BUS605: Strategic Project Management

7a. Evaluate lessons learned for future project implications

• What are lessons learned?
• When should lessons be captured?
• How should lessons be shared with future projects?

Capturing lessons learned during the project can be helpful to future projects. Formally capturing these lessons as part of the project closeout report is one way in which lessons can be shared. However, for lessons learned to be truly useful, they must be used in future projects.

Not all lessons learned are negative or bad. In fact, often lessons learned can lead to useful information for future projects. For example, suppose a new vendor turned out to be exemplary in terms of quality and service. This information can be captured and shared with future projects that may require their services.

Lessons learned are often captured at the end of the project when the project team sits down to discuss final project details. However, lessons should be captured throughout project execution so that important points are not forgotten as the project progresses.

Most importantly, lessons learned need to be captured in a way that makes them available for future projects. Whether that be in writing or stored electronically, the ability for project managers to access lessons learned is important for them to be of value.

Organizational culture may impact how lessons are captured and shared. Open, sharing cultures would encourage the transparency of lessons learned. However, some organizational cultures may be more competitive and less like to "share dirty laundry" and therefore not be as transparent about sharing what might be considered negative aspects of a project's execution. Understanding organizational norms with respect to sharing of information will be important when considering how best to capture and disperse lessons learned from projects.

To review, read Project Closure and Auditing.

 

7b. Describe the importance of stakeholder approval during project closing

• What is a project audit?
• Why is a project audit important?
• Why is customer satisfaction so important at project closeout?

Regardless of whether the project successfully meets requirements, quality standards, completes on time, or on budget, stakeholders dictate the success or failure of a project. The overall approval of project stakeholders is critical to being able to claim a successful project. This is why stakeholder management is an important process throughout the project. Further, defining exactly what project success will look like can go a long way to helping assure that stakeholders are able to easily identify project success.

A project audit can help the project team ensure that the project has been completed as per the requirements of the stakeholders. Involving stakeholders in the project audit can be important, as stakeholders play a key role in deciding a project's success. Additionally, involving the project stakeholders can help assure an accurate telling of the project's story.

To review, read Project Closure and Audits.

 

7c. Examine the various tasks that need to be addressed in project closure related to contracts and procurements

• What tasks are performed during contract closeout?
• What happens to project documents during the closeout phase?

There are several tasks needed to close out a project with respect to procurements. Closing all vendor contracts and assuring that the contractors are paid is one important task. However, prior to closing contracts, it's important to assure that all terms of the contract have been fully met. This involves auditing the contractor's performance and deliverables to assure all terms have been met. Some procurement contracts include clauses for on-time delivery, either bonuses for early delivery or penalties for lateness. Either way, quality inspections and audits are needed and should include the project team or any appropriate stakeholders.

Once product verification is made and contract terms audited, the contract can be set for payment. Furthermore, all appropriate parties should be formally notified, and all contract documentation closed and archived.

To review, read Project Completion.

 

7d. Discuss the importance of celebrating the project team through rewards and recognition

• Why is it important to celebrate when a project completes?

Celebrating a job well done helps the project team feel valued and recognizes the successful completion of the project. It's not uncommon for a project to end with little or no recognition of the work. At times, project team members may be far removed from stakeholders and may not even know if the deliverables meet with stakeholder approval. This can cause feelings of letdown and disappointment with team members who may have accomplished significant, exciting work as part of their efforts. Celebrating a successful project acknowledges the work and provides opportunities to share final closing information with team members. A celebration can help bring a formal closure to the project for those involved.

To review, read Celebrate.

 

Unit 7 Vocabulary

This vocabulary list includes terms you will need to know to successfully complete the final exam.

• audit report
• change management
• lessons learned
• post-project evaluations
• recovery manager
• strategic influence points