Question 1

The project audit is typically broader than the traditional management audit.

Accepted Answer

The project audit focuses on the success of the project and evaluates its processes and outcomes, including the use of resources, project management practices, and stakeholder involvement. In contrast, the traditional management audit focuses on the performance of overall management practices within an organization. Therefore, the project audit is broader in scope as it examines the entire project lifecycle rather than just the management practices.

Question 2

The original criteria for selecting and funding the project are largely irrelevant for project evaluation.

Accepted Answer

The original criteria for selecting and funding a project are crucial for project evaluation as they establish the goals, objectives, and expected outcomes against which the project's success and effectiveness are measured.

Question 3

Project evaluation appraises the performance of a project relative to the project's initial or revised plan.

Accepted Answer

Project evaluation is a process of assessing the success or failure of a project, measuring its performance against established criteria, and identifying areas for improvement. It involves comparing the actual results achieved during the project with the planned or revised objectives and targets.

Question 4

Early project audits usually focus on the project's budget and schedule.

Accepted Answer

The answer of Early project audits usually focus on the...

Question 5

The general audit is usually performed by a person or team with special technical skills.

Accepted Answer

The answer of The general audit is usually performed by...

Question 6

The timing of an audit depends on the purpose of the audit.

Accepted Answer

The timing of an audit depends on the purpose of the audit, as different types of audits may be conducted at different times (for example, a financial statement audit is conducted annually after the end of the fiscal year, whereas a compliance audit may be conducted periodically throughout the year).

Question 7

Measuring the project's performance against a planned budget and schedule is generally straightforward.

Accepted Answer

Measuring the project's performance against a planned budget and schedule is generally straightforward as these are tangible and measurable aspects of the project. However, there may be unforeseen circumstances that impact the budget and schedule, making it more difficult to track and assess performance.

Question 8

According to research, future potential is an important dimension of project success.

Accepted Answer

Research suggests that projects that have the potential to grow and expand in the future are more likely to be successful. Future potential refers to the ability of a project to adapt to changing circumstances and to continue to deliver value over time. This increases the chances of the project meeting the needs of stakeholders and achieving its objectives.

Question 9

The formal audit is a special type of project evaluation.

Accepted Answer

A formal audit is a structured and systematic evaluation of a project, program, or organization's finances, operations, and performance. Therefore, it is a type of project evaluation.

Question 10

Project audits are typically very useful in the initiation project state.

Accepted Answer

The answer of Project audits are typically very useful in...

Question 11

Project evaluation should be limited to an after-the fact analysis.

Accepted Answer

Project evaluation should not be limited to an after-the-fact analysis, it should be an ongoing process throughout the project lifecycle to identify and address any issues or challenges as they arise. This approach allows for timely adjustments and improvements, leading to better overall outcomes.

Question 12

Measuring a project's success on budget, schedule, and performance is typically more complicated than measuring revenues or qualitative, subjective factors.

Accepted Answer

The answer of Measuring a project's success on budget, schedule,...

Question 13

The primary purpose of project evaluation is to given feedback to senior management for decision and control purposes.

Accepted Answer

The primary purpose of project evaluation is to provide feedback to senior management, which can be used for decision-making and control purposes. Evaluating a project helps in identifying potential issues, assessing the project's progress, and delivering insights for future improvement. Therefore, the statement is true.

Question 14

Later project audits are typically of less value to the project team and of more interest to general management.

Accepted Answer

Later project audits are usually conducted after the project has been completed, and the project team may have moved on to other projects. The findings from these audits are typically used by general management to evaluate the success of the project and identify areas for improvement for future projects. Therefore, these audits are usually more relevant to general management than the project team.

Question 15

The use of forms to collect data during a project audit is generally considered not to be good management practice since they can limit the audit team's flexibility.

Accepted Answer

Forms and structured data collection tools are commonly used in project audits to ensure consistency, completeness, and efficiency in gathering necessary information. They help in standardizing the audit process and can actually enhance the audit team's ability to perform a thorough and effective audit.

Question 16

The project audit focuses its attention on the organization's management systems and operations.

Accepted Answer

A project audit primarily focuses on evaluating the progress and performance of a specific project rather than the organization's overall management systems and operations.

Question 17

Project audits are typically very useful at the master schedule project state.

Accepted Answer

The answer of Project audits are typically very useful at...

Question 18

Project evaluation should not be limited to an after-the-fact analysis.

Accepted Answer

Project evaluation should also be conducted throughout the project life cycle to monitor progress, identify issues and risks, and make necessary adjustments for successful project completion.

Question 19

Project evaluation should only appraise the progress and performance of a project relative to the project's initial plan and not relative to a revised plan.

Accepted Answer

Project evaluation should appraise the progress and performance of a project relative to both the initial plan and any revised plan. It is important to track any changes made to the plan throughout the project's lifecycle to ensure that the project is on track and to identify any potential issues or risks. Evaluating only relative to the initial plan may not provide an accurate reflection of the project's performance or progress.

Question 20

The request for proposal may contain valuable information for a project audit.

Accepted Answer

The request for proposal (RFP) is a document that outlines the objectives, scope, and requirements of a project. It may also include information about the project's budget, timeline, and resources. Reviewing the RFP can provide insights into the project's goals and expectations, which can be useful in conducting an audit.

Quiz 8: Evaluating and Terminating the Project