It is prudent for management to evaluate its processes during the course of a large complex project and to correct any deficiencies and make improvements and adjustments as the project continues. Audits are not just retrospective, but should also be prospective in nature, identifying potential issues that can be addressed and presenting suggested actions that management can take to improve future project performance, thereby minimizing both potential and schedule impacts.
Audits and assessments may be utilized to assess corporate policies, procedures and/or processes. It may be limited to a single project management function or may be applied to the full spectrum of project management functions. Using cost management and control as an example, Pegasus-Global will assemble those cost management standards that are most applicable to the organization’s profile of capital projects to set the generally accepted standards for cost management procedures, processes, and practices to determine whether the organization’s cost management functions meet those comparative standards. Pegasus-Global then can identify potential gaps in procedures and processes and/or gaps in how cost management actually is practiced on a project providing the client with recommendations for improvement. This enables the organization to take necessary actions to fill those gaps.