PMBOK 3 definition as follows.
The Monitoring & Controlling process group is where project performance measurements are taken, analysed and determine the project progress is align with the project plan. This will assist to identify the issues & problems and take corrective actions to meet the project objectives. While taking corrective actions, the PM may re-visit to the earlier process groups such as planning, executing.
Objectives
The objectives of the Monitoring & Controlling the Project domain are as follows:
1. Measure Project Performance.
2. Verify and Manage Changes to the Project
3. Ensure Project Deliverables Conform to Quality Standards
4. Monitor all Risks
Knowledge Areas & Processes


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