Chapter 9: Managing Business Change Flashcards
what is effective tech project governance about?
ensuring that complex technology projects deliver the value expected of them
why is project governance vital?
- responsibilities documented
- decision framework provided
- framework for reporting and tracking
- framework for control and managing changes
- structure to manage resources
what is a SDLC?
Software Development Life Cycles (SDLCs). standardised process of developing information systems or applications through the completion of defined steps or phases
what are the SLC stages?
- management establishes what they want the new system to incorporate
- feasibility study
- fact finding and recording
- analysis
- design
- system specification
- implementation and review
- use and close
what are the three different models of software development?
traditional or waterfall models
iterative/incremental models, and
other models
what are the waterfall models?
divide the process into a number of phases and place great emphasis on the requirements-gathering process
what is the basic waterfall model?
maintains that one should move to a phase only when its preceding phase is completed
‘output’ of each phase becomes the ‘input’ of the next phase
what is the fountain model?
iteration of the waterfall model
recognises that there are opportunities for some phases of the life cycle to occur at the same time or to overlap. Overlap occurs between adjacent phases need to be effective to ensure that work is not undertaken on incorrect assumptions.
what is the iterative/incremental model?
Various parts of the system are developed at different times or rates, and integrated as they are completed
what are the common iterative/incremental model types?
- prototyping
- spiral model
- agile model
what is the prototyping model?
process of quickly putting together a working model (a prototype) in order to test various aspects of a design
what is the spiral model?
combines the features of the prototyping model and the waterfall model and is intended for large, expensive and complicated projects
what is the agile model?
has objective of minimising risk by developing a series of small packages of software in short amounts of time
what is a project?
A temporary and one-time endeavour undertaken to create a unique product or service, which brings about beneficial change or added value
what is project management?
The discipline of organising and managing resources (eg, people) in such a way that the project is completed within defined scope, quality, time and cost constraints
what are the most commonly used project management methodologies?
- PRINCE2
- Project Management Institute (PMI)
- ISO Standards
what is PRINCE2?
structured, process-based approach to project management that provides a clear framework for managing projects of all types and sizes
project is divided into manageable phases or stages, enabling
efficient control of resources
what are the stages of the PRINCE2 process stages?
- Starting up a project (SU)
- Planning (PL)
- Initiating a project (IP)
- Directing a project (DP)
- Controlling a stage (CS)
- Managing product delivery (MP)
- Managing stage boundaries (SB)
- Closing a project (CP)
what are the ISO Standards in Project Management?
establishes standards that provide vocab and basics of quality management systems
what is software testing?
crucial process used to measure the quality of developed
computer software.
what is the purpose of software testing?
gain confidence in the software’s quality and ensure an acceptable defect rate, along with documented understanding and available workarounds for any existing defects
what is unit testing?
Tests individual software components in isolation
what is Integration or System Integration Testing?
Verifies interactions between integrated components
what is Functional Testing?
Ensures proper functionality as per specifications
what is System Testing?
Validates the completely integrated system against requirements
what is Volume Testing or Load Testing?
Evaluates software performance under specific data volumes
what is System Integration Testing?
Verifies integration with external systems
what is User Acceptance Testing (UAT)?
Conducted by end users to validate product acceptance
what is Alpha Testing?
Operational testing by potential users at the developers’ site
what is Beta Testing?
Limited release for further testing outside the company
what is Penetration Testing?
Tests system security against simulated attacks
what is White box testing?
the tester has access to the source code and can write tests
specific to the area of change.
what is Black Box testing?
Testing through user interfaces to confirm functional specifications without considering internal workings
what is Grey box testing?
Combining black box and white box testing, applying some tests to internal workings and others as black box inputs and
outputs.
what is smoke testing?
Quick examination of basic components to ensure they function together, often used for software builds
what is agile testing?
Test-driven approach in agile development, where unit tests are written first and continuously updated.
what is handshake testing?
Verifying communication between systems, ensuring messages are sent and received without focusing on
understanding
what is the test cycle?
- Requirement analysis
- Test Planning
- Test development
what is disruptive innovation?
Innovative technologies that defy market expectations.
Improve products or services through lower prices, targeting different consumers, or alternative delivery methods
what is cloud computing?
provision of technology resources (hardware, software, networks, applications) on demand via a network
what is Big Data?
a large amount of data; normally in the region of a minimum of a billion data items, the data is in a different number of formats
what are the issues related to big data?
- Data quality and consistency
- Infrastructure requirements
- Analysis complexities
what are cryptocurrencies?
virtual medium of exchange that uses technology and cryptography to process currency transactions and to control the creation of new currency units
what are the challenges for Bitcoin?
- transactions take a long time to clear
- take up is low
- no central control body
- price is volatile
- unfamiliar
- no legal status
what are crypto tokens?
assets that are stored on another cryptocurrency’s blockchain
what is AI?
Branch of computer science that focuses on programming computers to behave like humans
how can AI be used in Asset Management?
- HFT
- Fraud detection
- Personalised services
what are the implications on AM firms of crypto?
- if it becomes mainstream dependence on blockchain is likely to increase
- firms will have to develop an understanding of how it works
what is machine learning?
discipline of AI that allows systems to learn and improve from experience without explicit programming
what is open finance?
term employed to describe the extension of open banking data-sharing principles to access customer data across financial sectors
what are the implications of open finance?
- easier for consumers to shop
- firms can offer the right services
- enables firms to collect data from multiple sources and present a total picture
