Framework for Evaluation and Management of a Project

This framework is designed to aid in project planning/development, management, and evaluation and is considered a living document. Prior to any application, revisions may be necessary to customize the framework for a specific type of project. Lessons learned from previous projects should be incorporated to improve the framework.

1) Project Preparation
a) Concept Definition
i) Cost Estimation
(1) Numeric model
(a) Profitability
(i) Net Present Value of project
(ii) Investment required
(iii) Return on Investment
(iv) Payback period
(b) Weighted factor scoring model
(2) Non-numeric model
ii) Feasibility determination
(1) Strategic assessment
(2) Benefits of acceptance
(3) Impact of rejection
iii) Time Management
iv) Solution Selection
v) Initial Approval
b) Planning
i) Project Team
(1) Vertical hierarchy
(2) Project Manager
(3) Function managers
(4) Team Members
(5) Stakeholder identification
ii) Communications Plan
iii) Structure
(1) Statement of Work
(a) Project Objectives
(i) Scope
(ii) Performance requirements
(2) Work Breakdown Structure
(a) Resource management
(3) Schedule Development
(a) Critical Path Method
(b) PERT
(c) Audit Plan
(i) Schedule Audit
(ii) Budget Audit
(iii) Production Audit
(iv) Communications Audit
(v) Contract Audit
(vi) Complete Audit
(4) Budget Development
(5) Learning curve expectations
(6) Quality control
iv) Change Control Plan
v) Contract Development
vi) Final Approval
2) Project Execution
i) Carry out developed plans
(1) Schedule
(2) Work Breakdown Structure
(3) Audits
ii) Problem Management
(1) Problem Identification
(2) Root Cause Determination
(3) Corrective Actions
(a) Immediate
(b) Long Term
(4) Feedback
iii) Conflict Management
(a) Source of conflict
(b) Impact
(c) Solution
(d) Feedback
3) Project Termination
i) Reasons
(a) Completion
(b) Failure
(c) Cancellation
ii) Resource Reallocation
(1) Money
(2) Materials
(3) Personnel
iii) Termination Evaluation/Lessons Learned
(1) Feedback to organization

All projects can be categorized in three major stages of life according to the framework. The stages overlap various phases of the Project Life Cycle. The Project Preparation stage includes the concept definition and planning. The second stage is Project Execution, which is the task of actually carrying out the project. The final stage is Project Termination, which signifies the end of a project.
Project Preparation

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