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(RISK-2404) Holistic Project Assessment (HPA)

Level: Intermediate
Author(s): Ken Cressman, CCP EVP
Venue: 2017 AACE International Annual Meeting, Orlando, FL

Abstract: Both organizations, and individuals working within those organizations, need processes, techniques and tools to assess programs/projects from an early stage in the Project Life Cycle. Normally, the assessment of the risks and rewards of a program/project fall within established organizational practices, such as risk assessment or financial assessment. These assessments are based on subjective data and numerical rankings, which are then used to make GO/NO GO decisions throughout the Project Life Cycle.

While these subjective assessments are good standard industry practice, this paper proposes additional objective assessments for the organization, as well as for the individual who may be involved in the project execution.

The Holistic Project Assessment (HPA) process described here can provide an additional assessment tool for both organizations and individuals to use when assessing the viability of a project, as well as their projected role within that project. It is the author’s opinion that additional assessment criteria, such as organizational maturity, organizational culture, past project performance, and existing procedures or processes should be reviewed and analyzed to make better program/project decisions. The recommended assessment criteria are primarily based on the author’s experience and knowledge, but can be easily integrated into standard industry assessments. Using these objective criteria may also mean that the organization will need to establish new or better data collection processes to be able to assess and implement them. This will assist the organization with increasing organizational maturity.