If the captain of the ship loses control of the ship, the ship is bound to sink. Similarly, if a project manager is not in control of either of the four key factors, namely, the schedule, cost, scope and quality , the results would be failure for all stakeholders.
Project managers should know what the status of each of these is and exercise all necessary control of steering each in the right direction.
Some of the critical tasks required to be done by project managers are:

Controlling changes

Monitoring - Continuous monitoring of the performance of the project against the accepted performance baseline means controlling scope, cost, schedule and quality against the baselines.

From India , Mumbai
hello !
i am new entrant and hoping to contribute positively in network.
project management requires skill set to know everyday changes affecting the project goal. One should be agile in taking quick decisions to keep things moving and keep assembling blocks tillthe whole project is complete. As project manager one should delegate without loosing sight of end goal and hence monitoring is required.
have great day

From India , Surat

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