Post project appraisal of Woody 2000 (project of The Custom Assignment

authority find appraisal of Woody 2000 ( view of The Custom Woodworking Comp any(prenominal)) - Assignment ExampleProfessional realise way and control techniques were not used during execution and close-out. The toil encountered time and cost overruns, and project immediate payment flows were not financed efficiently.The Custom Woodworking Company launched project Woody 2000 in the spring of 1989. The project encountered several problems in conception and execution with substantial cost and time overrun. After the completion of the project, an external project perplexity consultant was hired to conduct post project appraisal.A typical project include triple phases, viz., Initial, Intermediate, and Final. The first phase involves conceptualization and planning, while the intermediate phase constitutes execution and monitoring, and the final phase includes project close out. The cost and staffing is lower at the initial phase of the project. During this period, the level of un certainty is the highest and the risks of failing to come upon the objectives are the greatest. The certainty of completion progressively gets better as the project continues. The ability of the stakeholders to influence the project is highest at the initial phase and gets lower towards the final phase.The contribution of the project to the strategic goals of the company was neer objectively quantified. ... 2. Woody project failuresThe major problems identified during the audit are detailed below.Conception & stretchThe contribution of the project to the strategic goals of the company was never objectively quantified. Gate reviews were not conducted and the cost mind and risk mitigation efforts were half-baked.The cost estimation for the project was done during a single meeting without considering any supplier quotes and probably without involvement of estimation professionals. Risk analysis was not done, and no contingencies were added at this stage. The project scope was not d efined objectively, and seemed to have been influenced by personal bias there was no primer coat to include office renovation within the scope of this production capacity enhancement project.Planning & controlThe contingency was developed after the project was authorized, and was done without any formal assessment of risk. The monthly cash flow was done on an ad-hoc basis without the involvement of the project manager. The cash flow was developed without enumeration the project schedule and the actual spending pattern. Without this vital information, there was no way Spencer could have rattling mobilized the necessary funding for this project. This cash flow was never used for the purpose of monitoring and controlling. on that point was no project plan to address the key issues, and no Work Breakdown Structure (WBS) or project schedule was prepared. In absence of a baseline plan it became impossible to monitor the project progress.There was no cost control process in place withou t use of proper cost surgical operation index, it was impossible to predict to cost overrun.Contracting strategySpencer decided on a cost prescribed basis for contracting the work.