The eighth chapter in the textbook takes a look at what goes into evaluating and terminating a project (Mantel 272-290). Evaluation and termination are the final stages of a project. Evaluation of a project looks at “the progress and performance relative to the project’s initial or revised plan” (Mantel 272). This should be done at the end of the project, but it is also important to evaluate the project throughout the project life cycle since it gives management the data needed for decision and control purposes (Mantel 273).
Different methods can be used in the evaluation; however, the major criteria used in evaluation should center on success factors like: efficiency, customer impact and satisfaction, business and direct success, and future potential (Mantel 273-274). The project should also be evaluated based upon the reasons why the project was selected in the first place, contributions to overall business goals, team member goals accomplished, and other factors that contributed to the strengths and weaknesses of the project. The true problem can lie in measuring the evaluation, especially when looking at earned values and expenditures. Therefore, it is important for the team to determine the measurement criteria before the project starts.
One type of evaluation is the project audit which goes beyond just a financial audit. Audits early in the project tend to focus on technical specifications, while the later audits look more at budget and schedule. The audit committee has to build trust with the project team since they might be leery of this review, especially since the audit team has access to all of the project records. The audit group works together to deve...
... middle of paper ...
...e an audit process on more routine projects since it will not be essential or cost-effective.
I would hope that most of our projects would be terminated-by-extinction after we have met all of the specifications within the budget and schedule. I will make sure that the PM is someone who can take the project to success by working with efficiency and ensuring customer satisfaction. He or she must also put together a project final report to account for his or her opinion of the project performance. I would like to make sure that we use the lessons learned to help our team become more effective and efficient for the next project.
Mantel, Samuel J., Jack R. Meredith, Scott M. Shafer, and Margaret M. Sutton. "Chapter 8 – Evaluating and Terminating the Project." Project Management in Practice. 4th ed. Hoboken, NJ: J. Wiley & Sons, 2011. 272-290. Print.
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