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IT Projects: Findings and Opinions
According to Hopkins (2007), in the case of most IT projects and the case of most business projects in general, justifying an investment requires the demonstration of a mixture of immediate "savings, efficiency gains or the reuse of existing resources" and "simple forecasting methodology can then be used to calculate a potential return on investment (ROI) to determine a course of action." Forecasting methodology can often be extremely difficult to use in an accurate fashion regarding IT versus other types of projects. The environment is constantly changing and a major investment in one project which seems to be valuable might be rapidly undercut by the revelation of another type of technology which presents an even better cost saving. No matter how great the potential financial savings in theory, "calculating the potential value of unknown information is similar to a prospector digging for gold" (Hopkins 2007). Yet such digging is still needed to remain effective and competitive within the business environment.
Breaking up a project into multiple steps can be useful as "the value delivered by each step would be used to fund each subsequent step" which means "the project could not continue if any step did not...
However, as noted in the JW Consulting case, regardless of how the different stages are broken up, every proposed business solution can benefit from an "introduction to the problem and the proposed technology ... a "business objective" the technology is supposed to address; a statement of "critical assumptions and constraints;" an "analysis of options and recommendations;" "preliminary project requirements;" an estimate of the budget and schedule; and also a risk analysis (Marchewka 2015). The issue of risk analysis is particularly critical given that a variety of projected scenarios must be laid out, with an explanation of how investing in this particular technology is the best choice and that it is equally functional for and supports a wide variety of such scenarios. Flexibility is critical and the ability to break up a project into multiple steps ensures that it can be more sensitive to the changing needs of the marketplace and any unexpected occurrences which may arise during its duration. When each "step and phase" can demonstrate "positive value and added value" and minimize cost there is a greater likelihood that project will provide its promised benefits (Hopkins 2007). Project assumptions should be stated upfront and the…
References
Arnett, S. (1999). Project cost justification. Quality Digest. Retrieved from:
http://www.qualitydigest.com/apr99/html/body_teams.html
Hopkins, J.M. (2007). How to justify an IT project with uncertain returns and still make your CFO happy. CIO. Retrieved from:
http://www.cio.com/article/2438180/business-intelligence/how-to-justify-an-it-project-with-uncertain-returns -- and-still-make-your-cfo-h.html
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