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MANAGEMENT SCIENCE AND ENGINEERING ISSN: 1913-0341 Vol. 4, No. 1, 2010, pp. 56-61 Project Time and Budget Monitor and Control YIN Guo-li Abstract: With the marketing competitiveness growing, it is more and more critical in time and budget control of each project. This paper discusses that in the construction phase, how can a project manager be successful in time and budget control. This paper also evaluates some pitfalls the project manager will meet in his endeavors to monitor and control the project. There are many methods and five kind pitfalls are discussed in this paper, it reveals that to be successful, the project manager must concern all this methods and avoid pitfalls successfully. Key words: Project; monitor and control; time control; cost control; ranking the priority; CPM; non-delay approach; precedence; optimal timing; crashing; pitfall 1. INTRODUCTION The survey shows that most projects encounter cost and time over-runs (Williams Ackermann, Eden, 2002,p192). According to Wright (1997)’s research, a good rule of thumb is to add a minimum of 50% to every time estimate, and 50% to the first estimate of the budget (Gardiner and Stewart,1998, p251). It indicates that project is very complex and full of challenge. Many unexpected issues will lead the project cost and time over-runs. Therefore, many technologies and methods are developed for successful monitoring and control to lead the project to success. In this article, we will discuss in the construction phase, how can a project manager to be successful in time and budget control. Another part we will discuss what pitfalls will wait for the manager in his endeavors to monitor and control the project. 2. THE CONCEPT AND THE PURPOSE OF PROJECT CONTROL AND MONITOR Erel and Raz (2000) state that the project control cycle consists of measuring the status of the project, comparing to the plan, analysis of th