Project Management

SUMMARY: Project auditing can be defined as the process of detailed inspection of the management of a project, its methodology, its techniques, its procedures, its documents, its properties, its budgets, its expenses and its level of completion.

A project audit is a key step in the process of closing a project. This audit evaluates the total project processes and outcomes. In this chapter we discussed the purpose of evaluation and the various measurement parameters used in a project audit. We also discussed the life-cycle of a project audit.

The life cycle of an audit contains six phases: audit initiation, project baseline definition, establishing a database, preliminary project analysis, preparing final report and terminating the project.