. Monitoring Responsibility • Project Management • Activities • Output indicators • Early outcome indicators • Project Target Group • Outcome indicators • Impact indicators

  16. Evaluation • Time-bound exercise to assess the relevance, performance and success of on-going or completed projects • Questions the validity of existing planning • Is related to the impact of a project • Opens the mind for strategic adjustments

  17. Evaluation Quality Criteria • Relevance (overall) • Efficiency (activities, outputs) • Effectiveness (outputs, outcome) • Impact (outcome, impact) • Sustainability (outcome, impact)

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