Which process involves monitoring the status of the project and making necessary adjustments?

The process that involves monitoring the status of the project and making necessary adjustments is known as "Monitor and Control Project Work." This process is fundamental in project management as it encompasses the continuous oversight of project execution to ensure that objectives are being met and that any deviations from the project plan are promptly addressed.

During this process, project managers assess project performance against the established plan, using metrics and KPIs to determine whether the project is on track. If discrepancies arise, adjustments can be made, such as reallocating resources, revising timelines, or implementing corrective actions to bring the project back in line with its goals. Thus, "Monitor and Control Project Work" serves as a comprehensive approach to maintaining control over the project's trajectory, ensuring alignment with stakeholder expectations and organizational objectives.

The other options focus on specific aspects of project management that are important, but they do not encompass the broader scope of ongoing project oversight and adjustment. For instance, "Control Costs" deals specifically with managing the budget, while "Perform Integrated Change Control" is about managing changes to the project scope, schedule, and resources, and "Plan Quality Management" focuses on quality planning rather than ongoing monitoring.