Review the log when proposing topics for discussion at the post-project evaluation meeting. Maintain files of cost, labor-hour charges, and schedule performance reports throughout the project. Obtain final cost, labor-hour, and schedule performance reports for the project.
Survey key stakeholders to determine how well they feel the project addressed their needs and their assessments of project team and project manager performance. How to Prepare for the Post-Project Evaluation. The PP coefficient payback period shows the time period, for which the initial investment in the project will be repaid when the invested money will be returned.
This formula allows you find the payback period indicator of the project quickly. But it is extremely difficult to use it, because monthly cash receipts in real life are rarely equal amounts. Moreover, the inflation is not taken into account. Therefore, the indicator is used in conjunction with other criteria for assessing effectiveness. ARR, ROI — there are coefficients of profitability, showing the profitability of the project without discounting.
The higher the profitability ratio, the more attractive the project. The main disadvantage of this formula - is that it is so difficult to predict future receipts. Therefore, the indicator is often used for analyzing of the existing enterprise. Statistical methods do not take into account discounting.
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At the recommendation of PPA, BP set up a projects department that helps engineers develop appropriate control techniques and procedures and ensures that the right person manages the right project. To make project progress reports more constructive, the projects department has set up a projects control division. This division uses software programs, linked to each project, to help the project manager issue reports that identify likely problems and give reasons for missed milestones.
The projects department ensures that project managers are appointed early enough to involve them with the design considerations, project strategies, and control mechanisms. Capital investment analysts have usually swamped managers with advice based on well-meaning academic research, but it has been limited to questions about acquisition.
Now, through post-project appraisal, managers can get sound advice on questions about many kinds of projects from the experience of their own companies. Although it usually learns more by seeing how problems developed, the unit also finds it useful to pinpoint the causes of success. The purchase of a Dutch nutrition company called Hendrix, top management agreed, was one of the smoothest acquisitions ever.
Files and interviews. The team learns about the economic climate at the time, the identity of the contractors, or the chemical process used. Team members might spend the first two months of a six-month investigation just looking at files—both at project files and at material in related corporate files, in such departments as accounting, legal, or planning. While the PPA manager will probably already know the senior managers who should be interviewed, the files provide a complete list.
The team generally tries to interview everyone involved in the project. Since most projects have been completed for at least two years before the unit begins its work, however, the project members are working all over the world on other things. In one investigation, the PPA team talked to 80 individuals; the average is usually around In their interviews, the PPA team members make an effort to understand the psychology of the project members and managers.
They interview in pairs so that one team member can ask questions while the other watches the interviewee. A furtive look often tells as much as a direct answer. After the interview, the two team members compare notes and reconcile differences in their perceptions. The full story usually emerges in separate pieces: senior managers in London will give up one piece of information; engineers on an oil rig in the middle of the North Sea will give up another.
PPA team members realize that project employees shed light on issues that may seem unrelated to their areas of expertise. Those working out in the field often live together, eat together, and go out drinking together. Not surprisingly, an accountant may offer a cogent insight about the head engineer, even though they did not actually work closely with each other.
Sending PPA teams into the field to conduct investigations is far more expensive than sending out questionnaires—and far more effective. Because a questionnaire is a set collection of questions, it can elicit only a limited view of the project. In an interview, people offer unexpected information; also, the PPA team can lead an interviewee away from digressions. Conclusions and reactions. In one case, an appraisal concluded that a senior manager had not done his job well. The corporate review committee called him in and raked him over the coals.
For some time, relations between the manager and the PPA unit were cool. But a few months later, he telephoned the PPA manager to ask if the unit had appraised any projects similar to one he was beginning. He wanted advice. After the team has exhausted the files, interviewed everyone involved, and digested and assembled the information in a preliminary draft to circulate to key managers, it submits a final draft to the business board and then to the corporate review committee.
This suggestion—that BP maintain a staff of experts in different metallurgical technologies to supplement contractors—was simply too expensive. BP does not circulate throughout the corporation the full reports on each appraisal, although these do go to relevant managers, but collates them into three booklets—one on acquisitions, another on joint ventures, and the last on project development and control.
PPA regularly updates these booklets—adding lessons learned from later appraisals and occasionally deleting a lesson that no longer applies. One was a recommendation to build refinery plants on the Continent rather than in Britain because of poor labor relations in the United Kingdom.
But labor relations have improved greatly since then. A proposal that does not meet all the guidelines should not necessarily be abandoned. But if planners cannot comply with the guidelines, the corporate review committee will want to see that the proposal accounts for the possible risks.
If any section of the corporation needs more copies, the unit willingly sends them along. It succeeds because of its consistent reputation for digging out the truth. In that accuracy lies the usefulness of the lessons to the corporation and the success of the post-project appraisal unit. There is a big difference between classroom lessons about business and lessons drawn from experience. What might seem self-evident or unlikely in theory may be the most important factor in an actual event.
To illustrate, let me describe a project from a time before BP implemented many of the procedures PPA recommended. In , a director at BP responsible for engineering and refining wanted to explore a technology that Exxon and others were using but that was new to BP. The man was well respected within the company and had a great deal of influence.
