Project monitoring activities are fundamental to assure a timely identification of unacceptable deviations from the baseline, so that corrective actions may be taken to bring the project back in line with its objectives. In regard to this, the most used approach is the Earned Value Management (EVM) technique whose traditional metrics do not allow to discriminate between acceptable and unacceptable performance variations. With this recognition, a statistical approach based on the use of dynamic Shewhart’s and CUmulative SUM (CUSUM) control charts is proposed in the present paper to deal with the project monitoring problem. Its efficaciousness is demonstrated by its application to a set of real projects.