Question

Please answer: Which of the project evaluation approaches described in Project Management in Practice do you believe is best for your project, and which would be least effective, and why?

Answer 1

Project evaluation is the assessment of a project by considering its stages such as planning , implementation and tracking the results. Project evaluation is mainly done to improve the quality, effectiveness and efficiency of the project .Evaluation is carried in a planned and systematic way., thereby help in decision making. The project evaluation approaches in project management helps to achieve the desired goals , on time.The different kinds of project evaluation approach include, Specific success criteria ,Classical iron triangle formative , Summative, internal and external bench marking.

In formative approach, is a form of internal evaluation approach that make assess while the project is carried on and not when it is completed. It can be conducted at any phase of the project or process. It provides timely feedback , that enables to make corrections and thereby achieve objective.It is an on going process. In Summative approach the evaluation is done when the project is completed It examine the outcome of the project determines whether the benchmarks and goals are met. In specific success criteria , the project evaluation purpose is to determine the project success, it measures the project against the objective of the project, focus is on a single project. In classical iron triangle approach, evaluate the project management success by measuring the budget, time and specifications,therefore is an objective evaluation.The success depends on the efficiency in project management . Internal bench marking is a form of impact or outcome measurement,evaluate a project by bench marking against other projects . In external a project is compared or evaluated against external projects , allows cross organisational project comparison.

The best among these approaches , by considering the extent of applicability and effectiveness is the Formative evaluation approach , because it provides timely feedback which is important and helps the stakeholders as well as project manager in taking decisions related to the project. Project evaluation can be considered as useful and effective only when it respond to the interest and requirements and provides necessary information for taking corrective actions and decisions and thereby helps in project management success. Evaluation during the process enables to keep it in right track, ensure effective coordination and modifications. Specific success criteria approach is also effective to an extent as it measures against the objective of a project and enables to take corrective actions. The least effective approach among them is summative approach, because the evaluation is done at the end,it examines whether the goal is met  if the benchmarks are not met, then it will leads to failure of project . Since rectification is late it affects the effectiveness too . The success of evaluation depends on identifying or detecting the deviations , making necessary adjustments and keeping on right track.

NOTE :" If you liked this answer , please give an UP-VOTE , It will be quite encouraging, THANK YOU!"