4. What steps might be taken to reduce the anxiety of project team members facin

Question

4. What steps might be taken to reduce the anxiety of project team members facing an audit 5. What are the dangers in evaluating a project based or the reason(s) it was selected (such as its being a com- petitive necessity), rather than the goals and objec- tives in the project proposal or contract? 6. It is frequently suggested that items that will become potential problems later in the project life be decided up front, such as how to allocate revenues or dispose of project assets. How can this wisdom be used for roblems that cannot be foreseen 7. Can you think of any acceptable ways of assigning credit for profits (or responsibility for costs) resulting from a project on which several departments worked

Explanation / Answer

4. Steps to reduce anxiety during an audit:

1) Knowing your audit team- A healthy relationship with audit team will make you feel confident while working on a project. It also translates into your audit preparations.

2) Know the audit process- Acknowledging audit process is also an effective way to reduce anxiety of project team. It makes process for the team regular, which increases confidence while working.

3) Take a second opinion- To have second opinion about your project work from a person outside of your firms will provide sometimes vital information about loopholes which are present in your project work, if any. This may keep you prepared for final audit. Also, knowing your internal policies of your firm will increase more details about audit process. One should define and test all internal policies of its firm before presenting to any external audit team.

5. Dangers in evaluating projects based on reasons it was selected:

1) Risk of less time constraints alloted to project due to need of hour- its very necessary to allow appropriate time span to complete the project.

2) Risk of less estimation of cost of project - Also, necessary to predict cost of project. Also, overestimation should be avoided.

3) Risk of leaving major environmental data while planning -

Sometimes, due to less time availability it has seen that environmental factors are missed out which affect project severely. This must be avoided.

7. Ways to credit success for several department working:

1) Arranging a success party for all.

2) Availing bonuses for all workers.

3) Arranging Appreciation meetings with all workers in different departments.

4) Mentioning success on notice boards for workers by congratulating them.

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