Project Management Audit and Closure Lecture Notes

This flashcard set covers the essential vocabulary and concepts related to Project Management Audit and Project Management Closure as taught in nursing administration.

Project Management

A structured discipline that aims to achieve specific objectives within defined constraints such as time, cost, scope, quality, and resources.

Project Monitoring

The continuous tracking of progress, identifying deviations, and making mid-course corrections with a focus on inputs, activities, and outputs.

Project Evaluation

The systematic assessment of effectiveness, efficiency, relevance, and impact, often conducted by external parties to gain insights for future projects.

Project Audit

An independent, objective, and systematic evaluation of a project's health, focusing on financial accuracy, internal controls, and adherence to standards.

Audit Evidence

Records, statements of fact, or other verifiable information relevant to audit criteria, such as policies, patient records, and financial reports.

Audit Checklists

Organized lists of questions or standards used by auditors to review all important project areas systematically and reduce missing information.

Performance Dashboards

Visual tools that display project performance data through charts, graphs, KPIs, and indicators to support real-time decision-making.

Gantt Chart

A timeline tool used to plan and monitor project activities, schedules, tasks, and progress percentages.

Control Charts

Graphs used to monitor process performance over time to detect abnormal changes and monitor quality stability.

Variance Analysis

A technique that compares planned performance with actual performance to identify delays and budget overruns.

Risk Assessment Matrix

A tool that classifies risks according to their likelihood and impact to prioritize risk management and preventive planning.

Pareto Chart

A chart based on the principle that 80% of problems come from 20% of causes, used to prioritize major problems.

Fishbone Diagram

Also known as a Cause-and-Effect Diagram, it is used to identify the root causes of problems across categories like people, process, and equipment.

Run Charts

Tools used to display performance data over time to monitor trends and identify performance changes.

Internal Audit

An audit conducted within the organization by its own team to improve operations, controls, and risk management.

External Audit

An audit performed by independent third-party certified auditors, focusing mainly on financial statements and compliance for external stakeholders.

Confirmation Evidence

Information obtained by the auditor directly from an independent third party to verify the accuracy of data provided by the project manager.

Analytical Procedure

The analysis of data including financial ratios and trend analysis to identify anomalies by comparing different data sets.

Re-performance

An audit procedure where the auditor independently re-executes controls or procedures, such as recalculating payroll.

Pre-Project Audit

An audit performed before execution begins to review plans, budgets, scope, and identify early risks to ensure a solid foundation.

Project Management Closure

The final phase of the project life cycle where the project is formally completed, accepted, and resources are released.

Closure Meeting

A formal meeting at the end of a project to review performance, confirm deliverable acceptance, and discuss lessons learned.

Administrative Closure

The phase involving the verification of deliverables, completion of project reports, and archiving of records from a procedural perspective.

Contract Closure

The process of verifying that all contractual obligations are fulfilled, resolving claims, and formally closing procurement agreements.

Financial Closure

The settlement of all project costs, final budget reconciliation, and closure of financial accounts to prevent future liabilities.

Lessons Learned

The documentation of successes, challenges, and best practices captured during project closure to improve future project performance.

Premature Closure

A closure decision where the project is terminated before completion due to constraints such as budget cuts or staff shortages.

Perpetual Project

A project that continues without a clear end or formal handover, often resulting in resource waste and lack of accountability.

Scope Creep

The uncontrolled expansion of project scope, which makes auditing difficult and adds extra work.

Organizational Process Assets (OPA)

Stored project plans, policies, procedures, and templates archived at the end of a project to promote organizational learning.