What is a Project Audit?
The audit is a formal review that seeks to evaluate project management based on specific criteria. Typically, the audit results in a written report that documents both strengths (pros) and weaknesses (cons), as well as suggested next steps. Audits can take two alternate points of view: project management as a process or an individual project.
Why Do an Audit?
The audit can be extremely valuable for identifying root causes of lagging project performance or setting the stage for future project management improvements.
Clients oftentimes choose to seek the assistance of third-party experts because they want a neutral perspective that can avoid internal politics and remain impartial.
When is the Best Time for an Audit?
Audits can be performed during a project or after a project has concluded. The audit may evaluate the quality and credibility of existing project artifacts as a single standalone event or, alternatively as a periodic review of project data to assess how the organization is closing performance gaps or eliminating barriers to progress.
What Results Can Be Expected?
When conducting a project audit, you are going through a discovery process of what is going well versus what may need to be improved upon. By finding this information, you can inherit a range of benefits beyond a single project’s success.
These benefits include:
(1) Improved project performance
(2) Improved return on investment
(3) Improved planning principles
(4) Increased stakeholder focus & engagement
(5) Improved project decision making
(6) Better teamwork & communication
(7) Positive effects on future/ancillary projects
The audit is beneficial towards finding gaps in best practices or root causes associated project planning errors. Alternatively, the audit may discover standards that should be incorporated into all project artifacts.
Audits can be used in two ways. First, it can serve as a way to identify improvement opportunities gained from curated recommendations from industry experts. Secondly, it can be used to help a company make a switch to a new project management methodology by highlighting current shortfalls affecting their projects.
What is the Audit Process?
When determining the effectiveness of current project artifacts, four main categories are often considered. These include: (1) risks or aspects negatively associated with the artifacts provided, (2) quality and accuracy of artifacts provided, (3) Positive adherence to best practices, (4) learning opportunities for future improvements. Throughout the analysis, artifacts will be evaluated on several criteria, which include clarity, accuracy, comprehensiveness, organization, structure, grammar, format, quality, professionalism and insightfulness.
What is the Outcome of the Audit?
The outcome of a project audit will vary depending on the time parameters (single point in time vs period in time) and the type of data provided (project schedules, reports, presentations, dashboards, etc.). At the conclusion of the audit, PMAlliance will summarize our findings with a formal written analysis of our observations gained from project artifacts including expert insight into both strengths and weaknesses, and provide a recommended action plan for achieving future state improvements. These written findings will be supplemented with a PowerPoint presentation to executive stakeholders for additional context.
At PMAlliance we want you to feel informed and empowered during the progression of your project so there are no surprises. We have outlined and summarized what each of your unique phases will involve.
PMAlliance will provide consulting services, as required, to complete the project . In order to complete a thorough audit, PMAlliance will:
- Customize an email (sent by the Sponsor) to the appropriate managers, team members and stakeholders advising participants of the upcoming audit process, anticipated involvement, expectations and timing.
- Consolidate the list of artifacts to be reviewed and who is the current owner of each artifact.
- Collect all appropriate artifacts from the identified owners.
- Review existing artifacts, identify gaps in data requiring follow-up, evaluate and consolidate results into common themes.
- Document findings, develop final report and presentation of final results.
- Present results to executive stakeholder
During the Assessment Phase, client representatives are expected to provide input, direction and documentation in a timely manner.
