Planned value (PV) and actual cost (AC) are values that are implemented during the monitoring and controlling phase to give the project manager an idea of their progress in terms of time and budget. The degree of progress made is expressed in relation to a variance in pre-established scheduling and costs. Schedule variance is the difference between how much a project is worth and how much it should be worth at any given point in time. This outcome will determine if a project is ahead or behind schedule (a higher earned value/current value is always desired over the planned value). Cost variance is the difference between how much a project is currently worth compared to how much was spent on it, thus determining if the project is going over or under budget. These time and money-based variables are implemented during this phase so that they can be addressed through any corrective actions towards whatever caused the variance.

Factors that make up the monitoring & controlling phase include, but are not limited to resolving conflicts, generating reports on team members as well as the team itself, and administering contracts. If a project is behind schedule or over budget, how might these factors come into play in terms of regulating corrective actions? Is there a standard level of variance among medical device projects that act as a threshold to determine whether a project should continue or not? The risk management process occurs back in the planning phase, however it still provides a list of actions in the face of project deviations, such as avoidance, mitigation, transferance, or acceptance. Can risk management be performed during the monitoring and controlling phase as well?