Overview – Project Review (1YF)
The Project Review (1YF) process is specifically designed for project managers to steer their internal project – for example R&D projects – through the organization and keep all involved stakeholders (such as a steering committee) informed.
It gives project managers direct access to the cost progress of their project. The Project managers can update the project progress by confirming the project milestones, schedule and status for different areas. It enables the project manager and their team to provide regular project updates to the Steering Committee members of the organization and other stakeholders.
The Project Review process help to keep all the stakeholders in a project well informed to take decisions based on the current project progress. It provides a low-level entry point for responsible parties and decision makers of the internal project to base their decisions on given facts.
NoteThe project review process is dependent upon project creation, planning and execution processes. It takes into account that an internal project (R&D project) is already created in system. This project is planned for cost and schedule
The project is active for certain period of time and has cost booked against it from Material, Services and Resources.
Key Process Steps
Inform project manager
Describe project
Remind project managers about upcoming steering committee meetings
Update project status
Review project
Inform project steering committee about status, milestone, and costs
Complete milestones
Benefits
Establish a central repository for internal projects
Give project managers and steering committee members direct access to the financial information of their internal projects
Enable project managers and steering committee members to keep the overview among key information for their internal projects like milestone, costs, status, contacts
Inform project managers and steering committee members about upcoming milestones, cost overruns, and projects that need attention
Support the preparation of regular review meetings, including milestone approvals
Name the team members who can access the project for time confirmation
Enables project managers to provide detailed analysis of the project progress based on completion of milestones, statuses of various activities within a project.
Helps to highlight potential risk areas involving budget overruns or time slippages to the stake holders.
Enables the stake holders of the project to make informed decisions based on input provided by the project manger and team.