Project Audit & Evaluation
To assist our clients with the management of their systems, projects and businesses, we can supply accredited auditing professionals to undertake independent audits on their behalf.
Audits can be targeted to provide a structured review of the whole or part of a function or activity, with an objective of measuring conformance with predetermined standards, and identifying lessons learned in order to improve business performance and delivery.
Sample client audit requests have included risk mitigation, legislative mandate, as part of an organization’s standard internal procedures or simply when the sponsor/manager fears that the project is not going according to plan. As projects and organizations become larger and more complex, there is an increasing need for independent assessments of status and issues.
The results, findings and recommendations of audit reports can be drawn into an action plan, assisting the organization to accomplish its objectives by presenting a systematic and disciplined approach on evaluating and improving processes.
Benefits of a Project Audit
An independent third-party audit provides the following benefits:
- It gives a level of comfort to management by providing assurance.
- If the audit is done early enough in the project, recommendations can be implemented to improve project execution and reduce time and cost overruns.
- It provides a prioritized list of observations (findings) that need to be addressed. A project manager can be embedded in the project details and optimistically believe the project is in better shape than it is.
- The recommendations provide practical solutions based on root-cause analysis.
FSIB has instituted a methodology, where technical and ICT projects follow a methodology that includes a peer-review project audit. Benefits to organization include:
- Providing information with a known degree of uncertainty, – Reaching the final investment decision in stages, thus reducing risk.
- Reducing time and cost overruns during execution, mostly improving planning.
- Gathering valuable knowledge and experience (lesson learned).
We provide independent assessment and project recovery services, as well as project management quality assurance services. We can also train your staff on how to gather quality metrics to properly monitor projects. If you have a failed project and wish to move onto litigation, we can provide project forensics, expert testimony and litigation support services.
There are many reasons why a project can go awry, be it the wrong initial approach, poorly defined objectives, or inadequate execution. Unless remedial action is taken, there is the risk that these projects will not reach an acceptable conclusion for any participating party. Mott MacDonald undertakes project recovery commissions to help our clients realign their projects and bring them to a successful conclusion.
- Our approach normally involves a:
Comprehensive project review to identify existing problems, whilst anticipating and pre-empting potential threats
- Key issue identification and prioritization of issues, to identify actions, and target resources
- Project realignment with the needs of the business.
Value management seeks to confirm viability of the project and to improve its performance and outcome. Our aim is to reveal whether alternatives can be found to achieve the same function at a reduced cost, improved function at the same cost or improved functions at a reduced cost.
FSIB provides this service to clients undertaking projects and organisations delivering projects, including all phases of the value management cycle.
Pre-workshop phase ensuring all parties are well briefed and co-ordinated, and that the project team forms a coherent working relationship. During this phase, information to review is collated along with an appreciation of the project issues and constraints.
Workshop phase requires a team to conduct the value management study, instigated by the facilitators, concluding with a presentation of the proposals.
Post workshop phase, published preliminary workshop report, containing the detailed proposals, summaries and narratives of the outcome are reviewed, and the correct course of action, determined by the team.
Our value management services and products include;
- The provision of experienced facilitators who can lead and manage teams
- The selection of a team that properly represents the stakeholders of the project representatives
- Full commitment of the team to value management, particularly the client representatives
- The creation of an appropriate approach and time-table
- Effective function analysis and structured brainstorming sessions.