Hardware Replacement Project Essay Example | Topics and Well Written Essays - 1750 words

Hardware Replacement Project - Essay Example Management also needs to consider the various factors that are at play when choosing projects that deliver the best business value. It also includes the factors that influence project risk and strategies for minimizing risks. How the five key variables of project management relate to this scenario The five key variables of project management namely scope, time, cost, quality, and risk apply to this scenario in that their proper analysis can guide the management of this project on organizing and accomplishing the work. They also guide on how to direct activities, report project progress, control project execution and analyzing project results. Scope as a variable of project management defines what and what is not to be included in a new project. In this scenario, the organization should define all the work that needs to be undertaken for successful completion of the new CRM solution project. This will ensure that the scope of the project/work/activities undertaken do not expand beyond what was originally intended. In project management, time refers to the quantity of time required to complete a project. Before the new project can begin, the organization requires to establish the time needed to complete major components of the new CRM solution project. ... Since this is an information systems project, the management should also add the cost of software, hardware and workspace. In project management, quality acts as an indicator of the extent to which the result of a project meets the project objectives specified the management. In this scenario, the quality of the new CRM solution is evidenced by the level of improvements in decision-making and organizational performance in regard to customer relations. In project management, risks refer to the possible problems that would threaten a project’s success. As for this scenario, risks include those possible problems that might prevent the new CRM solution from achieving its objectives. They can achieve this by lowering the quality of its output, increasing its cost and time, and preventing the completion of the project. Considerations that must be applied when selecting projects that deliver the best business value When choosing from a range of projects, organizations should select p rojects that deliver the best business value. In essence, these are projects that promise the greatest benefits to the organization. The two major considerations that must be applied when selecting this type of projects include costs and benefits, and how they relate to the organization’s information systems plan. The costs should be lower than the benefits presented by the project but if the costs are more than the benefits, the project should be rejected. In addition, the investment should represent an attractive return on the capital invested by the firm. In order to know this, the organization is required to conduct additional financial analysis after ascertaining that