Introduction
Project analysis is an essential process used to evaluate the current status of a project and the potential issues likely to be faced in the future. The execution phase is the most crucial stage of any project, and the closing stage signifies the end of the program. The paper identifies the four possible areas to focus on at the execution step, three monitoring and controlling activities and processes to facilitate productivity, and the termination phase description.
Key Focus Areas in the Execution Phase
The four main areas to focus on when monitoring the plan’s scope are resource allocation, budget management, risk analysis, and progress monitoring. Determining the resources needed to complete the project and ensuring they are available is vital (Willar et al., 2021). It is essential to ensure the costs remain within the projected limits. Potential risks need to be identified before they become real setbacks. Progress should be closely monitored with the set objectives, and any slight changes should be addressed.
Monitoring Activities for Project Success
Three monitoring activities I would participate in to facilitate the attainment of positive outcomes according to the plan include baseline confirmation, scope verification, and performance reporting. The program has a management reserve of 5 percent, indicating that its schedule and budget are baselined. Project baseline confirmation is critical as it helps understand the plan’s timeline, budget, and scope (Willar et al., 2021). Documents related to each phase need to be secured, thus ensuring a record is kept, and all stakeholders are on the same page. The last activity entails collecting and sharing data indicating the performance levels through creating future forecasts, progress notes, and status reports.
Controlling Processes to Ensure Alignment and Efficiency
The three controlling processes I would engage in to ensure project success are aligning the project with the set objectives and goals, project budgeting, and forecasting and optimizing project strategies. Planning is one of the vital steps in which managers and controllers work together. It gives the team a baseline from which to work, thus attaining the set aims. Budgeting helps calculate costs and understand vital cash flows (Willar et al., 2021). Optimizing is critical in achieving the best while using the available materials to attain the project’s objectives and enhance positive future outcomes.
Closing Phase Evaluation and Critical Questions
The closing phase is the last step in evaluating a successful or failed project. At this stage, the plan’s strengths and weaknesses are identified. The following questions are critical, and I will help answer them at this project stage. Have all the objectives been achieved? What were the major concerns with the contract? Was the project completed within the estimated budget and timeline? Was this the proper investment at the right time?
Key Closing Documents and Deliverables
The four primary documents I might help deliver are the costs, schedules, scope outline, and project plans. A cost report will outline the taxes and all other expenses to facilitate the construction. A project schedule describes the plan’s progress within a specific time and the costs and risks incurred during the same period (Willar et al., 2021). All aspects of the establishment, including resources, timelines, and activities, will be detailed under the project scope. I will further help deliver a project plan report, a document defining the execution, managing, and control stages of a project.
Conditions for Project Termination
The engineering project currently has a management reserve of 5 percent. At this execution stage, the budget and schedule are baselined, but changes are expected. Several incidents could lead to the closing of this plan. One is if the project meets its scope and the client has accepted the outcome. Two, when external setbacks like market crises overthrow the program. Specifically, if the additional costs not planned exceed 5 percent of the budget by a large margin, this could be a factor in its termination.
Conclusion
The success of a plan lies in the proper analysis. For appropriate project management, much focus must be put on resource distribution, risk identification, budget, and progress monitoring. The monitoring and controlling activities vital for program success at the execution step include forecasting, scope verification, and plan optimization. All projects end with a termination, which can result from failure or victory.
Reference
Willar, D., Waney, E. V. Y., Pangemanan, D. D. G., & Mait, R. E. G. (2021). Sustainable construction practices in the execution of infrastructure projects. Smart and Sustainable Built Environment, 10(1), 106–124. Web.