Project reviews, a vital component of governance and assurance processes, play a critical role in evaluating project performance, identifying areas of improvement, and driving project success.
This guide will take you through the key concepts, benefits, and best practices of project reviews. Explore the different types of project reviews, their application at various stages of the project lifecycle, and their invaluable role in enhancing project outcomes.
Whether you are a seasoned project manager or new to the field, this guide will equip you with the knowledge and tools to leverage project reviews effectively and achieve excellence in your projects. Let's embark on this enlightening exploration of project reviews and unlock the secrets to project success.
What Is a Project Review?
Project reviews go beyond mere evaluation; they are integral components of the governance and assurance framework that keep projects on track and ensure their success.
Strategically applied at various stages of the project lifecycle to fulfil distinct purposes, project reviews serve as checkpoints for evaluating project performance, enabling stakeholders to assess adherence to objectives, timelines, and resource allocation. Such reviews provide invaluable insights, validate progress, mitigate risks, and drive continuous improvement. From high-level strategic reviews to detailed technical assessments, project reviews ensure project success and optimise outcomes.
What’s key: By engaging in a project review, you can identify potential issues early on, address emerging risks, and make informed decisions to steer the project in the right direction. You essentially have a platform for open communication, collaboration, and knowledge sharing among project stakeholders, fostering a culture of continuous improvement and learning.
What Is the Difference Between a Project Audit and a Project Review?
The terms project audit and project review may sound similar; however, they serve different purposes and cater to specific aspects of project evaluation.
Project Audit
A project audit is a rigorous examination that brings a sense of seriousness and compliance to the forefront. Think of it as a CSI investigation for projects. Independent auditors act as detectives, meticulously scrutinising your project's processes, procedures, and documentation. They aim to ensure your project aligns with established standards, policies, and best practices. Leaving no stone unturned, they work to compare your project's performance against predefined benchmarks, with the goal being to identify any deviations, non-compliance, or areas for improvement. Their unbiased viewpoint allows auditors to provide valuable insights into your project's effectiveness, efficiency, and risk management.
Project Review
A project review, on the other hand, is more like a gathering of stakeholders. It’s a time to come together and take stock of your project's journey. You and your internal stakeholders assess the project's progress, performance, and outcomes during the review. This is your chance to celebrate achievements, dissect challenges, and learn from the experience. The ultimate goal is gathering insights and making recommendations to enhance future project performance, making your team more effective and efficient.
Both project audits and project reviews play vital roles in the world of project management. Audits ensure compliance with established standards, while reviews foster growth, collaboration, and improvement. Integrating these practices into your project management approach ensures that your projects stay on track, achieve desired outcomes, and continuously evolve.
Different Types of Project Reviews
The level of governance and controls applied to a project is significant in determining project review type, level, and frequency. Projects typically have defined start, gate, and endpoints, and the extent of oversight and scrutiny at each stage varies based on the organisation's project management approach and governance framework.
Here are some common types of project reviews:
- Milestone Reviews: A milestone review is an evaluation or assessment conducted at specific milestones or significant points in the project timeline. It aims to assess the project's progress, performance, and alignment with predefined goals and objectives. Milestone reviews help stakeholders understand project status and make informed decisions regarding project continuation, modifications, or corrective actions.
- Phase (Stage) Gate Reviews: A phase gate review, or stage gate review, is a structured evaluation process that occurs at key points or gates between different stages or phases of a project. It involves a comprehensive assessment of the work completed, project documentation, and adherence to predefined criteria. Phase gate reviews help determine if the project should proceed to the next phase and if any changes or corrective actions are required.
- Post-Implementation Reviews: A Post-Implementation Review occurs after the project has been completed and the deliverables have been implemented. These reviews focus on evaluating the outcomes and benefits realised from the project. They assess whether the project achieved its objectives, delivered the expected value, and identify any areas for improvement.
- Lessons-Learned Reviews: A lessons-learned review systematically evaluates a project or a specific project phase to identify and document insights, best practices, and lessons that can be applied to future projects. It captures knowledge and experiences gained throughout the project lifecycle, highlighting successes and improvement areas. Lessons learned are valuable for enhancing future project performance, avoiding mistakes, and promoting knowledge sharing across the organisation.
