Page 156 - DMGT302_FUNDAMENTALS_OF_PROJECT_MANAGEMENT

Unit 9: Evaluation and Termination

3. It keeps a check on the personal biases and acts an a moral booking of the project team Notes
included.
4. If clearly points out the schedule attainment and project efficiency.
5. If provides information for future capital expenditure decision and to take connective
actions whenever estimates have gone pray.
It means the team happy than the management recognizes the importance of independent
decision.

Self Assessment

Fill in the blanks:
1. Sports teams that practice without reviewing ....................... may get really good at playing
very badly.
2. If your ....................... on the other hand, has good cost control, it can charge smaller margins
and still be sure that it recovers its investment and makes money.
3. ....................... is a review process.

4. The audit replies provide a method of evaluating ....................... and non- financial impact
of the project.
5. The audit also has a ....................... impact on the individuals proposal capital investments.
6. All other ....................... systems normally focus on their own achievements rather then
point out their differences/weaknesses.

9.4 Project Termination

At the end of the execution phase, all required deliverables will have been constructed and
accepted by the customer as complete. The project should have achieved the objectives and
delivered the business benefits described in the business case. The project can be formally closed
by undertaking the activities outlined in Figure 9.1. It is no real surprise that most projects
simply close their doors at this point. They release their resources and move on to other projects
or business initiatives. In doing this, there is no formal review to determine whether the project
actually achieved the objectives and business benefits stated in the business case. There is no
clear indication of whether the project was a complete success or a marked failure.

In the author’s experience, more than 90 per cent of projects undertaken fail to independently
review the level of success after completion. The reason is simply that it takes time and additional
budget to formally close the project and review its level of success. Also, many project managers
are averse to having their project reviewed by an external party to the project. This combined
with the business expense incurred in seeking an independent review leads many businesses to
overlook this phase and spend their budget on initiating other new project activities. If you can
find the time and budget to complete this phase in its entirety, you will not only ensure that
your project is closed quickly and efficiently, but you will also gain the learning needed to
ensure that your next project is even more successful than the last.

Figure 9.1: Project Closure Activities

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