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Chapter 8

CGMS450- Chapter 8- Evaluating and Terminating the Project.docx

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Ryerson University
Global Management Studies
GMS 450
Stan Katz

CGMS – Chapter 8 – Evaluating and Terminating the Project 8.1 Evaluation  “Evaluate” means to set value of or appraise  A project evaluation appraises the progress and performance relative to the project’s initial or revised plan  Appraises the project against the goals and objectives set for it during the selection process  Should not be limited simply to an after-the-fact analysis  Primary purpose of evaluation is to give feedback to senior management for control and decision purposes – must be credible  The use of postproject evaluation to help the organization improve its project management skills on future project means that considerable attention must be given to managing the process of project management Evaluation Criteria Dimensions 1. Efficiency in meeting the budget and schedule 2. Customer impact/satisfaction  Meeting the formal technical and operational specifications of the project  Fulfilling customer’s needs 3. Business/direct success  For external projects  Level of commercial success and market share  For internal  Improved yields or reduced throughput time 4. Future potential  Establishing a presence in a new market, developing a new technology and such  For non-routine projects, two criteria should be considered: the projects contribution to the organization’s unstated goals and objectives, and the project’s contributions to the objectives of project team members Measurements  If the project selection process focuses on profits, the evaluation usually includes determination of profits and costs and often assigns these among the several groups working on the project  When a multivariate model has been used for project selection, measurements may raise more difficult problems  Measuring the project’s success on budget, schedule and performance is easier than measuring revenues or qualitative, subjective factors 8.2 Project Auditing  The project audit is not a financial audit, but far boarder in scope and may deal with the whole or any part of the project The Audit Process  Later audits tend to focus more on budget and schedule because most of the technical issues are resolved at this time CGMS – Chapter 8 – Evaluating and Terminating the Project  Performed at levels  Level 1: General Audit – constrained by time and cost and limited to a brief investigation of project essentials  Level 2: Detailed Audit – often initiated if the general audit finds something that needs further investigation  Level 3: Technical Audit – performed by a person or team with professional technical skills Typical Steps in a project audit are: 1. Familiarize the audit with the requirements of the project of the project, including its basis for selection and any special charges by upper management 2. Audit the project on-site 3. Write up the audit report in the required format 4. Distribute the report  Special attention needs to be given to the behavioral aspects of the audit  The audit team needs to understand the politics pf the project team, the interpersonal relationships of the team members, and must deal with this confidential knowledge respectfully The Audit Report  The audit report should ne written with a “constructive” tone or project morale may suffer to the point of endangering the project  The report information should be arranged so as to facilitate the comparison between planned and actual results  At minimum, the following information should be contained in the report: 1. Introduction: A brief description of the project that includes the project’s direct goals and objectives 2. Current status: This compares the work actually completed to the project plan along several measures of performance 3. Future project status: The auditor’s conclusions regarding project progress and recommendations for changes in techni
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