Monitoring and Control: This allows stakeholders to track the progress of the project against the planned schedule, ensuring that milestones are being met and that the construction work meets the required quality standards and specifications.

Financial Management: It helps in monitoring the project’s budget and controlling costs by identifying any financial discrepancies early on. It also assists in managing cash flow by aligning payments with the completion of work stages.

Risk Management: It enables early identification of potential problems, risks, or delays, allowing for timely corrective actions. This mitigates delays by addressing issues promptly, ensuring the project stays on track.

Stakeholder Communication: Project progress assessment provides regular updates to stakeholders, including investors, lenders, and clients, ensuring transparency and maintaining confidence. It facilitates informed decision-making by providing accurate and up-to-date information about the project’s status.

Compliance and Documentation: It ensures compliance with regulatory requirements and standards throughout the construction process.

Record Keeping: It maintains thorough documentation of the project’s progress, which is essential for future reference and legal purposes.

Performance Evaluation: It helps assess the performance of contractors and subcontractors, ensuring they are meeting their contractual obligations. It also evaluates the overall efficiency of the project execution and identifies areas for improvement.

Loan and Funding Requirements: It ensures that loan disbursements and funding are released in accordance with the completion of specific project phases, protecting the interests of lenders and investors. It also provides evidence of how funds are being utilized, ensuring financial accountability.