An Overview of Evaluating and Terminating a Project
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 develop a constructive audit report that contains: an introduction, current status, future project status, critical management issues, risk analysis and risk management, and final comments. Overall, the audit report is a professional document focused on finding differences between the plan and current status.
Project termination will eventually happen in any project but the manner of doing so may differ. There are four main types of project termination: extinction, addition, integration, and starvation. Projects are usually terminated based how they are meeting goals and objectives and predetermined factors of success or failure. An increase of project failure can be due to: not needing a project for task completion, lacking support from management, having an inexperienced project manager, and poor planning. Making the call to terminate a project can be very complicated for management and sometimes decisions cannot be based strictly upon facts.
The termination process is similar to a project since a termination manager is named in place of the project manager. The project manager should pave the way to ease the job of the termination manager as project closeout should be documented in the planning phase. Dealing...