How can project managers utilize GFEBS for cost tracking?

Project managers can utilize GFEBS (General Fund Enterprise Business System) for cost tracking through the capability to monitor actual costs against budgeted costs in real-time. This functionality is essential because it allows project managers to continuously assess financial performance throughout the project's lifecycle. By having access to real-time data, project managers can identify variances between planned and actual expenditures, enabling them to make more informed decisions about resource allocation and project adjustments. This proactive approach helps prevent cost overruns and ensures that the project remains within its financial parameters.

While submitting monthly reports, conducting annual project evaluations, and holding team meetings at project milestones are all important activities within project management, they do not directly address the continuous tracking of costs in the same way that real-time monitoring through GFEBS facilitates. Monthly reports typically summarize past performance rather than allowing for immediate corrective actions, annual evaluations assess overall project outcomes after completion, and team meetings focus on communication and planning rather than specific financial tracking. Thus, the capability to monitor costs in real-time distinctly enhances a project manager's ability to maintain budgetary control and drive project success.