In terms of project management work flow and organization, the five word phrase refers specifically to the complete, thorough, and ultimately detailed process and endeavor of completing the organizational monitoring and eventual controlling of the sum total of the processes that and required to begin the planning, execution, and initiation of a given project by the project team leader and or the project team as a whole. It also can refer the specific act by the project manager, project team, or project team leader of monitoring and controlling the processes required to close the particular project while making sure during this process to adhere to and conform to the pre-disposed performance objectives that have been defined in the previously dictated and pre-defined project management plan and also potentially in the project scope statement. The act of monitoring and controlling project work is essential to maintaining an efficient and effective workflow throughout the process.
This term is defined in the 3rd and the 4th edition of the PMBOK.