ITPROJECT Flashcards
involves the
application of project management principles,
methods, and tools specifically tailored to the unique
challenges and requirements of IT projects
IT project management
encompass the development,
implementation, enhancement, or maintenance of IT
systems, software applications, infrastructure, or
technology-driven initiatives
IT project management
Defining the project’s scope involves
determining its objectives, deliverables, and
boundaries to ensure alignment with
stakeholder expectations.
Scope Management
Planning, scheduling, and
monitoring project activities to
ensure timely completion of
deliverables and milestones
time Management
Estimating, budgeting, and
controlling project costs to ensure
optimal resource allocation and
financial performance.
Cost management
Ensuring that project
deliverables meet predefined
quality standards and satisfy user
requirements.
-enhances customer satisfaction,
reduces rework, and minimizes the
risk of defects or error
Quality Management
Identifying, assessing, and
mitigating project risks to minimize
their potential negative impacts on
project objectives. Proactive risk
management enhances project
resilience, improves decisionmaking, and increases the likelihood
of project success.
Risk Management
Establishing effective channels and
mechanisms for communication among
project stakeholders to facilitate
collaboration and information exchange
Communication Management
Recruiting, organizing, and
managing project team members to
maximize their productivity and
contribution to project success.
Human Reasource management
Acquiring external
resources, services, or products
required for the project through
procurement processes and
vendor management.
Procurement management
Sequential approach with distinct phases (e.g., requirements,
design, development, testing) and minimal flexibility for change.
Suitable for projects with well-defined requirements and stable
scope.
Waterfall Model
-Iterative and incremental approach emphasizing flexibility,
collaboration, and responsiveness to change. Suitable for projects
with evolving requirements and high levels of uncertainty
Agile methodology
-Agile framework with iterative development cycles (sprints),
regular feedback loops, and self-organizing cross-functional teams.
Emphasizes adaptability, transparency, and continuous
improvement
Scrum Framework
Visual management approach for workflow optimization,
emphasizing continuous delivery and incremental improvement.
Focuses on visualizing work, limiting work in progress, and
optimizing flow
Kanban Method
4 commonn methodologies and frameworks
-waterfall model
-agile methodology
-scrum framework
-kanban method
Uncontrolled expansion of project scope leading to increased
costs, delays, and risks.
* Mitigated through effective scope management processes and
change control mechanisms.
Scopre Creep
Limited availability of skilled personnel, budgetary constraints,
and technological limitations.
* Addressed through resource planning, allocation optimization,
and skill development initiatives
Resource Constraints
- Integration challenges, interoperability issues, and evolving
technologies requiring specialized expertise. - Managed through technical assessments, expertise acquisition,
and technology roadmapping
technical complexity
- Managing diverse stakeholder interests, expectations, and
communication needs. - Facilitated through stakeholder analysis, engagement strategies,
and effective communication channels
Stakeholder Management
What are the 4 challenges and considerations
-scope creep
- resource constraints
-technical complexity
-stakeholder management
4 importance
-alignment with business objjectives
-enhanced efficiency and productivity
-risk mitigation
-improved stakeholder satisfaction
are individuals, groups, or organizations
that have an interest in or are impacted
by the outcome of an IT project
IT project management stakeholders
These stakeholders belong to the organization implementing the
project and may include executives, project managers, project team
members, and other departmental staff
Internal Stakeholder
are individuals or entities outside the
organization but have a vested interest in the project’s outcome. They
can include clients, customers, suppliers, regulatory agencies, and
industry partners
external stakeholders
2 types of stakeholder
internal and external
typically a senior
executive or key stakeholder within the
organization funding the project. Their role is pivotal as they provide financial resources, strategic direction, and political support for the project
Project sponsor
responsible for overall project planning, execution, and control. They serve as the primary point of contact for stakeholders and are accountable for delivering the project on time, within budget, and according to specifications
Project manager
are the individuals responsible for executing specific tasks and activities to achieve project objectives. Their expertise and contributions directly impact project outcomes
PRoject team members
are the individuals or groups who will ultimately use the project deliverables.
