Project Audit

The project audit starts with the appointment of an auditor and audit team. The auditor is typically another project manager who assumes the role of auditor with some experience in project planning and control.

The audit, unlike the lessons learned session, is focused on an independent gathering of information and documents from the project, and reviewing them against the goals and objectives of the project and best practice criteria. This involves the question, "did the project produce what it intended to produce, and how effectively and efficiently?"

The project audit focuses on key aspects of the project, as follows:

■ Business planning: Were the risks that actually occurred, and that impacted the project, identified adequately in the early business planning process?

■ Follow-up response: Were those same risks monitored and controlled?

■ Organizationwide culture: Did top management support effective risk management as part of the project cycle?

■ Project team: Did the project team members perform their roles as "risk managers" during the process and integrate risk into their daily work?

■ Risk identification, assessment, and response: Was a systematic process used to identify, assess, and respond to risks?

■ Key processes, decisions, and milestones: Were key risk-related processes, e.g., testing and reliability, quality assurance and control, decision trees, and product development integration milestones, actually followed?

■ Resources: Did the project experience resource constraints, and were the constraints managed with buffers?

■ Safety and reliability: Were the correct tests and reliability processes in place?

■ Risk-based scheduling: Were project schedules adjusted using risk inputs and using the MS Project PERT analysis tool?

■ Monitoring: Were risks followed in the project process and decisions made on risk mitigation and contingency that reduced risk?

The question of efficiency is reviewed through earned value and cost variance calculations. The issues would be, "did the project stay consistent with the schedule and budget; did the project manager make adequate adjustments based on variations from risk events; and did the project make its quality, schedule, and budget goals?"

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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