A project management audit is an examination designed to determine the true status of work performed on a project and its conformance with the project statement of work, including schedule and budget constraints.
It is an independent, structured assessment of the state of affairs conducted by a competent examiner. By inference or extrapolation, it provides insight into the work needed to meet project objectives and the adequacy of the schedule and budget to do so. In addition, it can illuminate mistakes that can cause project failure and thus can trigger timely corrective action.
5 Major Goals of an Audit
1. The caliber of services and products are ensured
A project audit functions as a good guarantee application. It evaluates the task living cycle analyzing the outcomes yielded throughout the various phase, out of the look stage to setup.
When going over the style stage, a project audit reviews the concepts of the design, which includes the evaluation of alternate styles.
Also, it's evaluated if the answer is prepared for the pilot check and lastly, throughout the setup evaluation, the review assesses as well as confirms the setup in every site in which the item is followed.
The classification of the errors over the method plays a role in the declaration of the issues and also to comprehend whether the task ought to go on by way of a go/no-go choice at every point.
2. Task management quality check
A project audit determines if the project management fulfills the requirements by evaluating whether or not it is fully compliant together with the organization's policies, procedures, and processes. It further reviews the strategy utilized to simply help determine spaces to be able to expose the necessary enhancements.
3. Company risk identification
Audits help to identify the risk factors due to the company policy which may impact the quality, environment, time, and budget.
The review further assesses the feasibility of the task of the terminology of performance and affordability by offering transparency as well as evaluating resources, time, and costs.
4. Performance improvement
Keeping track of different phases of the Project Management Life Cycle can help the enhancement of the team’s efficiency.
The review additionally enables you to boost your finances as well as source allocation. Determining goals, preventive actions and corrective measures can result in an optimistic task result.
The troubleshooting procedure enables the team to offer answers and also aids in preventing problems that may recur down the road.
5. Learning
One can learn from experience with the help of the audit process as well as from the feedback obtained. Thus the team can contemplate their very own performance
DTK is capable of Auditing your Projects and Assets in different aspects such as Financial, Economical, and technical knowhow, we are able to produce different reports and analysis on the entire dimensions and the status of your Assets and Projects which can help you to diagnose or forecast the end result or predict the upcoming shorting.