PROJECT MANAGEMENT

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Executing

Executing process group processes
Executing consists of the processes used to complete the work defined in the project plan to accomplish the project's requirements. Execution process involves coordinating people and resources, as well as integrating and performing the activities of the project in accordance with the project management plan. The deliverables are produced as outputs from the processes performed as defined in the project management plan and other frameworks that might be applicable to the type of project at hand.

 

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Monitoring and controlling








Monitoring and controlling process group processes

Monitoring and controlling consists of those processes performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project. The key benefit is that project performance is observed and measured regularly to identify variances from the project management plan.

Monitoring and controlling includes:

Measuring the ongoing project activities ('where we are');

Monitoring the project variables (cost, effort, scope, etc.) against the project management plan and the project performance baseline (where we should be);

Identify corrective actions to address issues and risks properly (How can we get on track again);

Influencing the factors that could circumvent integrated change control so only approved changes are implemented.

In multi-phase projects, the monitoring and control process also provides feedback between project phases, in order to implement corrective or preventive actions to bring the project into compliance with the project management plan.

Project maintenance is an ongoing process, and it includes:

Continuing support of end-users

Correction of errors

Updates of the software over time





Monitoring and controlling cycle

In this stage, auditors should pay attention to how effectively and quickly user problems are resolved.

Over the course of any construction project, the work scope may change. Change is a normal and expected part of the construction process. Changes can be the result of necessary design modifications, differing site conditions, material availability, contractor-requested changes, value engineering and impacts from third parties, to name a few. Beyond executing the change in the field, the change normally needs to be documented to show what was actually constructed. This is referred to as change management. Hence, the owner usually requires a final record to show all changes or, more specifically, any change that modifies the tangible portions of the finished work. The record is made on the contract documents – usually, but not necessarily limited to, the design drawings. The end product of this effort is what the industry terms as-built drawings, or more simply, “as built.” The requirement for providing them is a norm in construction contracts.

When changes are introduced to the project, the viability of the project has to be re-assessed. It is important not to lose sight of the initial goals and targets of the projects. When the changes accumulate, the forecasted result may not justify the original proposed investment in the project.

 

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Closing

Closing process group processes.

Closing includes the formal acceptance of the project and the ending thereof. Administrative activities include the archiving of the files and documenting lessons learned.



Project close: Finalize all activities across all of the process groups to formally close the project or a project phase

Contract closure: Complete and settle each contract (including the resolution of any open items) and close each contract applicable to the project or project phase.

 

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Project controlling and project control systems



Project controlling should be established as an independent function in project management. It implements verification and controlling function during the processing of a project in order to reinforce the defined performance and formal goals. The tasks of project controlling are also:

the creation of infrastructure for the supply of the right information and its update

the establishment of a way to communicate disparities of project parameters

the development of project information technology based on an intranet or the determination of a project key performance index system (KPI)

divergence analyses and generation of proposals for potential project regulations

the establishment of methods to accomplish an appropriate the project structure, project workflow organization, project control and governance

creation of transparency among the project parameters

Fulfillment and implementation of these tasks can be achieved by applying specific methods and instruments of project controlling. The following methods of project controlling can be applied:

investment analysis

cost–benefit analyses

value benefit Analysis

expert surveys

simulation calculations

risk-profile analyses

surcharge calculations

milestone trend analysis

cost trend analysis

target/actual-comparison

Project control is that element of a project that keeps it on-track, on-time and within budget.Project control begins early in the project with planning and ends late in the project with post-implementation review, having a thorough involvement of each step in the process. Each project should be assessed for the appropriate level of control needed: too much control is too time consuming, too little control is very risky. If project control is not implemented correctly, the cost to the business should be clarified in terms of errors, fixes, and additional audit fees.

Control systems are needed for cost, risk, quality, communication, time, change, procurement, and human resources. In addition, auditors should consider how important the projects are to thefinancial statements, how reliant the stakeholders are on controls, and how many controls exist. Auditors should review the development process and procedures for how they are implemented. The process of development and the quality of the final product may also be assessed if needed or requested. A business may want the auditing firm to be involved throughout the process to catch problems earlier on so that they can be fixed more easily. An auditor can serve as a controls consultant as part of the development team or as an independent auditor as part of an audit.

Businesses sometimes use formal systems development processes. These help assure that systems are developed successfully. A formal process is more effective in creating strong controls, and auditors should review this process to confirm that it is well designed and is followed in practice. A good formal systems development plan outlines:

A strategy to align development with the organization’s broader objectives

Standards for new systems

Project management policies for timing and budgeting

Procedures describing the process

Evaluation of quality of change.