Chapter 14, Problem 1RQ

Explanation of Solution

Information system problems

• The main information system problem is that companies may not realize any benefit from their information system investment when an information system fails to work properly or costs too much to develop.
• Hence the system may not be able to solve the problems for which it was intended.
• Good project management is essential for ensuring that systems are delivered on time, on budget, and provide genuine business benefits.

Explanation of Solution

Project management

• Project management refers to the application of knowledge, skills, tools, and techniques to achieve specific targets within specified budget and time constraints.
• The primary challenge of project management is to achieve all project goals within the given constraints.
• Project management activities include planning the work, assessing the risk, estimating and acquiring resources required to accomplish the work, organizing the work, directing execution, and analyzing the results.

Project management activities

• The project management deals with five major activities.
• It includes scope, time, cost, quality and risk.
  • Scope defines what work is or is not included in a project.
  • Time defines the amount of time required to complete the project.
• Cost is based on the time to complete a project multiplied by the cost of the human resources required to complete the project.
• Quality is an indicator of how well the end result of a project satisfies the objectives specified by management.
• Risk refers to potential problems that would threaten the success of a project.