Project and Portfolio Management - Assignment

Added on -2020-11-30

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EBUS614: Project and Portfolio Management in 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) of any aspect of the projectThey are conducted throughout the project’s lifecycle and are used to compare 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 for current 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 problems earlierImprove project performanceProvide more accurate information on project progress to customerIdentify opportunities for future innovationsIncrease organisation’s commitment to projectImprove risk management processesIdentify mistakes – eliminate them in futureEvaluate organisation’s project management maturityReduce costs of running projects
Indirect Benefits of Audits6Increased understanding of how project adds value to organisationIncreased project management maturityCreate a collegial environmentIdentify potential future senior managersIdentify organisation’s strengths and weaknessesImprove the impact projects have on team members’ careers
The Audit ReportThe audit can focus on the project as a whole, or a specific aspect of the projectThere is no standard format, so organisations usually create their own template which is used 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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