SPONSORS

SPONSORS

Improving project monitoring and control performance

using Blockchain technology

 

FEATURED PAPER

By Dr Lalamani Budeli

South Africa

 


 

Abstract

Projects in the 21st century are becoming increasingly complex and require a monitoring, measuring, and control system that is dynamic to embrace the level of complexity present in most innovation projects today. It has become clear that to measure project performance accurately, project managers require tools and techniques that are very accurate in terms of measuring task performance to detect deviation considering the project plan and to take appropriate actions, when needed. The measuring and monitoring of the project is very critical because it informs the management intervention required, meanwhile project managers have to analyse the context of the deviation event and provide corrective actions required to taken and also the way the probability of the action of success. The centralization of project measurement, monitoring, and control in most capital intensive projects presence challenges like inaccurate reporting, over and under-representation of progress, and the use of different non-standardized measuring methods. In this study, we investigated how blockchain technology can be used to effectively measure, monitor, and control and manage complex project activities.

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. This distributed, encrypted, immutable, time-stamped, and secure platform can assist the project manager to reduce project measuring; monitoring, and control costs while improving project overall efficiency. Blockchain will also assist to improve the monitoring measurement time performance by allowing every participant to update their progress in real-time without the need of a project coordinator ensuring that accountability resides at the bottom of the project work breakdown structure (WBS) and reducing measuring to control lead times. This paper shows how integrating blockchain technology in project management can dramatically improve the ability to plan and control projects.

Keywords: Project measurement and controls, blockchain technology, variation management

Introduction

According to the Standish group, less than a third of all projects were completed on time and budget over the past year. Hazır (2015-811) indicated that project measurement, monitoring, and control are also a major contributor to project failures. Asharaf and Adarsh (2017-45) specified that blockchain technology known as a platform that introduced cryptocurrency like bitcoin, where the technology warrants speedy, secure, identity-protected transactions with its distributed or decentralized arrangement. Niebecker, Eager and Kubitza (2008-145) directed that these technology-based characteristics can solve a lot of technical problems. In project measurement, monitoring, and control, project managers can make it useful for handling other types of transactions, including sending reports, sharing information, handling payments, ensuring completion of tasks, and much more. Saberi, Kouhizadeh, Sarkis and Shen ( 2019-2121) showed that blockchain capability of being a trustworthy distributed ledger makes it suitable for each work breakdown structure (WBS) traceability and fulfillment of its validation test. Barreto and Rocha (2010-443) directed that it can also be a useful tool to manage project stakeholders using the RACI (responsible, accountable, consulted, and informed) framework as a source of trustworthy real-time information.

Research hypothesis

The following are research hypotheses:

  1.  Blockchain technology will improve project monitoring and control performance which will allow traditional project systems such as EVA to improve accuracy
  2. Blockchain technology will provide project real-time data by placing accountability to the lowest level of the work breakdown structure (WBS) which will generally improve the performance of the project management office (PMO)

 

More…

To read entire article, click here

 

How to cite this paper: Budeli, L. (2018). Improving project monitoring and control performance using Blockchain technology; PM World Journal, Vol. IX, Issue VII, July.  Available online at https://pmworldlibrary.net/wp-content/uploads/2020/07/pmwj95-Jul2020-Budeli-Improved-project-monitoring-and-control-using-blockchain-technology2.pdf

 


 

About the Author


Dr Lalamani Budeli

South Africa

 

 

Dr Lalamani Budeli obtained his degree as an Engineer in Electrical Engineering at the Vaal University (VUT), BSc honors in Engineering Technology Management at University of Pretoria (UP), Master in engineering development and Management at North West University (NWU), Master of business administration at Regent Business School (RBS) and a Doctor of Philosophy in Engineering Development and Management at North West University (NWU), Potchefstroom, South Africa. Currently, he is a managing director of BLIT, an engineering, research, and project management company based in South Africa.

His research interests include project portfolio management, agile project management, plant life cycle management, advanced systems analytics, project early warning system, and the use of artificial intelligence in project management. Currently, he is spending most of the time on research that is looking at the development of system and application that uses the latest technology like block chain, internet of things (IoT) , Big data, and artificial intelligence. Lalamani Budeli can be contacted at budelil@blit.co.za.