IV&V Review Service Overview
The Sunera Independent Verification and Validation (IV&V) Review provides the customer project management and stakeholders an objective and independent report of project risks, combined with an assessment of the controls or methods planned or implemented to help mitigate those risks. The IV&V review includes information related to the analysis performed and methods suggested for continuous project performance improvement.
Several reasons can substantiate the need for an independent project assessment, including:
- Where a project presents a challenge to the business due to its size, the use of unfamiliar technology, the advanced skills and resources required or its complexity
- Where a project steering group requires independent progress reports
- For businesses that do not have a history of successfully implementing projects
Numerous benefits of an independent and object project assessment are provided, including:
- Practical advice on enhancing processes and controls to mitigate project risks and maximize the likelihood that the project will meet its objectives
- A high level assessment for management and regulators of the effectiveness of project management controls
- Objective and independent assessment of the risk of project failure
- Proactive advice to minimise the cost to the business, as well as unquantifiable losses such as a tarnished image, frustration and poor staff morale, and wasted time
- Access to specialist knowledge and skills to help realize the benefits of client’s projects
Objectives, Scope and Limitations
Often, businesses do not have a history of successfully implementing projects or a project presents a challenge to a company due to its size, complexity, its unfamiliar technology, and the skills and resources required. Sunera's IV&V review is designed to assist leadership by providing practical advice on enhancing processes and controls to mitigate project risks and maximize the likelihood that the project will meet its objectives. Access is thus made available to specialist knowledge and skills to help realize the benefits of the client’s projects.
After interviewing project key players, along with a careful project review, a high level assessment is delivered for management and regulators of the effectiveness of project management controls. Senior management and the project steering committee also receive presentations of the assessment results. Our IV&V Review details the findings and the areas of weaknesses identified along with recommendations for project improvements. Also we include in the assessment general explanations of risk identification and management and project management industry standards.
Methodology
Sunera’s reports for each IV&V Review will contain at a minimum, the status of the Project, including any pertinent historical background information. In addition, our reports will contain detailed analysis of each applicable IV&V Review Area, which answers at a minimum the following questions:
- What are the current processes, procedures, practices and technology?
- What is good about the current processes, procedures, practices and technology?
- What about the current processes, procedures, practices, and technology needs improvement?
- Is there measurable progress since the last IV&V Review?
- Is the project within established budget, schedule and performance parameters?
- Is the contractor following industry best practice or comparable practice for development?
- Do the contractor deliverables meet the acceptance criteria and adhere to contractual and functional requirements?
- Do the deliverables provide a roadmap for success?
- Is the project documentation accurate and up-to-date?
Furthermore, Sunera will quantify responses to the above questions where possible. In addition, the IV&V Review Report will contain both positive and negative findings. Each report will also contain detailed recommendations for each IV&V Review Area specifying what the Company can do both immediately and in the long term to improve the success of the project. Any technologies, methodologies, or resources recommended will reflect industry “best practices” and be appropriate for the unique circumstances and constraints of the project. The recommendations will also specify a method of measuring progress against the recommendations.
In-progress IV&V Review Reports will also contain any additional and/or modified recommendations at the same level of detail as the initial recommendations. All findings and recommendations will be traceable (with a clear and consistent method of identification/numbering) from the time first reported until closure. Additionally, the project closeout IV&V report will include a section of lessons learned from the project.
Several organizations provide valuable and thorough standards and guidance for technology projects. Organizations that have been leveraged in past IV&V approaches and other services include the Institute of Industrial and Electrical Engineers (IEEE – www.ieee.org), ISO, and the Project Management Institute (PMI – www.pmi.org). The project management approach used is in accordance with the Project Management Institutes (PMI) nine areas of knowledge and how they relate to the general project management process groups of Initiating, Planning, Executing, Controlling, and Closing. As with any project adaptation to the guidelines to fit your environment, budget, timeline, and resources is necessary. The focus of the project assessment is on the Project Risk Management area of knowledge.
The IEEE 1074 standard also defines the activity of Analyze Risks under the Project Monitoring and Control Process. This distinction provides further value to performing and following good project management processes. Organizational diligence increases the probability of the business delivering a quality product that meets requirements on time and on budget.
