Information Technology Project Management
8th Edition
ISBN: 9781285452340
Author: Kathy Schwalbe
Publisher: Cengage Learning
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Explain why many IT professionals may overlook project expenditure management and the effect this may have on project completion. Explain the budgeting method for the project. What are sunk costs? Provide examples of both typical IT sunk costs and individual sunk costs. Why is it so difficult to disregard them?
1. Discuss why many IT professionals may disregard project cost management and how this may impact their ability to finish projects on time and on budget.
Explain what happens during the budgeting process for the project.
2. What exactly is a sunk cost?
Give instances of typical sunk costs for an IT project, as well as personal ones.
Why is it so tough to ignore them when they should?
Give examples of when you would prepare rough order of magnitude (ROM), budgetary, and definitive cost estimates for an IT project.
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- the Harvard Business Review which exposed the prominence of cost overruns in IT projects. Research an IT project that went over the estimated budget. In your post, report why the project incurred an overrun and what could have been done differently to avoid this overrun.arrow_forwardYou are the manager of a large IT project that will involve two dozen offshore outsourced workers who will do program development and testing. Identify several potential issues that could arise on this project due to the outsourcing arrangement. What specific steps would you take to improve the likelihood for success of the project?arrow_forwardJustify the reasons why many IT professionals could ignore project expenditure management and how that can affect project completion. Provide an example of the budgeting process that will be used for this project. Second, define "sunk cost." Please provide some examples of both general sunk costs in IT and your own unique sunk costs. The difficulty of ignoring them begs the question: why?arrow_forward
- How can you tell the various tools and technologies apart when it comes to managing IT projects?arrow_forwardYou are about to send a deliverable to your customer when you realize there is a defect. The customer would probably not notice it, but it is technically not consistent with the contract. As an ethical project manager, what would you do? Relate your answer with PMI’s Code of Ethics and Professional Conduct.arrow_forwardWhat are the phases in a traditional project life cycle? How does a project life cycle differ from a product life cycle? Why does a project manager need to understand both?arrow_forward
- How important do you think the communication and change management aspects of this project were? Why do you think so many companies underestimate the importance of those facets of an enterprise-level project?arrow_forwardRead the report “2015 Pulse of the Profession®: Capturing the Value of Project Management” by PMI, mentioned in the What Went Right feature. Summarize key points in this study and your opinion of it. Describe some specific steps organizations can take to provide a supportive culture for project management.arrow_forwardDiscuss three suggestions for improving IT project quality that were not made in this chapter.arrow_forward
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