(Top QUALITY 2024/2025 EXAM REVIEW) Business of IT - Project Management - C176, Exam Review, Full Coverage, rated A+

Business of IT - Project Management - C176, Exam Review, Full Coverage, rated A+ Project Management Life Cycle 1) Initiation 2) Planning 3)Executing 4) Monitoring & Controlling 5)Closing How projects come about 1) Market Demand 2) Strategic Opportunity/Business Need 3) Customer Request 4) Technological Advance 5) Legal Requirement 6) Environmental Consideration 7) Social Need Types of Organizational Structures 1) The Functional Organization -A hierarchical chain with each staff member reporting to one supervisor 2) The Matrix Organization -Allows team members to report to more than one supervisor which leads to better interdepartmental communication 3) Projectized -Focuses on project rather than functional work unit and allows team members to work together at one location Business Case Business Case is a written document or report that helps executive management and key stakeholders determine the benefits and rewards of the project. Business Case includes the following: 1) Justification 2) Alignment to the Strategic Plan 3) Alternative Solutions 4) Recommended Solution 5) Feasibility Study Decision Model A decision model is a formal method of project selection that helps managers make decisions regarding the use of limited budgets and human resources. Benefit Measurement Methods Benefit Measurement Methods -provide a means to compare the benefits obtained from project requests by evaluating them using the same criteria. Four common benefit measurement methods are: