REMAINING TOPICS

UNIT NO. 04
 PROJECT REVIEW AND ADMINISTRATIVE
ASPECTS
 We discussed the planning and implementation phases in our earlier
classes, but that is surely not enough to be able to effectively complete
the project.
 Here is when Project review comes into the picture. Project review is,
therefore, the assessment of the status of the project at a given stage.
 This is a very important aspect of project management as it helps us
know what is the progress in the project, are there any difficulties in
executing the project and if there are any issues then what should be
done to solve them.
 So in this class, we will study the  Project Review and
its Administrative aspects and through this, we will learn about the
importance of project review in the successful completion of a project.
 After the project is commenced the next step is to ensure that the
project gets completed by achieving the desired objectives. But
sometimes things go wrong when we try to implement them.
 So it becomes very important to control and monitor the
projects especially in the implementation stage. Another reason for
this control is the amount of cost involved with the projects. 
 So one way of doing this is the control of in-progress projects.
Therefore it refers to the assessment and monitoring of the
projects which are currently in progress. It helps to implement any
changes to be done at an early stage so that if something goes wrong
it can be treated well in time.
There are two aspects of control of in-progress
projects-

1) Establishing procedures for internal control: it refers to setting

up certain procedures through which we can keep control of the ongoing
project internally. It may be done through assigning a dedicated
supervisor for this or can be done by investing in technology related to
this.
2) Regular progress reports: regular progress reports may be
maintained so as to judge the daily progress of the project. This
progress report can also be used to track the planned performance with
the actual performance. This will help the company know about areas
where we may be lacking. 
PROJECT CLOSE OUT
 Project close-out should be anticipated and planned as early as possible in
the project lifecycle even though it is often the last major process of a project's life. At a
high-level, the key elements of project close-out are: Verify acceptance of
final project deliverables.
 7 steps to closing a project
1. Formally transfer all deliverables. The first step to closing out your project is to finalize
and transfer the project deliverables to the client.
2. Confirm project completion
3. Review all contracts and documentation
4. Release resources
5. Conduct a post-mortem
6. Archive documentation
7. Celebrate.
PROJECT TERMINATION

 Project termination (or close-out) is the last stage of managing the project, and occurs after
the implementation phase has ended. Acceptance testing has been carried out, and
the project deliverables have been handed over to the client.
 Varieties of project termination: There are four fundamentally different ways to close out a
project extinction, addition, integration, and starvation.
 Here are the red flags you should watch out for:-
• Expensive or does not meet company's goal. Make an estimate of the total cost of
the project in the planning stage itself
• Your competitors are doing a better job
• Project gets out of control
• Important or priority project comes up
• Failure in testing process.
PROJECT FOLLOW UP

 Follow-up is defined as “the monitoring and evaluation of the impacts of

a project or plan for management of, and communication about the
performance of that project or plan”. Follow-up as spin-off projects:
a project that exploits or builds on earlier work or that repeats something that
has already been done.
 Developed by the Project Management Institute (PMI), the five phases
of project management include conception and initiation, planning, execution,
performance/monitoring, and project close.
THE POST AUDIT
As the name suggests the post-completion audit, therefore, refers to the
audits done after the project is completed. These audits also play a crucial
role when it comes to project review.
Even after the project is completed it is so important to audit the project.
The main aim is to compare the actual performance with the planned
performance or we can say that to know whether the project has
produced desired results or not.
If the results are desired we aim to look for things which performed well
and is there any scope for improvement or not and if the results are not
desired then we may aim to find out the shortcomings due to which the
project suffered and how can we improve them.
Post-completion audits also help a business find out what were the
biases that we made in our judgements. We will also be able to include
healthy caution.
It will also help us to determine who were the best performers who put in
extra efforts to make the project success and we will also be able to serve
this audit as a training ground for potential executives.
ABANDONMENT ANALYSIS
ABANDONMENT ANALYSIS
AGENCY PROBLEM
AGENCY PROBLEM

Every single person irrespective of the company he is working in has his

personal desires which he wants to fulfil.
Companies want people working in the organisation to fully support the
organisational goal but employees try to complete their personal
objectives as well. Employees can sometimes be more inclined towards
pursuing their personal goals.
Companies want employees to maximize shareholders’ wealth and
employees consider their own goals.
This is an agency problem. To Prevent from being dislodged from their
position, managers may try to achieve some acceptable level of
performance as far shareholder welfare is concerned.

