IS Project Management CH 4
Results from Project Planning
-Define potential projects -Define project scope, benefits, and constraints
Outputs of Project Closing
-Final product, service or result transition -Organizational process asset updates
3 Main Objectives of Integrated Change Control
-Influencing the factors that create changes to ensure that changes are beneficial -Determining that a change has occurred -Managing actual changes as they occur
Inputs for Developing a Project Charter
-Project statement of work -Business Case -Agreements -Enterprise Environmental Factors -Organizational Process Assets
Results from Resource Allocation
-Select information technology projects -Assign resources
Project Charter should Include:
-The project's title and date of authorization -The project manager's name and contact information -A summary schedule, including start and ending dates -A summary of the project's budget or reference to budgetary documents -A brief description of the project objectives, including the business need or other justification for authorizing the project -Success criteria, approval requirements, and who signs off on the project -A summary of the planned approach for managing the project, stakeholder expectations, assumptions, constrains, references to other documents -Roles and responsibilities matrix -A sign-off section for all stakeholders -Comments section for stakeholders
Results produced from Information Technology Planning Stages
-Tie information technology strategy to mission and vision of organization -Identify key business areas
4 Important forces behind NPD's success
1. A product innovation and technology strategy for the business 2. Resource commitment and focusing the right projects, or solid portfolio management 3. An effective, flexible, and streamlined idea-to-launch process 4. The right climate and culture for innovation, true cross-functional teams, and senior management commitment to NPD
Steps for determining NPV
1. Determine the estimated costs and benefits for the life of the project and the products it creates 2. Determine the discount rate 3. Calculate NPV
5 Common Techniques for Selecting Projects
1. Focusing on broad organizational needs 2. Categorizing IT projects 3. Performing net present value or other financial analysis 4. Using a weighted scoring model 5. Implementing a balanced scorecard
Steps in creating a Weighted Scoring Model
1. Identify criteria that is most important 2. Assign weights for each criteria 3. Calculate
4 Major Section Headings of a Project Management Plan
1. Overview 2. Project Organization 3. Managerial Process Plan 4. Technical Process Plans 5. Supporting Process Plans
If estimates for total discounted benefits for a project are $120,000 and total discounted costs are $100,000, what is the estimated return on investment? A. $20,000 B. $120,000 C. 20% D. 120%
20%
Which of the following items is not normally included in a project charter? A. Name of the Project Manager B. Budget Information C. Stakeholder Signatures D. A Gantt Chart
A Gantt Chart
Change Control System
A formal, documented process that describes when and how official project documents may be changed
Discount Factor & Formula
A multiplier for each year based on the discount rate and year 1/(1+r)t
Mind Mapping
A technique that branches radiating from a core idea to structure thoughts and ideas
Payback Period
Amount of time it will take to recoup the total dollars invested into a project, in terms of net cash flows
SWOT Analysis
Analyzing strengths, weaknesses, opportunities, and threats which are used to aid strategic planning
Baseline
Approved project management plan plus approved changes
Cash Flow
Benefits - Costs or Income - Expenses
Net Present Value (NPV) Analysis
Calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time
Opportunities
Chances to improve the organization
_______ Ensures that the descriptions of the project's products are correct and complete A. Configuration Management B. Integrated Change Control C. Integration Management D. A Change Control Board
Configuration Management
Project Integration Management
Coordinating all of the other project management-knowledge areas throughout a project's life cycle
Common Organization Value Drivers
Customer Service Innovation Operational Efficiency Financial Performance
The first step in project management
Deciding what projects to do in the first place (project initiating)
Strategic Planning
Determining long-term objectives by analyzing the strengths and weaknesses of an organization, studying opportunities and threats in the business environment, predicting future trends, and projecting the need for new products and services
Which of the following processes is not part of project integration management? A. Developing the project business case B. Developing the project charter C. Developing the project management plan D. Closing the project or phase
Developing the project business case
A new government law requires an organization to report data in a new way. Which of the following categories would include a new information system project to provide this data? A. Problem B. Opportunity C. Directive D. Regulation
Directive
Results produced from Business Area Analysis
Document key business processes that could benefit from IT
Configuration Management
Ensures that descriptions of the project's products are correct and complete
What tool and technique is used for all processes of project integration management? A. Project Management Software B. Templates C. Expert Judgement D. All of the above
Expert Judgement
Tools and Techniques used in Execution
Expert Judgement Meetings Project Management Information Systems
Organizational Process Assets
Formal and informal plans, procedures, policies, guidelines, information systems, financial systems, management systems, lessons learned, and historical information that can influence a project's success
Change Control Board (CCB)
Formal group of people responsible for approving or rejecting changes to a project
Interface Management
Identifying and managing the points of interaction between various elements of a project
4 Information Technology Planning Stages
Information Technology Planning Stages Business Area Analysis Project Planning Resource Allocation
Balanced Scorecard
Methodology that converts an organization's value drivers to a series of defined metrics
Which of the following is not a suggestion for performing integrated change control? A. Use good configuration management B. Minimize change C. Establish a formal change control system D. View project management as a process of constant communication and negotiation
Minimize Change
Required Rate of Return
Minimum acceptable rate of return on an investment
What do many organizations rely on to increase growth and profitability?
New Product Development (NPD)
Directives
New requirements imposed by management, government, or some external influence
A _____ is a document that formally recognizes the existence of a project and provides direction on the project's objectives and management A. Project Charter B. Contract C. Business Case D. Project Management Plan
Project Charter
ROI Formula
Project Costs - Benefits / Costs
Discount Rate
Rate used in discounting future cash flow
Enterprise Environmental Factors
Relevant government or industry standards, the organization's infrastructure, and marketplace conditions
What is the last step in the four-stage planning process for selecting IT projects? A. IT Strategy Planning B. Business Area Analysis C. Mind Mapping D. Resource Allocation
Resource Allocation
Cost of Capital
Return available by investing the capital elsewhere
Which of the following is not a best practice for new product development projects? A. Aligning projects and resources with business strategy B. Selecting projects that will take less than two years to provide payback C. Focusing on customer needs in identifying projects D. Assigning project managers to lead projects
Selecting projects that will take less than two years to provide payback
Output(s) of a Project Charts
The charter itself
Weighted Scoring Model
Tool that provides a systematic process for selecting projects based on many criteria
Business Service Management (BSM) Tools
Track the execution of business process flows and expose how the state of supporting IT systems and resources is impacting end-to-end business process performance in real time
Problems
Undesirable situations that prevent an organization from achieving its goals
Suggestions for Performing Integrated Change Control
View project management as a precess of constant communication and negotiation -Plan for change -Establish a formal change control system, including a Change Control Board -Use effective configuration management -Define procedures for making timely decisions about smaller changes -Use written and oral performance reports to help identify and manage change -Use project management software and other software to help manage and communicate changes -Focus on leading the project team and meeting overall project goals and expectations