Please could you provide some feedback on the following question.
1. Part a, explain importance of project reviews.
The project involves many stakeholders in stages from are beginning to end with multiple people involved, and many different work packages and activities being planned and delivered at any one time, a project manager will benefit from project reviews to ensure the project is performing adequately. Project Reviews allow natural points within the project life cycle whereby progress is reviewed, shared, and if necessary acted upon. Project reviews often compare progress against the baseline; what was agreed at the start of project in terms of time, costs, quality parameters, as well the risks and benefits. Reviews allow an opportunity for stakeholders to come together and discuss any deviation from the plan. Where Deviation exists, corrective action can be agreed and implemented. Without project reviews, the PM would lack a clear understanding of the progress, stakeholders would lack assurance in the performance, the team maybe working blindly in the wrong direction and the sponsor may be unaware of risks and issues to the benefits. Reviews also provide opportunity to challenge constructively to achieve better outcomes, while also often acting as a go/no go decision points whereby a project can be terminated if confidence is lost and there is no possibility to bring it back on track.
Part b, list and describe four different types of review that maybe carried out during a project and their main purposes
1. Benefits Realisation Review
Benefits Realisation Review occur after the project has gone through Handover and closure. The sponsor would normally host the review, bringing together key stakeholders to assess the benefits and determine whether they have been achieved to the level agreed at the outset. Any deviations are noted and the review could include time to discuss how to improve any benefits which may not have been fully achieved.
2. Post Project Review
Post Project Review occurs in the final stage of the project to review the success of a project from two perspectives. First, whether the project achieve the success criteria e.g. was are delivered on time, to budget and desired quality. Second whether the project delivered what it was meant to e.g. the deliverables products and benefits. The review will collate what went well and what could be improved so that lessons can be shared and throughout the organization.
3. Stage reviews
Stage reviews typically occur in the development phase of the project lifecycle. They are conducted to monitor progress against the baseline plan, and any deviations were discussed and corrective action agreed. Progress will be tracked using key performance indicators to provide a view of where the project is in terms of delivery and speed.
4. Gate reviews
Gate reviews are held at the end of each stage of the project life cycle; concept, definition, development. They provide a natural pausing point where stakeholders, including the sponsor, review the project performance and objectives to agree whether the project should progress to the next stage. Clearly identifying a failing project early on and terminating it if required, will save money and resources than if you’re allowed to continue and fail later.