It's all down to communications
The trouble with the formal approaches is that they tend to focus attention on completion of paperwork - progress reports, red / amber / green "flags" and the like - which diverts the PM's time & attention away from actually understanding what the reportees are actually doing. If the PM can't or won't interpret just what he / she's being told against the cold light of reality then the project will fail, no matter how many interim targets are allegedly met.
If the PM actually understands what he / she's being told - irrespective of formal targets - then it's much more likely the project will proceed to successful completion. The formal approaches only work when they are used as an aide where appropriate, & not an end in themselves.