Monitoring is primarily aimed at tracking and improving project implementation. Problems are identified. Corrective actions are taken. It is a feedback mechanism. It is an internal activity in the project based on meetings and reports.
Evaluation is an objective and systematic judgmental process for determining relevance, efficiency, effectiveness and impact of project performance. It is assessment of project during implementation.
Evaluation is done to improve project implementation and to improve future project planning and decision making. It is an external activity in the project.
The objectives of project evaluation are:
- To verify whether the project implementation progress is an planned.
- To take corrective measures for deviations in performance.
- To ascertain that actual costs are within the budgets.
- To ensure that quality standards are being attained.
- To report project progress status to customer as needed.
- To identify unexpected problem areas and manage them.
- To bring about overall improvement in project performance to achieve project objectives.
- On-going: Conducted during the implementation phase. Its purpose is to correct deficiencies as they occur to improve project performance.
- Mid-Term: It is carried out mid-way during implementation. Its purpose is to improve implementation.
- Terminal: It is conducted after project completion. It provides lessons for future project planning.
- Ex-Post: It is conducted some years after project completion to evaluate the impact of the project.