What do you call the process of monitoring the status of the project and identifying any areas where changes are required?

The process of monitoring the status of the project and identifying areas where changes may be necessary is known as Monitoring and Controlling. This process is essential in project management as it involves tracking, reviewing, and regulating the progress and performance of the project and identifying any areas where changes can be made to enhance project outcomes.

Monitoring and Controlling ensures that the project stays on track concerning its objectives, budget, timeline, and scope. It includes activities such as measuring performance, identifying variances from the project plan, and initiating corrective actions to address any issues. This ongoing assessment allows project managers to make informed decisions to steer the project toward success.

The other options are specific to different project management functions. Quality Assurance focuses on ensuring that project processes and deliverables meet certain standards and are functioning as intended. Project Closure refers to the final phase of a project where all activities are completed, and the project is formally closed. Risk Management is the process of identifying, analyzing, and responding to project risks throughout the project lifecycle. Thus, Monitoring and Controlling stands out as the process directly related to the ongoing assessment and adjustment of project status.