Managing a project is not an easy affair as it entails a lot of dos and don’ts. It involves initiating plans and executing them accordingly in order to realize certain attainable goals. In managing a project one needs to be able to identify the risks early on, be able to understand the business environment and so on. Being able to fast track and beating deadlines earlier on is an added advantage to a project manager as it has its numerous advantages. When concluding a project, however, there is a certain phase known as the project closure phase which entails the assessment of the entire project and this essay will highlight the benefits of this phase.
Fast tracking in business is when a project manager accelerates the procedures involved in achieving a long-term goal and this makes it possible to realize the goal earlier than scheduled. The first economic advantage of fast tracking in business is the cost control realized in the running of the critical activities of a project (Hutchings, 2004) . Most of the steps involved in major projects are usually costly and the longer the project drags, the more the operational costs involved. Fast tracking instead speeds up the long unnecessary steps and thereby helps to cut costs. In addition to this, fast tracking helps to complete a project on time and avoid scheduling conflicts. Project scheduling conflicts occur most of the time when a project is not completed on time and affects the planning of other future activities. However, when fast-tracking is employed, such delays and conflicts are avoided. Conversely, fast tracking when hurried through results to tragic undesired outcomes. Quality issues are bound to occur as a hurried project may result in a lot of errors in the planning and execution process (Brown & Hyer, 2010). Moreover, several key items may be omitted during the planning process, leading to the failure of the desired project. I happen to have used the fast-tracking technique once in my first year on campus. I had an end year exam yet I had missed several classes due to sports related activities and therefore was behind in the coursework. Having a lot to go through in a short time seemed impossible and therefore I decided to fast-track and read only the introductions and key concepts prior to the exam. During the exam, I realized that I had assumed a lot of things and therefore was not well prepared for the test.
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Consumer Price Index (CPI) is a technique of measuring the financial effectiveness of business projects (Brown & Hyer, 2010). When the CPI is calculated and the result is more than 1 like in this case the CPI value is 1.2, this means that the project is under budget and this is a good result (Hutchings, 2004) . This value comes about by dividing the costs that have been budgeted for the actual incurred costs during the project(EV/AC). The Scheduled Performance Index (SPI) helps an organization to know how they are progressing. An SPI greater than one implies that an organization is ahead of their schedule as more work has been done for the stipulated time. In this case, an SPI of 0.8 is less than 1 which means that the project is behind schedule (Hutchings, 2004) .
In any business project, the closure step is as important as any other phase. The project closure first and foremost ensures that before a project is concluded, there is confirmation that the objectives of the project are being met. This is a crucial step since it gives the planners a chance to look back and reflect on their initial objectives and even assess themselves. For example, it gives the planners of a consulting firm a chance to gauge themselves and see whether they met the objectives of their clients or not. Moreover, an effective project closure gives a sense of conclusion to a project or a deal (Brown & Hyer, 2010). This step acknowledges that the project is coming to an end and that the client’s needs are met and therefore concludes the entire work. It helps in alleviating suspense for both parties. In addition to this, future engagements are improved since numerous lessons learned throughout the project work are reviewed. For example, an SPI can be calculated in order to know whether or not the project was ahead of schedule and this improves performance as well as customer satisfaction. A good relationship with the clients will, in turn, improve future engagements as there will be a good company-client rapport. Another benefit of effective project closure is that it recognizes the good work done by the project planners of a firm. In other words, it rewards the entire team and the personnel who dedicated their time to the planning process to achieve the desired goals. It marks an end to a successful period and appreciates all those involved for their work.
I would recommend the step of confirming whether the set objectives were met in the project closure phase to any project being undertaken. This step is critical for almost any project as it gives a chance for self-evaluation. Consequently, I would also recommend the last practice of thanking the personnel involved during a project closure, since gratitude, even just a little gives a lot of satisfaction and boosts the morale of project planners.
Project closure is a hugely important step in any project activity being undertaken. This step is critical for almost any project because it is very beneficial to both parties involved. The company undertaking the project will be able to review and see whether the objectives were indeed met as well as gauge their overall performance. In so doing, the work efficiency of a company is improved and this eventually leads to increased profitability which is the desire of every working business.
References
Brown, K. A., & Hyer, N. L. (2010). Managing projects: A team-based approach . New York: McGraw-Hill Irwin.
Hutchings, J. (2004). Project Scheduling Handbook (1st ed.). New York: Dekker.
