Information Technology Project Management
9th Edition
ISBN: 9781337101356
Author: Kathy Schwalbe
Publisher: Cengage Learning
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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?
1. Discuss why many IT professionals may overlook project cost management and
how this might affect the ability to complete projects within budget. Explain what
happens during the process to determine project budget.
2. What is meant by a sunk cost? Give examples of typical sunk costs for an IT project
as well as examples from your personal life. Why is it difficult for people to ignore
them when they should?
Imagine that you are interviewing for a jobwhen the interviewer asks you which costbenefit analysis technique is best for assessing a project’s economic feasibility. Whatwould your response be?
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, computer-science and related others by exploring similar questions and additional content below.Similar questions
- Give examples of when you would prepare rough order of magnitude (ROM), budgetary, and definitive cost estimates for an IT project. Give an example of how you would use each of the following techniques for creating a cost estimate: analogous, parametric, and bottom-up.arrow_forwardExplain why many IT professionals may disregard project expense management and how this may impact project completion. Explain the project budgeting procedure. 2. What is sunk cost? Give instances of both standard IT sunk costs and personal sunk costs. Why is it so hard to ignore them?arrow_forwardThe board of directors of a company decides that senior management has to be rewarded in order to achieve the company's objectives. The board of directors selects whether or not to award bonuses based on growth in share value at the end of each fiscal year. Bonuses will be given in shares, which the managers can keep or sell on the open market. What are the ramifications of implementing a bonus system like this?arrow_forward
- Steps that can be taken to crash the project to the shortest time at the lowest cost.arrow_forwardProject expenditure management may be overlooked by many IT professionals, which may have a negative influence on the project's completion. Explanation of the budgeting process for a new project. What is a "sunk cost" and how do you define it? Both IT and human sunk costs should be included in the examples. What is it about them that makes it so difficult to ignore them?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
- Who is the best judge of effort estimates for project tasks and action steps? Why?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_forwardIs there a difference between project time management and personal time management? Can someone be good at one but not the other? Explain your answer.arrow_forward
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