The considerations that must be applied when selecting projects that deliver the best business value are the Information systems plan, portfolio analysis and determining the cost and benefits of a project:
Determining Project Costs and Benefits
In the system analysis the economic feasibility of each alternative solution is evaluated to ensure that each solution signifies a high quality investment for the organization. However in order to recognize the projects of information systems that tend to deliver the most business value it is essential to estimate their benefits and cost and in turn their relation with the organization’s information system plans. The tangible benefits of an organization can be quantified and assigned a fiscal where as the intangible benefits that include improved decision making and enhanced customer service may not be instantly quantified. However the information systems that primarily generate intangible benefits still might be considered as a high quality investment if their benefits continue to generate in a long run. On the other hand the solutions in which the investment costs exceed the profits must be rejected.
The Information Systems Plan
The plan of information systems determines how a particular information system incorporates into the business plan and strategy of an organization. This plan consists of the scope statement comprising of the goals of an organization and it specifies the significance of information technology in achieving these goals. Moreover the plan also specifies the chief management decision made regarding the hardware implementation.
The portfolio analysis facilitates in assessing the alternative system project after determining the overall direction of system development. The primary function of the portfolio analysis is to list down all the assets and information system projects of an organization including licenses, outsourcing contracts and infrastructure. Ever project t of information system whether it is the replacement of hardware involves a unique set of set of benefits and risks. However it should be the primary responsibility of an organization to improve the return on the portfolios of their information system. This can be achieved by maintain a balance between the risk and return from their system investments.
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