What is the purpose of a program management review? So we will tackle the information about this and also let us learn the importance of it.
What Is A Program Management Review?
Program management review is a structured, formal process for reviewing the status of a program. That involves the stakeholders and other interested parties.
It is to reach a consensus on the current status of the program and the future direction of the program.
What Is The Purpose Of This?
The purpose of a program management review is to ensure that adopted program management processes. It is being used effectively to identify any opportunities for improvement.
The process also serves as a mechanism for recording project outcomes.
Who Conducts A Program Management Review?
A program management review is conducted by project managers and their key management staff. It is usually conducted with senior management participation and support.
Other interested parties may be invited to participate in the review process. Such as customers and program board members.
The review team should represent all stakeholders and have sufficient representation. It is from technical experts and business representatives.
Program reviews may be conducted at any time during a program’s lifecycle. But are normally held at each phase gate milestone or significant event requiring formal approval, such as:
A kick-off meeting with all key stakeholders is usually conducted by upper-level management. It is to establish expectations for all parties involved with the program.
Here we need to understand what are the expectations from all stakeholders including the sponsor and customers.
The first step in implementing any project plan is a needs analysis study that defines the requirements necessary for the success of the project or programs. This can help us to understand what are those needs which need to be fulfilled for achieving our goal.
Usually, this stage will involve some sort of brainstorming session. Where different ideas will be discussed and evaluated by the project team on how feasible they are from a business perspective.
And also its cost impact on the business if implemented. Once we have evaluated these ideas then we can choose those which will benefit us more financially.
But not at the cost of our existing business process or infrastructure/infrastructure. It requires investment either on the users or IT system side.
So it may not be possible because of budget constraints or some other reasons like high-risk factors involved with it etc.
We need to make sure that those conditions are met before proceeding further. So no regrets later on when things go wrong because of our decision made in haste without any proper analysis done on it beforehand.
Risk analysis and risk management:
Risk analysis is a process of identifying and evaluating potential risks. It can be done with the help of risk assessment templates like “Risk Register”.
This is a list of all the risks which are identified and their probability of occurrence. Risks are not mere threats to our project but to our company as well.
Because if it fails, then it may lead to loss of our reputation or failure of the business. So we need to make sure that conditions are met and we should be able to tackle any sort of risk before proceeding further.
Here we also need to understand what kind of risks we are dealing with. Is it’s a technical risk and financial risk, also a business risk, etc?
Then we need to know how much impact it will have on us if those risks will occur? What is the cost implication on us if that happens?
Also, what are the possible ways to mitigate those risks? Or who should be responsible for managing such risks on a day-to-day basis?
Risk response planning:
Once we have identified all such risks then we must decide how best we can manage them effectively. There are no more chances here to get involved in any sort of brainstorming process.
But the only thing that matters here is a proper and well-thought-out risk management plan.