PROJECT
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Introduction
Companies vary in the way in which they identify projects. The process of identifying a project can be performed by the top-level management, such as the Chief Executive Officer. A committee composed of the manager and other interested parties. The user department, senior information system manager, and the development group can decide on which project to submit. Each identification technique has its strengths as well as weaknesses. For instance, it protects that are identified by the top management have a strategic management focus. Projects that are identified by departments have a tactic focus.
Project cost, complexity, risk as well as duration influence the individuals who identify a project. Most of the project sources are identified by the steering committee as well as the top-level management. Most of the projects reflect on the broad needs of the organization. This group has a better understanding of the goals and objectives of the organization. Projects that are identified by the functional major, information system development group, and business unit are often designed for a particular business need. Moreover, it may not reflect the overall objective of the business. There are also not considered as broad organizational issues.
Projects that are identified by business units, development groups, and managers are known as bottom-up sources. It is essential to provide support to people who are carrying out this type of project. The top-level management should also be involved in the early life cycle of the project. Managers should be aware of the information needs and the reasons for carrying out the project. This description is essential, especially when selecting the project that will be approved to move into the project initiation and planning phase. Projects can be identified by both bottom-up and top and down. The procedure of identifying and selecting a project is different depending on the organization due to the limited resources.
It is essential to identify the advantage and disadvantages of the project. Project classifying, identification is ranking of the project can be performed by the top-level management, information system group, business unit, or the steering committee. The method that is used to access the merits of a particular project can vary based on the size of the company. In any given company, one or several methods can be used during the ranking or classification process. For instance, a company may use a committee, (Kaiser, et al., 2015). They can choose to meet every month or quarterly in order to discuss the progress of the project and areas that need to be improved. During the meeting, new project requests are reviewed related to the project that has already been identified. In addition, ongoing projects are also monitored.
In the project identification and selection, the final phase is the selection of the project. The long term and short term projects are considered during this process. As the economic and business environment changes, the relative important single projects can change too. The identification and selection of projects are continuous and never-ending activities, (Hall, et al., 2015). Some of the factors that need to be considered when selecting a project include the current business environment, resource available, existing and ongoing project, needs and objectives of the organization, and perspectives of the decision-makers.
Some of the criteria that can be used when classifying and ranking projects include value chain analysis, strategic alignment, resource availability, and project size. Value chain analysis refers to the extent to which the activity adds cost and value when coming up with the service or product, (Schaeffer & Cruz-Reyes, 2016). Information systems that generate the greatest benefits will be given a priority as compared to those with fewer benefits. Strategic alignment refers to the extent to which the project is viewed as helpful and achieves the strategic goal and long-term goal. Potential benefits, on the other hand, is the extent to which a project is viewed as increasing the revenue and customer service. The types of resources that the projects require and the availability should also be considered when evaluating the project. The length or duration of time and the number of people required to complete the project's success should be considered. The technical difficulty in completing the project should also be considered when selecting the project, (Danneels & Kleinschmidt, 2015).
Initiation stage
The initiation stage of the project is when the project comes into form. The goal, objective, and processes are also defined in this stage. The strategies that will be used to achieve the deliverables are established. Moreover, the team chooses the project manager. He or she will be responsible for choosing the team members that will ensure that the project is successful. The project manager will also assign duties and tasks to the team members. The tools and processes selected include milestone review, business plan, project framework, and business case justification. A
Planning Stage
The second stage is planning. The project is divided into smaller and achievable parts. This a very important stage of the project lifecycle. Stakeholders are identified. Each job that needs to be executed for the project to be successful is identified. The media of communication and reporting are also identified, (Costantino, et al., 2015). Reporting of the meeting can either be done quarterly or monthly. Risk analysis is also performed. The project manager comes up with ways to mitigate or reduce the risk. Planning has a great influence on the final results. It also enables the organization to determine the resource that will be needed. In addition, the project manager comes up with a budget depending on the labor and the cost of material that will be required. One of the main objectives of this phase is business requirements, schedules, and costs.
Conclusion
Most of the projects reflect on the broad needs of the organization. This group has a better understanding of the goals and objectives of the organization. Projects that are identified by the functional major, information system development group, and business unit are often designed for a particular business need. It is essential to identify the advantage and disadvantages of the project. Project classifying, identification is ranking of the project can be performed by the top-level management, information system group, business unit, or the steering committee. Strategic alignment refers to the extent to which the project is viewed as helpful and achieves the strategic goal and long-term goal. Potential benefits, on the other hand, are the extent to which a project is viewed as increasing the revenue and customer service. The types of resources that the projects require and the availability should also be considered when evaluating the project. The length or duration of time and the number of people required to complete the project's success should be considered.
Reference
Costantino, F., Di Gravio, G., & Nonino, F. (2015). Project selection in project portfolio management: An artificial neural network model based on critical success factors. International Journal of Project Management, 33(8), 1744-1754.
Danneels, E., & Kleinschmidt, E. J. (2015). product innovativeness from the firm’s perspective: its dimensions and their impact on project selection and performance. In Proceedings of the 1999 Academy of Marketing Science (AMS) Annual Conference (pp. 409-409). Springer, Cham.
Hall, N. G., Long, D. Z., Qi, J., & Sim, M. (2015). Managing underperformance risk in project portfolio selection. Operations Research, 63(3), 660-675.
Kaiser, M. G., El Arbi, F., & Ahlemann, F. (2015). Successful project portfolio management beyond project selection techniques: Understanding the role of structural alignment. International Journal of Project Management, 33(1), 126-139.
Schaeffer, S. E., & Cruz-Reyes, L. (2016). Static R&D project portfolio selection in public organizations. Decision support systems, 84, 53-63.