What is primarily assessed during a project audit?

The primary focus of a project audit is the assessment of cost and schedule performance. During an audit, project managers and auditors evaluate how well the project is adhering to its planned budget and timeline. This includes analyzing variances between actual expenditures and the budgeted costs, as well as assessing whether project milestones and deadlines are being met. The goal is to identify any discrepancies, understand their causes, and implement corrective actions if necessary.

Evaluating cost and schedule performance is crucial because it provides insights into the overall health of a project. If a project is over budget or behind schedule, it can signal potential issues that need to be addressed to ensure successful completion. Audits typically focus on quantifiable metrics and financial aspects, making cost and schedule performance the central point of assessment.

While other elements like stakeholder engagement, team collaboration effectiveness, and project planning phases are important for project management, they are not the primary focus during the auditing process, which is explicitly concerned with financial and time-related metrics.