Tracking progress is important if you want to ensure that you are on the right path. For example, let's suppose that you've set a goal to lose 30 pounds in the next 3 months. You would subsequently create an action plan which involves regular exercising and a balanced diet. Now would you check your weight every week or only after the 3 month period? No, of course not! You'd check your weight each week to be sure your process is working. Why wait 3 months to figure out that your plan is flawed?
Another advantage of tracking is that generates a feeling of self-satisfaction, or quick gratification. This is important because that further motivates you to work harder to reach your targets. Jerry Seinfeld's method of tracking is a great example of this: Don't break the chain!
When you have a lot of goals, tracking progress might become difficult. Here are some cool tools which aim to make this job easier for you.