Question

How can projects be terminated? Share a practical example.

What is project closure? How many different ways can projects be closed?

What is a project audit? Why is it important?  What are the benefits of audits in projects? and What are the components of a project audit?. Feel free to pick any dimension about this question and share your perspectives.

Answer 1

Answer:-

A project can be said to be terminated when work on the substance of the project has ceased or slowed to the point that further progress is no longer possible. There are four fundamentally different ways to close out a project: extinction, addition, integration, and starvation

Termination by Extinction:-

The project may end because it has been successful and achieved its goals. The project may also be stopped because it is unsuccessful or has been superseded. A special case of termination by extinction is “termination by murder” which can range from political assassination to the accidental projectile. Two important characteristics of termination by murder are the suddenness of project demise and the lack of obvious signals that death is imminent. When a decision is made to terminate a project by extinction, the most noticeable event is that all activity on the substance of the project ceases

Termination by Addition:-

If a project is a major success, it may be terminated by institutionalizing it as a formal part of the parent organization. Project personnel, property, and equipment are often simply transferred from the dying project to the newly born division. The transition from project to division demands a superior level of political sensitivity for successful accomplishment

Termination by Integration:-

This method of terminating projects is the most common way of dealing with successful projects, and the most complex. The property, equipment, material, personnel, and functions of the project are distributed among the existing elements of the parent organization

Answer:- The Project Closure Phase is the fourth and last phase in the project life cycle. In this phase, you will formally close your project and then report its overall level of success to your sponsor. Project Closure involves handing over the deliverables to your customer, passing the documentation to the business, canceling supplier contracts, releasing staff and equipment, and informing stakeholders of the closure of the project. After the project has been closed, a Post Implementation Review is completed to determine the success of the project and identify the lessons learned

Answer:- The primary purpose of a project audit is to find the reasons for uncomfortable symptoms in the project, and answer questions posed by the sponsor or senior manager. These might include:

Am I being told the truth about the current state of the project?

Is the project going to deliver something that meets my requirements?

Is the technical approach being used appropriate?

Should I believe the project plan?

Is the project organised appropriately, and are the project processes being followed optimal?

Is the project following industry best practices?

What should be changed to improve things?

The output of a project audit should be answers to these questions, giving practical and specific advice on fixing any problems uncovered, and guidance on improving efficiency for the future.

Project Audit Components

• A review of why the project was selected

.• A reassessment of the project’s role in the organization’s priorities

.• A check on the organizational culture to ensure it facilitates the type of project being implemented.

• An assessment of how well the project team is functioning well and if its is appropriately staffed.

• A check on external factors that might change where the project is heading or its importance.

• A review of all factors relevant to the project and to manage future projects