- Performance Reviews: A performance review methodically evaluates a project's performance and progress. Based on the performance review findings, project managers can identify areas of improvement, take corrective actions, and make informed decisions to enhance project performance. This may involve refining project plans, adjusting resource allocation, implementing process improvements, or providing additional training and support to the project team.
- Closure Reviews: Closure reviews, also known as project closeout reviews or project post-mortems, are assessments conducted at the end of a project to evaluate its overall performance, outcomes, and lessons learned. These reviews provide an opportunity to reflect on the project's successes, challenges, and areas for improvement, ultimately aiming to enhance future project management practices.
- Methodology Reviews: A methodology review evaluates or assesses a specific methodology or approach used within a project or organisation. It examines the methodology's effectiveness, efficiency, and suitability in achieving desired outcomes and delivering successful results. A methodology review aims to identify strengths, weaknesses, and areas for improvement in the methodology and provide recommendations for enhancing its effectiveness.
- Benefits Reviews: A benefit review is a systematic evaluation of a project's anticipated and achieved benefits. The intended outcomes and benefits determined during the project initiation or planning phase are reviewed to establish whether or not they have come to fruition. The benefit review will also measure the project's impact on the organisation's strategic goals, financial performance, operational efficiency, customer satisfaction, and other relevant areas. This is done by comparing the expected benefits outlined in the project business case or charter with the outcomes observed after project completion or during specific project milestones.
How Often Should a Project Review Be Conducted?
When initiating a project review, timing can be a delicate balance. Reviewing too often can lead to frustration among those involved, as it may seem like unnecessary micromanagement if everything has stayed the same. On the other hand, not reviewing often enough can cause risks and issues to be overlooked. With the right balance, the project team can connect what's happening in reality to what the project represents.
Determining the frequency of a project review is contingent on several factors, including the project's complexity, duration, criticality, and the organisation's established practices. There is no one-size-fits-all answer, but consider the following:
- Reviews pertaining to regular progress, such as Performance and Methodology Reviews, should be conducted throughout the project lifecycle to monitor progress, address any issues or risks, and ensure alignment with project goals. These reviews can be conducted weekly, bi-weekly, or monthly, depending on the project's duration and complexity.
- Because Milestone Reviews are conducted at key milestones or significant stages of the project, their frequency can vary based on the project timeline and the number of milestones identified.
- For projects following a phased or gated approach, reviews are conducted at the end of each phase or gate. Like with Milestones, their frequency depends on the project's structure and the number of phases or gates in the project.
- Other types of reviews occur at or following a project’s completion. These include Post-Implementation Reviews, Lessons-Learned Reviews, Benefits Reviews, and Closure Reviews.
- Lastly, some reviews do not occur on a regular cadence. Ad-hoc reviews may be conducted as needed and are triggered by specific events, critical issues, or changes in project circumstances that require immediate attention and evaluation.
It's important to note that the frequency of project reviews should be balanced to avoid excessive administrative burden while ensuring sufficient oversight and control. In consultation with relevant stakeholders, the project manager should determine the appropriate frequency of reviews based on project characteristics, organisational requirements, and the need for effective project governance.
Regular communication and feedback loops should be established to provide ongoing visibility and address emerging issues throughout the project lifecycle.
Summary
Project reviews are a critical component of any successful project. They provide an opportunity to assess the project's progress, evaluate the results achieved so far, and make any necessary adjustments to ensure the project is on track.
One of the key benefits of project reviews is that they help determine whether continuing to work on the project is worth the time and resources. By evaluating the progress made to date and comparing it to the goals and objectives of the project, businesses can determine whether it makes sense to continue investing in the project or if it's time to cut their losses and move on to other endeavours.
In addition to evaluating the overall trajectory of the project, project reviews also provide valuable feedback on specific aspects of the project. This can include feedback on project management, team performance, resource allocation, and more. By soliciting feedback from all stakeholders involved in the project, businesses can identify areas for improvement and take steps to address them.
Finally, project reviews help to promote ongoing improvement and development. By continually reviewing and evaluating the project as it progresses, businesses can identify best practices and processes that can be applied to future projects. This allows them to maintain the most effective and productive project practices and continually improve their approach to project management.
Thank you to the MetaPM team for contributing to this article.