There should be no ambiguity w.r.t. Agent (Top mgt / Project Manager)

and the Principal (Middle Level mgt / Employees )
EVALUATING THE CAPITAL BUDGETING
EVALUATING THE CAPITAL BUDGETING

Evaluation of the capital budgeting is as important as performing the act

of capital budgeting. Certain criteria are to be considered when it comes
to the evaluation of the capital budgeting. The criteria to consider are:

•Technique
•Flexibility
•Results 
•Control 
•Review
•Intelligibility
•Decentralization
•Communication
ADMINISTRATIVE ANALYSIS

We discussed all capital budgeting in our earlier classes. So here we are

going to discuss some of the administrative aspects required for
capital budgeting.

1.Identifying investment opportunities 

2.Classifying the investments into categories
3.Finalizing and submission of the proposal 
4.Making decisions 
5.Performing capital budgeting 
6.Implementing what's decided
7.Review 
SOCIAL COST BENEFIT ANALYSIS
The primary goal of all businesses is to get maximum return on investments. Thus, the
promoters prefer to assess commercial viability. However, some ventures may not give
appealing results for business profitability, so such programs are executed because
they have social consequences. These are infrastructure works, including roadway, rail,
bridges, and certain other construction works, irrigation, electricity initiatives, etc., that
have a major role in socio-economic concerns instead of merely commercial prosperity.
Therefore, such initiatives are assessed for the net socio-economic advantages and
cost control that is nothing other than the national survey of potential socio-economic
costs.

So, SCBA, often known as Social Cost-Benefit Analysis in project management, has
become a tool for effective financial evaluation. It is an approach to assessing
infrastructure investments from a social (or economic) perspective. Get to know more
from PMP training, which is the most prominent credential in project
planning worldwide. 

What is a social cost-benefit analysis? It is a technique used for determining the value
of money, specifically public investments, and it is becoming extremely popular. In
addition, it helps in decision-making regarding the numerous parts of the organization
and closely related project design programs. 
EMERGING CONCEPTS AND ISSUES IN
PROJECT MANAGEMENT:-
Emerging Trends in Project Management

• Greater Reliance on Digital and Remote Teams

• A Closer Connection Between Projects and Strategy
• Project Management and Change Management
• The Emergence of Hybrid Project Management Approaches
• An Emphasis on Soft Skills
• The Impact of Artificial Intelligence and Data Analytics
• Artificial Intelligence And Automation
• Advanced Resource and Project Management Software
• Rise in Remote Working
• Demand for Emotionally Intelligent Leaders
• Increasing Focus on Data Analytics
• Hybrid Project Management
• Increasing Emphasis on Soft Skills
CONCLUSION:-

Projects once commenced face a lot of problems. It is nearly impossible

for a project to not have any kind of issues or shortcomings.
Thus project review plays an important role in the successful
completion of a project.

Different techniques which are mentioned above are used to conduct a

review of projects at different stages of a project. A timely review and
correction can do wonders for a project and help in its successful
completion.
ROLE OF IT IN PROJECT MANAGEMENT:-
IT project managers plan, organize, and integrate cross-functional information
technology projects that are significant in scope and impact. They coordinate the
work of other IT professionals and administrative staff to produce a new piece or
system of software.
FUTURE OF PROJECT MANAGEMENT:-
SO IT’S BETTER TO PREPARE AND PREVENT,
THAN REPAIR AND REPENT IN CASE OF
PROJECT MAANGEMENT
(Review and Evaluation)… !!
Unit IV Completed..

Thank You !
 PM Syllabus Completed…
(All 4 units)

Thank You

Good Luck and God Bless All !