Project Management in PracticeOutline:Evaluation CriteriaProject AuditingTiming of Project AuditsAudit ContentsExample Audit PhasesWhen to Terminate a ProjectProject Termination ProcessTypes of Project TerminationProject Termination ActivitiesProject Final ReportSome Final ThoughtsProject Termination ExerciseProject Management in Practice8-1Evaluating and Terminating the ProjectOutline:8-2 Evaluating Project auditsTermination activities Project final reportEvaluation Criteria1. Senior management issues2. Original criteria for selecting and funding project3. Success to date4. Business/Direct Success5. Future Potential6. Contribution to Organization’s Goals7. Contribution to Team Member Objectives8. Risk8-3Project Auditing8-4Project audits are a formal means of evaluating a project’s performanceThe primary purpose is to give feedback to senior management (and/or the customer) for decision and control purposesA secondary purpose is to improve the way projects are managedTiming of Project Audits8-5An audit early in the project can be helpful to team members, can correct problems early, and can help redirect effortsAn audit late in the project is more for senior management; focus on budget & scheduleA post-project audit can be helpful in improving management of future projects (lessons learned)Audit Contents8-6•Introduction—project goals/objectives•Current Status—budget, schedule, deliverables•Future Project Status—recommend any changes to budget/schedule/approach•Critical Management Issues—need management’s attention•Risk Analysis & Risk Management•Final Comments—caveats, assumptions, limitations, info applicable to other projectsExample Audit Phases8-7Success Criteria &Questionnaire DevelopmentSuccess Criteria &Questionnaire DevelopmentIn-DepthResearchIn-DepthResearchReport DevelopmentReport DevelopmentWhen to Terminate a Project8-8When the project has met its goals/objectivesAs soon as it is clear that technical or commercial failure is imminent (examples ?)If resources are needed elsewhereOther reasons?Project Termination Process8-9Who should make the termination decision?Who should carry out the termination activities?What happens to project team members after the termination decision is made?Types of Project Termination8-10Extinction: Stop the project immediatelyIntegration: Project results are integrated into the existing organizational unitsAddition: Project is institutionalized as a new part of the organization (new product line or new division)Starvation: Gradually reduce resources so that project dies slowly but surely (it fades out of sight)Project Termination Activities8-11Close out any work ordersEnsure that any project follow-up support is provided for (training, maintenance, etc.)Get delivery acceptance from customerRelease resources to other usesReassign project team membersOversee customer/contractor financial paymentsEnsure that documentation is completeEvaluate project team and project managerProject Final Report8-12History of the projectUsually written by PMIt should address:–project performance–administrative performance–organizational structure–project teamwork–project management techniquesSome Final Thoughts8-13Project managers who are effective canImprove the likelihood of project successSave their company moneyComplete the project fasterFacilitate a more satisfying experience for the customerReduce stress levels within the companyBetter contribute to the professional development of team members and to their own professional worthProject Termination Exercise8-14BestTech ComLink case (25 minutes)Divide into small groupsRead caseDiscuss issues and answer 2 questions:–Should the project have been terminated? When?–What should the company do differently so that this situation does not happen