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Project and Portfolio Management - Assignment

Added on - 30 Nov 2020

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EBUS614: Project and Portfolio Managementin OrganisationsLecture 9 – Project ClosureDr Fotios Misopoulos and Dr Matthew Tickle
What we will discuss today1.Project Auditing2.Project Closure2
Project AuditingAn audit is a formal review (or evaluation) ofany aspectof the projectThey are conductedthroughoutthe project’s lifecycle and are used tocompare progress and performance of the project against a set standardThis can be either:Progress and performance against plan, orProgress and performance against other similar projectsAll aspects of the project are evaluatedThe strengths and weaknesses are identified, and recommendations forcurrent and future projects are made3
How do we Evaluate a project?We can evaluate how “successful” a project is based on:1.It’s efficiency at meeting the budget and schedule2.It’s impact on customer satisfaction3.It’s impact on business success4.It’s future potential5.It’s impact on organisational goals and strategy4
Direct Benefits of Audits5Identify problemsearlierImprove projectperformanceProvide more accurateinformation on projectprogress to customerIdentify opportunitiesfor future innovationsIncreaseorganisation’scommitment toprojectImprove riskmanagementprocessesIdentify mistakes –eliminate them infutureEvaluateorganisation’s projectmanagement maturityReduce costs ofrunning projects
Indirect Benefits of Audits6Increasedunderstanding of howproject adds value toorganisationIncreased projectmanagement maturityCreate a collegialenvironmentIdentify potentialfuture seniormanagersIdentify organisation’sstrengths andweaknessesImprove the impactprojects have on teammembers’ careers
The Audit ReportThe audit can focus on the projectas awhole, ora specific aspectof the projectThere is no standard format, so organisationsusually create their own template which isused for all projects7
The Format of a typical Audit Report1.Introduction2.Current Project StatusCost, Schedule, Scope, and Quality3.Future Project Status4.Critical Management Issues5.Risk Assessment6.Limitations and Assumptions8
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