This is exactly what I do. Not just in online projects but in any project that requires more of my time and is valuable to do systematically.
It also reminds me of a system that helps us achieve the same thing that I studied in MBA " PERT" Performance Evaluation Review Technique, I just hope I am writing it correctly.
But the basic theme was the same. Divide the work into different phases and then create an objective of each stage. Then Evaluate each stage based on the achievement of the project.
Anyways I think that should be enough from me for now