The Business Of IT Flashcards
What 5 domains does IT cover?
- communication
- data collection and management
- information security management
- consumer relationship management
- process improvement
What is a service portfolio?
a list of the services the department offers.
What is IT governance?
the system of processes that ensures the effective and efficient use of IT to enable the organization to achieve its buisness goals and to add value to the key stakeholders in an organization.
What is Insourcing?
assigns a project to employees within the organization.
Generally requires the development of new operations and processes, making it an expensive option.
What do project management frameworks do?
ensure that projects are well defined with clear, attainable goals, and that the resources are in place for successful completion.
What are the 4 phases of an IT project?
- Initiation Phase
- Planning Phase
- Execution Phase
- Project Closure
What is project initiation?
broadly defines the project. Usually begins with a business case, followed by a feasibility study.
What is a feasibility study?
research assesses whether the business case will lead to a reasonable, feasible solution.
What is project planning?
developing a road map that everyone follows.
Project planning starts with what (2) kind(s) of framework(s)?
- SMART
- CLEAR
What is SMART?
Specific: set a goal that answers who, what, when, where, why.
Measurable: Create criteria that can be used to measure success of the goal
Attainable: Ensure goal is attainable given the resources.
Realistic: Assess the willingness to work towards the goal
Timely: Goal should be achievable within the available timeframe
What is CLEAR?
Collaborative: should encourage employees to work together
Limited: goal should be limited in scope and time to keep it manageable
Emotional: goal should tap into the passion of the employees and be something they can form an emotional connection to. This can optimize quality of work.
Appreciable: Break larger goals into smaller tasks that can be quickly achieved.
Refinable: as new situations arise, be flexible and refine the goal as needed.
What 5 documents does a project usually have by the end of the planning phase?
- scope statement
- work breakdown structure
- milestones
- communication plan
- risk management plan
What is a scope statement?
outlines objectives, deliverables, and milestones
What is WBS?
breaks project down into manageable segments for the team
what is a milestones document?
defines high-level goals to meet throughout the projects duration
What is a communication plan?
outlines the frequency and methods of communicating with stakeholders
What is a risk management plan?
identifies foreseeable risks, including cost overruns and delays
What is project execution?
project deliverables are developed and completed.
What kinds of tasks are completed during the project execution? 5
developing a project team
assigning resources
setting up tracking systems
conducting status meetings
monitoring the project timetable
What is project closure?
project is declared complete and the project team is dissolved.
What kind of tasks are performed during project closure?
project managers complete final project documentation, including financial reports.
What are the 3 broad categories of risks a project may encounter?
- Risks in execution
- Risks in integration
- Risks of the unknown
What 5 steps are involved with considering risks during the project planning phase?
- Identify the risks
- Analyze their impact on the project outcome
- Prioritize the risks by severity and likelihood
- Outline a mitigation strategy to minimize potential risks
- Install monitoring systems for anticipated and unanticipated risks.
What are risks in execution?
5
typically revolve around:
1. budget
2. people
3. technology
4. equipment
5. stakeholder support
What are risks of integration?
what other systems and processes might be effected by the outcome of the project?
Name 2 key strategies to successfully identify risks?
- frequent monitoring of project parameters and milestones
- sound communication between project participants
What is scope creep?
uncontrolled change of a projects scope, typically adding tasks and increased, unplanned costs to the project
what is budget risk?
budget control issues such as underestimated or improper allocation of cost