Their satisfaction and acceptance are critical for project success as their needs must be met for the project to be considered successful
End-users
provide goods, services, or expertise necessary for project implementation. Their performance directly impacts project quality, timelines, and costs.
Vendors and suppliers
establish and enforce rules, standards, and regulations that govern the project. Compliance with regulatory requirements is essential to avoid legal and financial risks
Regulatory Bodies
are individuals, organizations, or groups affected by the project’s outcomes. Their support, concerns, and feedback can influence project success and public perception
Community stakeholders
essential for ensuring the success
of IT projects. These strategies involve proactive efforts to identify
stakeholders, understand their interests and expectations, communicate
effectively with them, manage their expectations, and build positive
relationships
Stakeholder engagement strategies
continuous process throughout the project lifecycle, requiring proactive efforts to identify stakeholders, communicate effectively, manage
expectations, and build positive relationships
stakeholder engagement
multifaceted discipline that
orchestrates the planning, execution, and control of IT
projects with precision and efficac
IT project management
. It involves the adept
application of knowledge, skills, tools, and techniques to
navigate the complexities inherent in IT endeavor
IT project management
rpovides a clear understanding of the
project’s purpose and establishes the
authority of the project manager to proceed
with project planning and execution
project charter
is a crucial aspect of IT project initiation. This involves identifying individuals, groups, or organizations who will be impacted by or have an interest in the project and understanding their expectations, influence, and communication preferences
dentifying and analyzing stakeholders
What are the internal stakeholder?
-employees
-manager
-owners
external stakeholders:
Suppliers
society
government
creditors
shareholders
customers
is a tool used to assess the interests, influence, and importance of stakeholders
Stakeholder Analysis Matrix
are data collection tools used to gather information from a large group of stakeholders
Surveys and Questionnaires
is essential to assess the viability of the IT
project. This includes evaluating technical
feasibility, financial feasibility, and
organizational feasibility.
Feasibility analysis
examines whether the proposed solution can be implemented with existing technology and resources.
Technical Feasibility
assesses the project’s affordability and potential return on investment.
Financial feasibility
evaluates the project’s alignment with the organization’s strategic objectives and its compatibility with existing processes and systems
Organizational Feasibility
involves creating a preliminary version of the project solution to evaluate its technical feasibility and identify potential challenges
Technical Prototyping
is a financial evaluation technique used to assess the potential costs and benefits of a project
COst-Benefit Analysis (cba)
It refers to the process of evaluating, planning, and
assessing the feasibility, requirements, risks, and potential
benefits of an information technology (IT) project before its
initiation or during its lifecycle
IT project analysis
It involves eliciting, documenting,
and analyzing the needs and
expectations of stakeholders regarding
the project’s deliverables and
functionalities.
Requirements Gathering
This process ensures
that the project team has a clear
understanding of what needs to be
achieved and enables the development
of comprehensive project specifications
and plans
Requirements Gathering
s involve direct conversations with stakeholders to gather information
about their needs, preferences, and requirements for the project
Interviews
are data collection tools used to gather feedback
and information from a large group of stakeholders.
Surveys and Questionnaires
is critical to identify and
mitigate potential risks that may impact
the success of the IT project. This
involves identifying risks, assessing
their likelihood and potential impact,
and developing strategies to manage
or mitigate them effectively.
Risk assessment
s involve bringing together key stakeholders and project
team members to brainstorm and identify potential risks associated with the project
Risk Identification Workshop
is a technique used to evaluate the
likelihood and consequences of identified risks
Risk Probability and Impact assessmnet
This process involves determining the
necessary resources for project execution,
assessing their availability and capacity, and allocating them effectively to ensure that project objectives are met within the defined constraints of scope, time, and cost
Resource identification and allocation
is a hierarchical representation of project
resources categorized by type, skill, or department
Resource breakdown sturcture
s a technique used to optimize resource allocation and prevent
resource overallocation or underutilization
Resource leveling
involves the development of detailed
project plans that outline the activities, timelines, resource
requirements, and dependencies for each phase of the project.