By the force of his personality, he pushed through a proposal for the construction of the biggest plant of its kind that BP had ever built. Exxon had a plant that turned out 30, barrels of oil per day on three production lines; the BP installation would produce that volume on a single line. This line required the largest compressors and pumps that BP had ever used and completely new technology in the reactor vessels.
During construction and testing, the company had difficulty with all three. It had particular trouble with the reactor vessels, which, because of their size, had to be thinner than conventional vessels and thus needed lining with stainless steel. It learned that it must assess proposals more carefully. It learned that it had to improve its method of selecting contractors.
Perhaps the company should have learned these lessons already. But obviously it had not—and the post-project appraisal process brought them to light, formalized them, and collected them in one place. Managers in every company are making mistakes no one thinks could be made.
Time after time, the post-project appraisal unit has uncovered these kinds of mistakes and helped British Petroleum avoid repeating them. You have 1 free article s left this month. You are reading your last free article for this month. Subscribe for unlimited access. Create an account to read 2 more. Financial management.
Post-Project Appraisals Pay. Did it go according to plan […] by Frank R. Summary: The performance measures explain the project participants how to accept the deliverables and how to evaluate project performance. Summary: The Project Appraisal is a formal document that summarizes all the details of the proposed project and aims to prepare the project for further planning and development.
Summary: the senior management team needs to approve the Project Appraisal and announce the formal signoff, which means the project is verified and proceeds to planning and development. Tags: checklist featured initiation. July 25, February 13, August 23, How to improve your money management skills. Web Scraping for Brand Protection. PM Framework.
Project Appraisal: Overview What Definition. Appraising a project means performing a process of reviewing evaluating this project and its content for feasibility and cost-effectiveness to approve or reject the project concept, through analyzing the problem or need to be solved by the project and identifying the best possible solution to be implemented.
It involves an analyst in identifying stakeholders and creating a decision package for making the final decision on project approval or rejection. Why Purpose. The purpose is to analyze the proposed project to determine whether the concept really offers an effective solution that addresses the identified problem. It serves as a tool to reach project approval and step towards further project planning and development.
It aims to confirm that the proposed project is technically, financially and economically feasible and cost-effective. When Phase. The appraising process is carried out during the pre-planning or initiation phase. It comes before the planning phase to confirm that the project is justified in terms of cost, benefits, feasibility and effectiveness.
Sometimes in some project environments, Appraisal is regarded as a single phase that aims at initiating a project and developing a foundation for the planning process. How Action Items. In this Project Appraisal Template we offer our own ideas on how to review and evaluate projects. We use the method and the steps of the appraising process listed in the template in our activities in our company.
Concept Brief : it is to describe the concept through defining the goals, objectives, scope, costs, time-limits and business drivers of the proposed project. Project Organization : it is focused on describing the roles and responsibilities of project personnel through developing an organizational chart.
Project Proposal : it summarizes all the previous steps to develop the Project Proposal and submit it for review and approval to the senior stakeholders. First of all, an analyst needs to define a problem and a solution. The problem is defined through identifying factors that lead to the current situation problem and then deterring the effects caused by the problem.
Next the analyst should analyze the problem environment to determine a possible solution that can effectively address the problem. Feasibility and Alternatives Analysis. It is about technical, operational and economical feasibility of the proposed solution in terms of cost-effectiveness and benefits.
Feasibility study includes a range of analyses including Economical analysis, Financial Returns analysis, Market analysis, Risk analysis, Cost projection, and Management analysis. Also the process aims to identify alternatives options to the proposed solution and find out whether the solution is better in terms of addressing the problem than the rest of the alternatives. Stakeholder Analysis. It focuses on developing the stakeholder list and the stakeholder needs matrix that determines the expectations of the interested parties.
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Sales Tracking Template — 5 Printable Spreadsheets When you are looking to keep track of all of the sales that have been made through your company, Investment proposals are not complete without a section on project financing.
This is especially important for potential investors since this will state what will any investor get out of funding your business idea or project. Information like the source of funds, the return of investment, projected gains and losses, the profitability of the business, possible loans, and other financing options should be clearly stated in the investment proposal.
This will provide investors with a clear understanding of how much their money or resources can help your business and how much they will gain in return. Also, make sure that you do not falsely represent your business by making unverifiable claims on this section of your proposal. Investors can do background checks or redo the math of your financial projections.
And when they find out that you have embellished some portions of your proposal, you may not only have just lost a potential investor but it may also affect your reputation as an entrepreneur. A business or project timetable should also be included in your investment proposal because this will let potential investors know the length of their agreement with you the business owner.
This is also important for business owners since timetables allow them to keep on track with their own business goals. A sound investment exit plan is another important component of an investment proposal. As its name suggests, this section of your proposal should include information on how investors can divest of their investments with your business or company.
Exit plans should also include information for how your business will deal with business failure. Those are the seven most important components of an investment proposal. Optimize your proposal for them and do not forget to use actionable verbiage throughout the proposal narrative.
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