Information Technology Project Management Discussion Questions Ch 7

Information*Technology*Project*Management* * * Discussion(Questions( * 1.#Discuss#why#many#information#technology#professionals#may#overlook#project#cost#management# and#how#this#might#affect#completing#projects#within#budget.# * Many*information*technology*professionals*do*not*understand*the*importance*of*basic*accounting*&* finance*principles*such*as*net*present*value*analysis,*ROI,*and*payback*analysis.** * This*lack*of*understanding*can*easily*give*rise*to*an*avoidance*type*of*psyche*that*motivates*many* information*technology*professionals*to*simply*overlook*the*importance*of*project*cost*management.** * The*effect*of*an*inaccurate*project*cost*estimate*would*clearly*have*a*detrimental*affect*on*project* resources*and*ultimately*hinder*project*completion.** * Aside*from*the*obvious*impact*of*an*overlooked*project*cost*management*process,*the*potential*of*losing* the*bid*on*a*major*contract*would*be*most*likely,*hence,*creating*a*reduction*in*revenue*for*the*project* team,*possibly*a*tarnished*professional*reputation,*and*a*lack*of*support*from*the*project*stakeholders.* * Based*on*the*information*I’ve*gathered*from*the*textbook*as*well*as*a*bit*of*professional*experience*in* the*field,*project*cost*management*is*a*neverFending*&*vital*process*that*requires*constant*monitoring.** * And,*I*would*be*inclined*to*agree*with*the*textbook*regarding*the*unwavering*need*for*project*cost* management*to*be*a*formal*process*best*completed*by*an*experienced*project*cost*manager,*one*who*has* been*well*trained*in*cost*estimation.* * Having*said*all*of*that,*I*also*believe*that*good*information*technology*professionals*are*often*extremely* bright,*formally*educated,*and*excellent*troubleshooters.** * The*type*of*team*members*and*working*professionals*who*would*easily*excel*as*a*project*cost*manager* once*they*completed*the*proper*training*and*adequate*mentoring*from*the*upper*echelon*of*project*cost* managers.* * *...