Which method is essential for a project manager to assess if a project is staying on track?

Key performance indicators (KPIs) are essential for a project manager to assess whether a project is staying on track because they provide measurable values that indicate how effectively a project is achieving its key objectives. KPIs can cover various aspects of a project, including progress, quality, cost, and time, enabling project managers to evaluate the project's performance against its defined goals.

Using KPIs allows project managers to identify areas where the project may be falling behind or exceeding expectations, making it possible to take corrective actions as needed. This data-driven approach helps ensure that stakeholders are aligned and informed about the project’s progress, thus supporting better decision-making throughout the project lifecycle.

While options like time-tracking software, regular status meetings, and project scheduling tools can provide important insights and support project management, KPIs specifically offer quantifiable metrics that are critical for assessing overall project performance and alignment with strategic objectives.