Evaluating Projects Flashcards
To what are projects linked?
to measuring and demonstrating results
on what does a good project managment practice based on?
to perform evaluation, which depends on the finding/results
what is the results of evaluation?
it contributed to transparency and accountability
what are the benefits of the evaluation process?
Lessons learned can be sheared more easily
Report provide a more robust for raising budget and influencing stakeholder
when should the project be evaluated?
No hard rule is available, often govered by company policies
What are some hints that a project needs evalaution?
New project
Project under execution
project closeout
when is a re-evaluation needed?
when the project appears to be in trouble or when the project produces better results than expected
why should project closeout be evalauted?
additional information e.g when the product is in the market and economic reture on investment can be assesed
Lesses learnded and best practices ca be applied to subsequent projects
why is the pre-project evaluation important?
it determines the effectiveness of the project before execution
Who has to be convince?
the stake holder in an internal project
What’s the main difference in the pre-project evaluation in a pharmaceutical industry and innovation department?
In pharma Industry one obtained a project demand (internal or customer), while in an innovation department there is a complete processes for pre-project evaluation (Cooper’s stage-gate-process)
Types of project are grouped by? (learn to draw it and give examples)
uncertainty of the project outcome and the execution of the project
How does a project lifecycle looks like?
Demand
Preparation
Execution
what are some project charter?
Project scope and dependencies Project economics Economic key Performance Indicators Porject risks and mitigation project Effort and cost project organization Miestone plan
what are Project economics?
Qualitative and quantitative benefits
Busines Value
what are Economic key Performance Indicators
Net present value
internal rate of reture
Payback period
How do you obtained the excepted commercial value (ECV)
NPV* probability of the project = ECV
what are steps in pharmaceutical project evaluation?
Project definition Definition of options Collection of data Assumptions Business Case Controls
Which steps are related to each other
Collection of data
Assumptions
Business Case
Project definition
Define the scope, objectives and focuse
Definition of options
Rate different options with regard to attractiveness
Collection of data
gather data (internally and externally) that are required based to make assumptions
Assumptions
evaluation collected data and formulate internal and external assumptions, test these and re-check data
Business Case
present business case, re-define it in case project can avoid risk or add more value
Controls
conduct monitoring measures
Which are the various sources to collete data
production costs/ analysis of sales force based on own data by business intelligence, from competitos
what includes in the definition of assumptions?
(go through the examples)
the debate with stakeholders
on what is the define mitigation based on?
on the ranking of the ris
draw the prorization of assumption using risk matrix
do you know it?
Check the example on slide 23
Have you done so?
What is the importance of the ongoing evalution?
to make sure that project is proceeding as planned
monitoring and reporting should be condcuted consistently
project metrics should be calculated to measure the success
Which topics are addressed in the decision tree analysis?
Approach bulids a graphic representation of the decisions
Alternative outcomes are represented having the same chance
shows main outcomes itemized
why is decision tree anaylsis important in a pharma industry?
focues on the activites that are essential for sucessful development, therefore decision trees are extented up to approval
what are decision tree analysis used for?
is an effective tool to illustrate R&D decision points
employed to compared stragegic options
on what is the probabilities of uncertain elements based?
are assesed based on available knowlegde and the circumstance of the individual case
how can the overall probability be provided?
if milestones are composed of several independent activites
Intangibles and interdependencies
Various interdependencies exist and intangibles are hard to quantify
How can intangibles be managed?
Pharse expected goals and outcome, even if not mesureable
identify possible alternative measures and use them
Benchmark based on past, comparable projects
Focus on indicators, which can be assessed
when do evaluation takes place?
prior to, within and after execution of projects
who set the scope of evaluation
by senior management
when is re-evaluation?
during entire project cycle
what is important when evaluating
it has to b reported to stakeholders, lack of evalaution directly falls back to project resposible
where should the evaluation focus
on internal and extenal enviroment
what is importnat during the project?
Discussion with and input from other department is mandatory throughout entire project
