What is the main parameters you have to check and review daily to indicate that your project is on the right track or not ?

Through controlling process,time management and planning .

 Thropugh ongoing monitoring and supervision of the completeproject

EVM.

To make sure that the work is going in the right direction according to plan it should be the plan itself gives a measure of the performance of the index to achieve the feat ratios and periodic review meetings in charge of the administration team work

Actual vs. planned and project performance criteria.

You can do this in a combination of;

1/ Post-award administration of Contracts to ensure that Contract deliverables are

     fulfilled by the Contractor pursuant to contract terms and conditions.

2/ Through progress meetings and regular comparison of actual cost against planned

     cost and to complete work, known as Earned Value Analysis (EVA).

production versus time 

If u have a plan it's easy to monitor milestone activities ,but in90 % of the organization planning is not having any field experiance so as PM you need to know activity sequence better than your planner:)

I think that inspect and review health procedures for the functioning of the project is to review the project plans and agenda and record daily tasks.

the more important parameters are, cost and time, depending on the total profit we must set the priorities either to time or cost 

time schedule