To manage Poor Monitoring and Reporting in project management, you can implement the following best practices:

1. **Regular Budget Reviews**: Schedule frequent budget review meetings to discuss expenses, forecasts, and variances in order to catch issues early.
2. **Use Project Management Tools**: Utilize software that can help track expenses, progress, and resource allocation in real-time, allowing for more accurate reporting.
3. **Establish Clear Metrics**: Define key performance indicators (KPIs) that are directly linked to budget performance, enabling better visibility into financial health.