OPMA 5364 Project Management Part 8 Project Wrap-Up

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up2 Topic Outline: Project Wrap-Up Project audits Project final report When and how to terminate a project Termination activities Project Termination exercise Final comments

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up3 Project Audits 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 managed

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up4 Timing of Project Audits 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)

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up5 Audit Report Must be objective and credible Should be written in a constructive tone Should facilitate comparison between planned and actual results/performance Should be concise Should be written in a clear, professional, unemotional style

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up6 Audit Report Should Contain: 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 projects

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up7 Project Final Report History of the project Usually written by PM It should address: –project performance –administrative performance –organizational structure –confidential assessment of team members –project management techniques

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up8 When to Terminate a Project 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?

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up9 How to Terminate a Project 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)

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up10 Termination Activities 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 manager

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up11 The Termination Process 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? –Extinction, integration, addition, starvation

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up12 Project Termination Exercise BestTech 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 again?

Copyright 2004, Dr. Greg FrazierPart 8 - Project Wrap-Up13 Final Comments Project 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 worth