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Project Tracking for a beginner Project Manager

What advise would I give a beginner project manager to track a project? I thought about it and I figured, a PM should always have an answer to the following three questions (3 S's)?
  1. What are we building? (Spec)
  2. By when do we need to finish it? (Schedule)
  3. Are we on track? (Status)
Spec: Do you know what we need to build? Do you have a clear spec in your hand? Does the team know what they need to build? Are there clear on their individual tasks?

Schedule: Do you have specific dates for each of the tasks and milestones? Does the team know these dates?

Status: Do you know if the team is going to meet the dates? If not, does your management know you are not going to meet the dates and why?

If you don't have answers to these questions, you are in trouble, or you will soon be. Get started right now...
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