Reference Larson, E. Project oversight helps our organization due to it enables us to look at the current processes we have in place and how there implement. Once the assessment of the oversight is completed we have changes via process or procedures, or cost along with scheduling.
Like your mom looking over everything you do and scrutinizing your process or behavior with corrective actions. Which will result in better cost, scheduling, vendor interaction and a better process flow chart. Project management occurs at the beginning of the project, since this is the planning and organizing stage, as mentioned earlier.
Project management continues as the tasks are being done towards the completion of such a project, and overlaps with project oversight along the way.
Project oversight occurs after a project is begun and is the checker of the processes and progress of such a project. What is its importance to your business? It not only looks at failures but also processes that work.
This is often considered a guide of sorts, to help a business stay on course with the projects that are being run.
Project oversight will give my organization opinions or factual information to streamline your process and improve its overall delivery. Project oversight, on the other hand, is considered a safeguard against a project not being completed on-budget, on-time, and within specified parameters for completion.