IT Project Management Chapter 3 & 4

Selecting projects that will take less than two years to provide payback is not a best practice for new product development projects. This is because new product development projects often require significant time and resources to research, develop, and launch a successful product. Setting a strict time constraint of two years may limit the potential for innovation and thorough development of the product. It is important to focus on long-term success and profitability rather than short-term payback when selecting projects for new product development.

Monitoring and controlling involves measuring progress toward project objectives and taking corrective actions. This phase of the project management process involves tracking the project's performance, comparing it to the planned objectives, and identifying any variances or deviations. By monitoring the project, the project manager can identify any issues or risks that may arise and take necessary actions to address them. This phase ensures that the project stays on track and achieves its desired outcomes.

A process is a series of actions directed toward a particular result. It involves a systematic and organized approach to achieve a desired outcome. Unlike a goal, which is the desired result itself, a process refers to the specific steps and actions taken to reach that goal. A plan is a detailed strategy or course of action, while a project is a temporary endeavor undertaken to create a unique product, service, or result. Therefore, process is the most appropriate term to describe a series of actions directed toward a particular result.

The work breakdown structure, project schedule, and cost estimates are outputs of the planning process. During the planning phase of a project, these outputs are created to provide a clear understanding of the project scope, timeline, and budget. The work breakdown structure breaks down the project into smaller, more manageable tasks, the project schedule outlines the sequence and duration of these tasks, and the cost estimates provide an estimation of the resources and expenses required for the project.

The last step in the four-stage planning process for selecting information technology projects is resource allocation. Once the information technology strategy planning, business area analysis, and mind mapping have been completed, the final step is to allocate the necessary resources to implement the selected projects. This involves determining the budget, manpower, and other resources required for each project and assigning them accordingly. By allocating resources effectively, organizations can ensure the successful implementation and execution of their chosen IT projects.

A project charter is a document that outlines the project's objectives, scope, deliverables, and stakeholders. It serves as a high-level overview of the project and provides a roadmap for its execution. While a Gantt chart is a useful tool for project planning and scheduling, it is not typically included in a project charter. The charter focuses on the overall project goals and key information, such as the project manager's name, budget information, and stakeholder signatures, which demonstrate agreement and commitment to the project. A Gantt chart, on the other hand, is a visual representation of the project schedule and timeline.

The suggestion of "minimize change" is not a suggestion for performing integrated change control because integrated change control involves managing and evaluating all proposed changes to the project, including assessing their impact, prioritizing them, and making informed decisions. Minimizing change goes against the idea of considering and evaluating all potential changes, as it implies avoiding or reducing the number of changes altogether. Integrated change control aims to ensure that all changes are properly assessed and controlled, rather than avoiding or minimizing them.

Project teams create lessons-learned reports to reflect on what went right and what went wrong with the project. These reports help identify best practices and areas for improvement in future projects. They document the team's experiences, successes, failures, and the lessons they have learned throughout the project. By analyzing these reports, project teams can gain valuable insights and make informed decisions to enhance their performance and avoid repeating past mistakes.

The correct answer is Integration. Initiating a project involves developing a project charter, which is a document that formally authorizes the project and provides the project manager with the authority to use organizational resources for project activities. The project charter is an output of the Develop Project Charter process, which is part of the Integration Management knowledge area. This process focuses on developing the project charter and obtaining approval for it. Integration Management is responsible for coordinating all aspects of a project and ensuring that the project is completed successfully.

A project charter is a document that formally recognizes the existence of a project and provides direction on the project's objectives and management. It outlines the project's purpose, goals, stakeholders, scope, deliverables, and key milestones. It serves as a guide for project managers and team members, ensuring everyone is aligned on the project's objectives and provides a foundation for decision-making and project governance. The project charter is typically created at the initiation phase of a project and helps establish a clear understanding of the project's purpose and how it will be managed.

The executing process group normally requires the most resources and time because it involves the actual implementation of the project plan. During this phase, the project team carries out the planned activities and tasks, and this often requires a significant amount of resources such as labor, materials, and equipment. Additionally, the executing process group is where most of the project work is done, and it typically spans the longest duration compared to other process groups. Therefore, it is understandable that executing requires the most resources and time.

Templates are commonly used by many people to have a standard format for preparing various project management documents. Templates provide a pre-designed structure that can be easily customized to fit specific project requirements. They save time and effort by providing a consistent layout and organization for project documentation, ensuring that important information is not overlooked. Templates also help to maintain consistency across different projects within an organization, making it easier for team members to understand and navigate through project documents.

PRINCE2 (Projects IN Controlled Environments) is a methodology developed in the UK that defines 45 separate subprocesses and organizes them into eight process groups. It is a structured project management approach that provides a clear framework for managing projects effectively. PRINCE2 emphasizes the importance of dividing projects into manageable stages, focusing on business justification, and ensuring that projects are continually aligned with business objectives. It is widely used in the UK and internationally as a best practice for project management.

The estimated return on investment (ROI) can be calculated by subtracting the total discounted costs from the total discounted benefits and then dividing the result by the total discounted costs. In this case, the calculation would be: ($120,000 - $100,000) / $100,000 = $20,000 / $100,000 = 0.2. To convert this to a percentage, we multiply by 100, giving us an estimated ROI of 20 percent.

The correct answer is executing because this process involves the actual implementation of the project plans and the coordination of people and resources to produce the desired products, services, or results. It is during this phase that the project team carries out the tasks and activities outlined in the project plan and works towards achieving the project objectives. This phase is crucial as it ensures that the project is progressing as planned and that the deliverables are being produced effectively and efficiently.

Configuration management ensures that the descriptions of the project's products are correct and complete by maintaining accurate and up-to-date information about the project's products, including their specifications, versions, and dependencies. It helps in controlling and tracking changes made to the project's products, ensuring that any modifications are properly documented and approved. Configuration management also helps in managing the project's baseline, ensuring that the correct and complete versions of the products are used throughout the project's lifecycle.

A new information system project to provide data in a new way would fall under the category of "directive" because it is a response to a new government law that requires the organization to report data differently. A directive is a formal instruction or command, and in this case, the government law is directing the organization to change its reporting methods. The project would be initiated as a result of this directive.

The process of developing the project business case is not part of project integration management. Project integration management involves coordinating and integrating all the other project management processes, such as developing the project charter, developing the project management plan, and closing the project or phase. The project business case is typically developed during the initiation phase and is used to justify the project and its potential benefits.

A business case is often completed before initiating a project because it provides a justification for the project, outlining the expected benefits, costs, and risks. It helps stakeholders understand the purpose and value of the project, and it serves as a basis for decision-making and obtaining approval from senior management or sponsors. By completing the business case early on, project managers can ensure that the project aligns with the organization's strategic objectives and has a strong foundation before moving forward with other project activities.

Expert judgment is the correct answer because it is a tool and technique that is used in all of the other project integration management processes. Expert judgment involves seeking advice and guidance from individuals or groups who have specialized knowledge or experience in a particular area. In project integration management, expert judgment is used to make informed decisions, assess risks, and evaluate project performance. It is a valuable tool that helps project managers make informed choices and ensure successful project integration.