Five Major Variables

Topics: Project management, Cost-benefit analysis, Net present value Pages: 2 (584 words) Published: May 17, 2013
The five major variables of project management are essential in pretty much every project. Time which would is the amount of time required to complete the project. Typically it is broken down into the time required to complete the components of the project. This is then broken down into the time required to complete each task contributing to the completion of the project. Then there is cost which will typically be determined by the consultant or contractors hourly rate multiplied by an estimated time to complete the project on time or if it is late, both of the factors affect your quality. The amount of time put into individual tasks determines the overall quality of the project. Some tasks may require a given amount of time to complete, but if more time is given the project can be completed exceptionally. Over the course of a large project, quality can have a major impact on time and cost. The scope of the project, or the overall objective of what the project is supposed to accomplish, and a specific description of what the end result should be or accomplish.  This will allow you to determine your risk, or potential points of failure. Most risks or potential failures can be overcome or resolved, given enough time and resources. The considerations that must be applied when selecting projects that deliver the best business value, are made by the systems analysis which includes an assessment of the economic feasibility of each alternative solution as well as whether each solution represents a good investment for the company. In order to identify the information systems projects that will deliver the most business value, you’ll need to identify their costs and benefits and how they relate to the firm’s information systems plan. The following is a list of steps that comprise a generic cost-benefit analysis. 1. List alternative projects/programs.

2. List stakeholders.
3. Select measurement(s) and measure all cost/benefit elements. 4. Predict outcome of...
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