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Figure 7-1 Transition from lessons learned to audit.

Figure 7-1 Transition from lessons learned to audit.

In Figure 7-1, lessons learned is the first step. This is the process of bringing the new product team together for an informal discussion of what went wrong and what went right in the project, and what the impacts were. Then the team identifies where such lessons can be applied in the risk management process, and identifies possible institutional or organizational problems associated with the lessons learned. Potential audit issues are identified; then an audit is conducted on those issues top management would like to earmark for policy, system, or organizational change.

The value of a timely post-mortem "lessons learned" review lies in the capturing of insights of the project team members and stakeholders and documented information on the project cycle, fresh from "combat." The process is like a military debriefing in the sense that it is well focused and tries to capture the intensity of feeling and information all at once. The implications for successful risk management in future projects are major because it is in those insights about what did and did not work that the organization and management team gain valuable information on future project risks and opportunities.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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