At Element, we have found that the best method of managing a successful project is not to delegate all the project management to an outside body but to have an in-house project manager, but to use us as an external auditor of project progress, carrying out reviews at a sensible frequency so that your project stays on track.
What you want from Project Management is a regularly updated view of progress to date and a forward projection in terms of both time, resources and cost. Combine these and you should always understand the likelihood of over-runs in terms of costs or timescales and be able to make the necessary decisions in adequate time.
We use a cloud-based project management package which gives clients and contractors access to project information and ensures that all parties are fully involved as the project progresses. This cuts down on unnecessary site visits and ensures that all exchanges are focussed on actions and not information catchup.