A project review is a process that a business uses to evaluate the success of a particular project and decide whether it should continue to receive resources.
This essential process serves as a check-in point to assess the health and trajectory of a project. According to the definition, a project review can take place in different formats and at various stages. It can mean a meeting with the project team to assess the status of a current project or it can be a review conducted at the end of a project.
Purposes of a Project Review
The primary goals of conducting project reviews, as highlighted in the definition, are twofold:
- Evaluate Success: Determine how well the project is progressing towards its objectives or how successful it was upon completion. This involves looking at performance metrics, deliverables, and alignment with initial goals.
- Decide on Resources: Based on the evaluation, make informed decisions about future investment. Should the project continue to receive time, budget, or personnel? Is it viable, or should it be halted or adjusted?
Types of Project Reviews
Project reviews are not a one-size-fits-all concept. As noted, the type depends on when it occurs during the project lifecycle:
- In-Progress Reviews (Status Checks): These reviews happen regularly throughout the project's execution. They involve the project team and stakeholders assessing the current status, identifying issues, managing risks, and ensuring the project is on track regarding schedule, scope, and budget. They help in making timely adjustments.
- Post-Project Reviews (End-of-Project Reviews): Conducted after the project is completed (or sometimes terminated), these reviews evaluate the overall outcome. They focus on what went well, what didn't, lessons learned, and whether the project successfully met its goals and delivered the expected benefits. These are crucial for organizational learning and improving future project management practices.
Key Elements Evaluated
While the specific details can vary, project reviews often examine:
- Progress: How far along is the project compared to the plan?
- Scope: Is the project staying within the defined scope? Are there risks of scope creep?
- Budget: Is the project on track with its allocated budget? Are there overruns or savings?
- Schedule: Is the project meeting its milestones and deadlines?
- Risks and Issues: What potential problems exist or have arisen, and how are they being managed?
- Quality: Are the deliverables meeting the required quality standards?
- Stakeholder Satisfaction: How do key stakeholders feel about the project's progress or outcome?
Why Are Project Reviews Important?
Implementing a structured project review process helps businesses:
- Gain visibility into project performance.
- Identify potential problems early when they are easier and less costly to fix.
- Ensure projects remain aligned with business strategy.
- Make data-driven decisions about continuing or adjusting projects.
- Foster a culture of accountability and continuous improvement.
By systematically evaluating projects, businesses can optimize resource allocation and increase the likelihood of successful outcomes.
