Ch. 2 Project Management

Question 1

What is project management?

Answer 1

The process of planning and controlling system development within a specified time at a minimum cost with the right functionality

Question 2

What is economic feasability?

Answer 2

Identifies the financial rick associated with the system, assigning values to them, and then calculating the cash flow and return on investment for the project

Question 3

What are the effects of adding people to a project team?

Answer 3

It adds extra costs, extra communication, and other inefficiencies

Question 4

What are the elements of a system request?

Answer 4

• Project sponsor: the primary point of contact for the project
• Business need: the reason prompting the project
• Business requirements: what the system will do
• Business value: how will the organization benefit from the
  project
• Special issues: Anything else that should be considered

Question 5

What is a system request?

Answer 5

A document that describes the reasons for building the system and the value added from building a new system

Question 6

What is feasability analysis?

Answer 6

It examines technical, economic, and organizational pros and cons of developing the system, and it gives the organization a slightly more detailed picture of the advantages of investing in the system as well as any obstacles that may arise

Question 7

What is return on investment?

Answer 7

How much money the organization will recieve in return for the investment it will make

Question 8

What factors increase risk in a project?

Answer 8

Scope creep, technical issues, financial, and organizational issues