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During a project implementation review (PIR), a project manager asserts that her project is doing better financially that other projects because six months into an 18 month project, only one-sixth of the allocated budget has been allocated. The primary thing an IT auditor should assess next is:
What amount of progress against schedule has been achieved.
If the project budget can be reduced or assigned to another project.
If the project could be brought in ahead of schedule.
If the budget savings can be applied to increase the project scope.
if the project budget was over estimated.
Cost performance of a project cannot be properly assessed in isolation of schedule performance. Cost cannot be assessed simply in terms of elapsed time on a project. To properly assess the project budget position it is necessary to know how much progress has actually been made and, given this, what level of expenditure would be expected. It is possible that project expenditure appears to be low because actual progress has been slow. Until the analysis of project against schedule has been completed, it is impossible to know whether there is any reason to reduce budget. If the project has slipped behind schedule, then not only may there be no spare budget but it is possible that extra expenditure may be needed to retrieve the slippage. The low expenditure could actually be representative of a situation where the project is likely to miss deadlines rather than potentially come in ahead of time. If the project is found to be ahead of budget after adjusting for actual progress, this is not necessarily a good outcome because it points to flaws in the original budgeting process; and, as said above, until further analysis is undertaken, it cannot be determined whether any spare funds actually exist. Further, if the project is behind schedule, then adding scope may be the wrong thing to do.
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