¶ … bad requirements can ruin a project.
Success in relation to projects could be defined in several ways. The literature on Project Management has several definitions concerning project success. A project could be successful either in part or as a whole. A more rigid definition relating to overall success of projects could be on the basis of the argument that all strategic stakeholders are satisfied with the results of the project. There are requirements for projects and Widerman suggests that the requirements for success of projects are subjective, multi-dimensional and which are essentially dynamic throughout the working of the entire project. The outcome of the projects should be explained at the beginning of the project itself. Yet almost all have the understanding that bringing about a commodity which is superior in quality and which adheres to the time schedule, whose production costs are within the budget allotted for it, while satisfying the demands of the consumer is centric to success of projects. (ACS Professional Development: Project Management 1: Assignment 1)
Each project has its own processes or lifecycle, and one of the initial steps to be undertaken is the nature of requirements. Requirements can be from anywhere, they could be from the customer and requirements of end user from the field, they could be from design models which are object-oriented on the basis of development, methods of tests from QA, defects which resulted from the services granted to customers, requests for bringing about changes from all the above and also from understanding all these requirements present in several diverse organizations and the influence that several requirements have on expenses, schedule, and time, could ultimately would lead to success of projects. (Requirements Management Ensuring Project Success) A consistent and reasonable project should have requirements which well-define what a project is to ultimately perform. According to Kaner and others in 'Testing Computer Software' a requirement is a goal which should be achieved. Those who are involved in planning the projects put their emphasis of requirements on the basis of functions, providing responsibilities to the developers for detailing design and implementation. (Requirements and Specifications)
The developers could detail the goals of the project in terms of costs, levels of performance and levels of reliability in exact quantity, also including certain features of the user interface. At times, they explain their goals in greater precise terms than in comparison to being realistic. There are different types of requirements. The concept of requirement has an awkward outlook since it explains itself an objective or goal or a feature which is essential, and also the concept as a type of formal documentation, i.e. The requirements document. While keeping aside the particular documents for the time being, requirements could be explained as instructions which describe the kind of functions the software is assumed to provide, the features the software is assumed to have, and the objectives the software is assumed to satisfy or to enable users to meet. (Requirements and Specifications) The team members relating to the working of the projects should know about the correct vision, objectives, specifications and requirements of the final remedy to the problems. (Better IS Requirements Management)
Involvement of users, co-operation of the executive management, correct analysis of the requirements, correct planning and practical expectations are the characteristics in projects which are successful. (Frese Sauter, 2003) An effort to improve the competence levels of an organization in terms of requirements would make it possible to use the scarce resources at the level of greatest leverage for the purpose of improving the satisfaction of consumers and finally developing the productivity of teams. (Specifying Software Requirements for Users) A perfect user requirement would bring about proper estimates, a reduction in expenses and a less period for completion of the project. (Bad Requirements Cause Failures) An emphasis on the requirements of quality would reduce the expenses relating to development. It takes cent time's greater action to correct the defects which were being noticed during the maintenance phase when compared to correcting the same defects if they were understood during the phase of evolving requirements of a project. A perfect analysis of requirements from the beginning of the project would enhance the chances of having a commodity which is superior in quality. An effort at the last phase of the project to test quality into code is costly and inefficient. The hypothesis that defects which evolve from imperfect analysis of requirements can be entirely corrected would decrease, if they are permitted...
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Evidence of this can be seen with the company being slow to provide information, on the total amounts of oil that are leaking into the ocean and the various restrictions that they have placed on media coverage. (Lack of Transparency Afflicts Oil Spill Response 2010) This problematic, because when there are restrictions and the company is slow to release information, it appears as if they have something to hide.
And this money is required to be raised from the market as the company does not generate this amount of revenue either from profits or from internal accruals. (DeHayes, 2003) 5. What should Tim do now? After taking into account all the known and understood pros and cons, there are some points on which Tim has to take action. These are (i) the manner in which to raise capital needed either
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