A project evaluation reviews the production process and determines the effectiveness of a completed project. These evaluations are important, determining whether the project is worth repeating, results were accurate, what changes and adjustments need to be made, and how the process can be used for the success of future projects. Learning to comprise an effective project evaluation assists in keeping an organization moving forward with new technology and methods of production in an organized and productive manner.
Project Evaluation Steps
Determine whether the project results were accurate. Review all the notes, records and costs to make sure every aspect of the procedures used are taken into consideration. For example, a doll manufacturer can review the labor and material costs of a specific toy, but if the freight charges of imported doll parts are not taken into consideration or overtime is failed to be taken into account, the results will be incorrect.
Decide on changes, adjustments or improvements that can be used to improve the product in future projects. First-time projects often set the stage for future projects in a progressive company. These projects will be revised to fit current trends, demands and pricing. For example, the same doll company may decide to produce a doll in the likeness of a film star. When the popularity of that star fades the company will have to choose a new face for their product.
Measure the profitability or success of the project. Short- and long-term results must be taken into consideration. For example, a jewelry company introducing new and successful silver designs may have to revise their prices, product components or change vendors if the price of silver rises or becomes less available.
Dissect the project to determine which successful methodology can be used for future projects. For example, if a certain project is very successful when personnel are split into different groups to work on different facets of the project, this management method may also work well for other similar projects.
Record all project specifics. Include an evaluation of what worked and what didn't, what improvements should be made, and what can be added to make the project more profitable or efficient. Make this report available in a clear, informative manner to company personnel who may work on the same or similar projects in the future.