Do you have confidence that your project will achieve its objectives and deliver the anticipated value and benefits? Are you confident that your project is really on track to deliver? Is there a shared understanding of what is to be achieved/what has been achieved so far? Is the overall project structure, monitoring and resourcing appropriate?
With today’s fast pace of change, globalisation of markets, regulatory requirements and increasing customer demands, project assurance is integral to project success. Sponsors and project teams need to make well informed decisions based on the real performance and direction of an initiative.
Think of project assurance as an impartial review or health check of your project. It is not just about ‘ticking off’ a checklist that certain documents have been produced. Effective assurance is objective and action-oriented for project success.
Ideally yes – there should be some form of independent review for any project. Assurance needs to be ‘fit for purpose’. A small-scale, low cost, low risk and non-complex project can benefit from a peer review whilst a complex, larger scale project may require more rigorous reviews. Think risk-based assurance – the greater the impact of project failure on the business, the more project assurance in some form is non-negotiable.
Yes, it is often all too easy to be swept up in those halcyon early days with the excitement of a new project – new challenges, the talk of what we can achieve, the benefits, the chance of working on something ‘new’.
And this is exactly where impartial assurance should commence. Setup your project for success from day 1 by ensuring that the project will satisfy a real customer/business need, has buy-in and commitment of the right people. Do you have total confidence that:
A project and its environment is not static. Expectations change, new stakeholders are involved, and external events can impact and challenge project success.
Project Assurance should be proactive throughout the life of a project, including:
We have all heard of those horrendous projects which never seem to end and where often ‘good’ money is thrown after ‘bad’ just because we have already invested so much.
At any time in a project, as a result of an assurance review or health check, there may be a recommendation to stop the project and prematurely close it out. This could be for a myriad of reasons from the project has actually achieved ‘enough’ and to continue would not be justifiable, to changes in the operational environment or strategic direction.
Assurance reviews during project closeout (premature or nature) typically focus on:
Independent and experienced project assurance, incorporating proactive consultative advice and constructive recommendations can be invaluable in providing insights as to whether a project is focusing on the ‘right things’ and is on track to achieve value.
We are keen to hear your thoughts on project assurance and what it can / does mean for your business? For more information on our Project Assurance services click here or call us on +65 6818 5771.