Rather than constantly interrupting the project team with status meetings and gate meetings, it is more efficient to establish boundaries for project team activities. Boundaries can include target costs, scheduled milestones, budgets and performance targets. If there are any exceptions, than it is up to the project team to report them, so for example if there is a slip in the schedule.
The main point is that you can virtually eliminate routine status reporting to senior management, and only meet when the project drifts outside of acceptable (predetermined) limits.
Our clients have experienced a great deal of efficiency with management by exception, and we highly recommend this practice.
