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How to Do Project Reviews

Project review is a critical task for project managers. It is so important that it is done well, it can have adverse consequences and even cause the project to fail. It is essential that project managers take this seriously. The project review should be done phase-wise. It is important to take the time to review each phase after it is completed. It is a good idea to perform a quick health check on the project before moving onto the next phase. A project manager typically reviews the project phases at the completion of each phase. This includes the phase at which the project was initiated, the planning phase, and the final phase at which it is being executed.
It’s a sort of health check that brings together the PM, sponsors, and key stakeholders to review the work done so far and prepare for the next phase. To get an idea of how the project progressed through each phase, review at the initial stage involves only looking at the top-level details of the project.
Steps to review a Project
The project schedule is the first thing a project manager examines. He compares the schedule to see if it is on track. He then reviews the schedule and determines if it has been done according to the original plan.
Next is budget and cost. To determine if the project is on budget, under budget or on time, the manager calculates the Cost Performance Index (CPI), and Schedule Performance Index(SPI). He examines the cash flow and the spending plans and determines if they are in a healthy condition.
Next, the PM reviews the deliverables produced by the project team and approved by the users. Analyze the quality and production of the deliverables and determine if they meet 100% of the requirements. He will then list all of the findings and provide an assessment of how the project produced that deliverable.
After assessing the quality of the project, the manager compares the risks to the ones identified in the initial stages. It is important to assess the likelihood of completing the project. By looking at all the risks that were reduced, it is possible to gauge how the next phase will go. It might be a good idea to conduct a risk assessment to identify the most likely issues and to list them in the risk register. This will allow for new mitigation strategies to be developed and prevent them from becoming a major risk in the future.
The last step is the Changes and Requests: This section contains a complete list of all changes that were made during the phase. It also explains how they were managed. What precautions were taken if scope changes occurred during execution? Did you follow the correct change management process for all changes?
The project’s health is defined as: green (everything is on track), amber(not on track but there are very few issues and things can be expected to be on schedule) or red (nothing is on track). These phase reviews are a time for key stakeholders, the project manager, and the sponsor to review the project and assess if it is still relevant to their business and how well the team is performing in order to deliver the deliverables on schedule.

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