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Project Auditing & Terminatio n

Project Auditing & Terminatio n. Steps in Project Auditing. 1. What is the Value of a Project? Strengths and Weaknesses (Often at a Point in Time) 2. Identify Direct Goals 3. Identify Ancillary Goals 4. Conduct Audit 5. Generate Audit Report. Conducting the Audit (Step 4).

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Project Auditing & Terminatio n

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  1. Project Auditing & Termination

  2. Steps in Project Auditing 1. What is the Value of a Project? Strengths and Weaknesses (Often at a Point in Time) 2. Identify Direct Goals 3. Identify Ancillary Goals 4. Conduct Audit 5. Generate Audit Report

  3. Conducting the Audit (Step 4) • Current Status of Project • Future Status • Status of Crucial Tasks • Risk Assessment • Limitations of the Audit

  4. The Audit Report (Step 5) • Introduction • Current Status • Future Project Status • Critical Management Issues • Risk Analysis • Limitations, Assumptions

  5. Project Audit Life Cycle 1. Project Audit Initiation 2. Project Baseline Definition 3. Establishing an Audit Database 4. Preliminary Analysis of the Project 5. Audit Report Preparation 6. Project Audit Termination

  6. Effective Audits Require • Good Personnel in the Team • Free Access to Information • Access to Project Personnel • Freedom to Criticize

  7. Project Termination Breaking Up is Hard to Do … One Must Reassign • People – In the Case of Non-Recurring Projects, to Other Projects • Space – Often Difficult for People to Give Up • Equipment – Must Find New Uses or Sell (Can also Include Leftover Material)

  8. Types of Project Termination • Termination by Extinction • Termination by Addition • Termination by Integration • Termination by Starvation (Lack of Budget)

  9. When to Terminate? • Will Project Still Achieve Minimum Goals Set for It? If No, Terminate! If Yes, You Still Might Want to Combine Projects • Burton Dean Comments that Projects Should be Terminated When Probability of Commercial or Technical Failure is Sufficiently High • Problem: How Do You Measure Success/Failure?

  10. Success Factors (Pinto & Slevin) • Project Mission • Top-Management Support • Project Schedule/Plan • Client Consultation • Personnel • Technical Tasks • Client Acceptance • Monitoring and Feedback • Communication • Trouble-Shooting

  11. The Termination Decision • Does the Project Qualify Against Success Factors? Various Models Have Been Proposed that Input Factors and Output Desirability or Net Present Value – In Practice Decision is Largely Subjective • Does Project Meet Goals/Objectives Originally Set for It at Present Time? Problem is Time has Elapsed since Goals were Set – Is Current Expected Output/Outcome > Estimated Cost Required to Complete Project?

  12. Implementation of Termination • A Project in Itself • Need for Planning/Budgeting/Scheduling • Need to Resist “Stretch Out” • Termination Managers Can be Useful

  13. Final Reports 1. Project Performance 2. Administrative Performance 3. Organizational Structure 4. Project and Administrative Teams 5. Techniques of Project Management

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