In accordance with the PMBOK® Guide, the Monitoring and Controlling Process Group consists of those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes.

The key benefit of this process group is that project performance is measured and analyzed at regular intervals, appropriate events, or exception conditions to identify variances from the project management plan. It involves:

Comparing actual performance against the project management plan.

Assessing performance to determine whether any corrective or preventive actions are indicated.

Identifying new risks and analyzing, tracking, and monitoring existing risks.

Maintaining an accurate, timely information base concerning the project’s product(s) and their associated documentation through completion.

Providing forecasts to update current cost and current schedule information.

Monitoring implementation of approved changes as they occur.

Analysis of Distractors:

A. Establish the scope, objectives, and course of action of a project: This defines the Planning Process Group. Planning is about establishing the " road map, " whereas Monitoring and Controlling is about ensuring the team stays on that map.

B. Define a new project or a new phase of an existing project: This defines the Initiating Process Group, which involves obtaining authorization to start the project or phase.

D. Complete the work defined in the project management plan: This defines the Executing Process Group. Execution is the act of performing the work, while Monitoring and Controlling is the act of overseeing that performance to ensure it meets the defined standards and baselines.