Project assurance can be described as the process which allows stakeholders and project managers to assess the risks and strengths of a project. In this piece appearing in ProjectTimes.com, Greg Bailey lists the benefits of creating a formalized project assurance strategy. Let’s find out what they are.
Benefits of a Project Assurance Strategy
Defining Project Success: Project assurance establishes the metrics on which project success will be determined, besides also objectively deciding whether the outcome is worth the expenditure. The project assurance team (made up of stakeholders and project managers) establishes the criteria for success based on realistic factors, such as, budget and resources. Now, this can help managers understand the criteria and can help them deliver success.
Identifying Risks: Project assurance identifies all the potential risks within a project. These risks can be divided into three categories, namely, business, project framework, and execution. Project stakeholders are responsible for external factors concerning the business, while the PMs exert greater influence over project framework and execution. This delegation of risk monitoring responsibility in this manner ensures greater accountability.
Improved Stakeholder Expectations: As stakeholders are typically concerned with the bigger picture, they may not be able to track the progress of individual projects and may miss the significance of important milestones. To avoid this, the deliverables and expectations must be clearly communicated to the stakeholders. In keeping with this, project assurance includes setting regular checkpoints at which the project should be reviewed – this helps identify any potential risks to the project and ensures that it stays on time and on budget.
No More Scope Creep: Scope creep can be described as the phenomenon wherein a project’s deliverables are increased midway. Now, as project assurance clearly defines the scope of the project in a more structured manner, this can prevent scope creep, and as a result, can increase the chances of success.
The Right Tech: Project assurance strategies need lots of organization for the stakeholders and managers. Therefore, to reduce unnecessary work, the simplest and most effective tools, i.e., resource management software should be selected to support a project. As such, the right resource management software and the right project assurance strategy can set the project up for success.
Click on the following link to view the original article in full: https://www.projecttimes.com/articles/the-key-to-delivering-success-project-assurance.html