5 Ways Project Audits Improve Project Performance
To succeed, every organisation needs to put in efforts in sustaining, growing and constantly innovate its business activities and directions. Project management thus serve as an ideological framework and implementation mechanism for administering and controlling various investment initiatives in the form of projects. However, only well-managed and controlled projects will provide the organisation with significant opportunities to create value.
Project audits aim to meet the objectives to ensure success of a project. The ultimate goal of a project audit is to ensure that the project is meeting project management standards through investigations and evaluations. The following are five main objectives of a project audit:
- Assure Quality of Products and Services
A project audit assures that all the different phases of the project life cycle are in order and deliverables are kept within the budgeted timeline and resources. For example, a project audit identifies potential problems and risks. The project manager can then address problems and make decisions whether the project should continue.
- Assure Quality of Project Management
A project audit ensures the methodologies used for project management are according to the standards set by the organisation’s policies, processes and procedures. It helps to manage risks as any gaps identified are removed and the overall project performance is improved.
- Identify Business Risk
Business risks related to budget, time, scope and quality are identified through project audits. The project audit evaluates the feasibility of the project in terms of affordability and returns by providing transparency to the project status and performance by evaluating the cost, time and resources. It does a check-and-balance approach when it comes to scrutinizing the budget by reviewing data that includes estimated and actual costs as well as target completion costs. It reports to the company its findings and provides an outlook of the budget. It reports the business risks to help the company decide whether to proceed with the project or not.
- Enhance Project Performance
Auditing the various phases in the project life cycle can help improve performance of the project team. This is done through improved allocation of resources and budget, risks are managed through corrective and preventive measures, and potential problems are identified early. All these factors eventually lead to a successful project outcome.
- Review the Competency of the Project Management Team
As assessments and review of the project teama re included in the project audit, this presents an opportunity for the team’s performance to be assessed. Through reviews and feedbacks on the team’s performance, members are able to learning through their mistakes while improving their skillsets.
Auditing Project Performance & Controlling Projects 2018 is a 3-day training course held on 5 – 7 November 2018 (Kuala Lumpur) , 12 – 14 November 2018 (Bangkok) where delegates will receive hands-on training and experience, practicing the art of auditing your project against the project requirements documents, risk management plans, and budget estimates. You’ll learn the best in industry practices used to measure the triple constraints of project management and risk that ensure success and you’ll master techniques for estimating and forecasting future performance of your project. For more information, please contact us at info@opuskinetic.com.
Interested to read other related articles? Check out: Understanding The Impacts Of Poor Risk Management On Project Performance
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