IT project planning
) is a hierarchical decomposition of the project
scope into smaller, more manageable tasks
Work breakdown structiure
is a visual representation of project tasks and their corresponding
timelines
Gantt Charts
It involves defining the
communication strategy and channels for
disseminating project information to
stakeholders. T
Communication planning
is a tool used to define the communication needs
and preferences of project stakeholders
Stakeholder COmmunication matrix
is a document that outlines the communication objectives,
strategies, channels, and responsibilities for the project
Communication Plan
is essential to proactively identify, assess, and mitigate risks throughout the project lifecycle. This involves establishing risk management processes and procedures, assigning responsibilities for risk management tasks, and developing contingency plans and mitigation
strategies for addressing potential risks
Risk management planning
is a document used to capture and track project risks throughout the project
lifecycl
Risk register
involves developing strategies to address identified risks and
minimize their potential impact on the project
Risk response planning
involves a multifaceted
approach that incorporates various techniques and components. Strategic
alignment analysis ensures that projects are aligned with organizational
goals and objectives, while financial analysis evaluates the financial
viability and potential returns of projects
Project selection in Portfolio management
involves ensuring that proposed projects are in line with the
organization’s strategic goals and objectives.
Strategic alignment analysis
Projects are evaluated based on how well they support the organization’s mission, vision,
and strategic priorities. This analysis requires a thorough understanding of the organization’s
strategic plan and objectives
Evaluation Criteria
involves evaluating the financial viability and potential returns of proposed projects
FInancial analysis
the present value of future cash flows generated by a project, considering the
time value of money. A positive NPV indicates that the project is expected to generate value for the
organization
net present value
represents the discount rate at which the net present value of cash flows from a project equals zero.
Internal rate of return
indicates the time it takes for a project to recoup its initial investment.
Projects with shorter payback periods are preferred as they offer quicker returns on investment
payback period
nvolves identifying, analyzing, and mitigating risks associated
with proposed projects
risk assessment
are developed to address unforeseen events or risks that may
arise during project execution.
Contigency planning
an ongoing process that requires continuous monitoring and
control throughout the project lifecycle
risk management
involves evaluating the organization’s ability to
allocate resources to proposed projects
Resource capacity analysis
aims to optimize resource utilization by
aligning resource allocation with project priorities and strategic objectives. This
involves balancing resource demand and supply across the organization
Resource optimization
compares the total expected benefits of a project to its total
expected costs
Benefit cost ratio
involve establishing criteria and assigning weights to different project
attributes to prioritize projects
Scoring models
involves assessing the potential benefits foregone by choosing
one project over another or by not pursuing a project at all
Oppurtunity cost analysis
represents the value of the next best alternative that is sacrificed when
a decision is made.
Oppurtunity cost
opportunity cost analysis is dynamic
read lang
s a fundamental tool for evaluating
the financial performance and profitability of investments.
return on investment analysis
This component involves assessing the potential revenue generated
by the investment. It includes direct income from sales, services, or other
revenue streams associated with the project
Financial returns
The upfront costs associated with implementing the project, including
capital expenditures, equipment purchases, software licenses, and
implementation fees
Investment cost
This component includes recurring costs such as maintenance,
operational expenses, employee salaries, and other expenditures required to
sustain the investment over time
ongoing expenses
How does ROI calculated?
calculated by dividing the total revenue
total cost from the investment by the total investment
cost and expressing the result as a percentage
is calculated by subtracting the total
investment cost from the total returns generated by the
investment.
Net gain
importance of ROI
-decision support
-performance evaluation
- resource allocation
