How does the project audit differ from the performance measurement control system?

An audit is performed by an outside party; a control is exercised by an internal party. A control provides assurance to management, while an audit provides assurance to outside investors.

how does the project audit differ from the performance measurement control system?

The project audit and performance measurement control system are both important tools in project management. While they share some similarities, there are key differences between these two concepts.

1. Purpose:
- Project Audit: The purpose of a project audit is to assess the overall effectiveness and efficiency of the project management process. It aims to identify any weaknesses or areas for improvement and ensure that the project is aligned with its objectives, scope, and constraints.
- Performance Measurement Control System: The purpose of a performance measurement control system is to continuously monitor and track the progress and performance of a project. It involves establishing appropriate metrics and performance indicators to measure the project's success and provide feedback on its performance.

2. Timing:
- Project Audit: A project audit is typically conducted at specific milestones in the project lifecycle, such as at the end of a phase or upon project completion. It reviews the project's historical data and outcomes.
- Performance Measurement Control System: A performance measurement control system is an ongoing process throughout the project's duration. It involves regular monitoring and reporting of key performance indicators to track progress and identify any deviations from the project plan.

3. Scope:
- Project Audit: A project audit focuses on the overall project management process, including areas such as project planning, governance, risk management, communication, and resource allocation. It evaluates whether the project is being managed effectively and efficiently according to established best practices.
- Performance Measurement Control System: A performance measurement control system primarily focuses on tracking and measuring project performance against predefined objectives, targets, and milestones. It assesses whether the project is achieving its intended outcomes and delivering value.

4. Outcome:
- Project Audit: The outcome of a project audit is a comprehensive assessment report that highlights the project's strengths, weaknesses, risks, and areas for improvement. It provides recommendations for corrective actions and adjustments to enhance future project performance.
- Performance Measurement Control System: The outcome of a performance measurement control system is ongoing monitoring, tracking, and reporting of project performance against established metrics. It helps stakeholders to make informed decisions, identify issues in real-time, and take proactive steps to keep the project on track.

To summarize, the project audit is a formal review process that evaluates the overall effectiveness of the project management process, whereas the performance measurement control system is an ongoing monitoring and tracking process that focuses on project performance against predefined metrics and targets. Both are valuable tools in project management, but with different purposes, timing, scope, and outcomes.