Quantitative Analysis Methods for Information Technology Project Management Processes
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According to the literature on project management, software projects are costly endeavors that can fail—often catastrophically. To reduce the risk of failure, various authorities have proposed statistical methodologies for software project management. The need for statistical project control is suggested, in part, by studies that compare the results of outsourcing to companies with weak and strong statistical control processes, as measured by the Capability Maturity Model (CMM), a common metric for assessing software process quality. Work on statistical methodologies includes studies by Sauer et al., which propose internal company expectation benchmarks, based on project size and volatility; a study by Xia and Lee on Information Systems Development Project (ISDP), which proposes strategies for preventing and resolving project complexities; and a study by Keil et al. on risk identification frameworks, which describes a universal set of software development project risks and a high level framework that may be used to create effective risk mitigation strategies.
Project Management is the process of planning, organizing, monitoring and adjusting a project’s direction (Tsui). A 2001 report showed that the US spends 2.3 trillion dollars on projects every year, an amount equal to 25% of the nation’s gross domestic product (PMI). The failure to successfully complete major software projects have even proved fatal to their sponsoring organizations including, American LaFrance and FoxMeyer Drugs. Standish Report The Standish Group International, Inc. is a research advisory firm founded in 1989 and headquartered in Massachusetts (Standish, 1994). The Standish Group is best known for a series of reports on failures in the software development industry. The first of these reports, released in 1994, asserted that the software development industry is in a state of chaos. The report found that 31% of the projects that respondents undertook were cancelled before completion. Moreover, 52% of projects cost 189% of their original estimated budgets (Standish, 1994). The 1994 report discusses presents a series of case studies including a software project failure in the Denver airport baggage claim that cost taxpayers 1.1 million dollars per day (Standish, 1994). This report estimated that in 1995 over 81 billion dollars will be spent on cancelled software projects in the United States (Standish, 1994). Download free Quantitative Analysis Methods for Information Technology Project Management Processes.pdf here
Project Management is the process of planning, organizing, monitoring and adjusting a project’s direction (Tsui). A 2001 report showed that the US spends 2.3 trillion dollars on projects every year, an amount equal to 25% of the nation’s gross domestic product (PMI). The failure to successfully complete major software projects have even proved fatal to their sponsoring organizations including, American LaFrance and FoxMeyer Drugs. Standish Report The Standish Group International, Inc. is a research advisory firm founded in 1989 and headquartered in Massachusetts (Standish, 1994). The Standish Group is best known for a series of reports on failures in the software development industry. The first of these reports, released in 1994, asserted that the software development industry is in a state of chaos. The report found that 31% of the projects that respondents undertook were cancelled before completion. Moreover, 52% of projects cost 189% of their original estimated budgets (Standish, 1994). The 1994 report discusses presents a series of case studies including a software project failure in the Denver airport baggage claim that cost taxpayers 1.1 million dollars per day (Standish, 1994). This report estimated that in 1995 over 81 billion dollars will be spent on cancelled software projects in the United States (Standish, 1994). Download free Quantitative Analysis Methods for Information Technology Project Management Processes.pdf here
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