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Computer System Implementation - Project Cost Management

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Discuss why many information technology professionals have a poor attitude toward project cost management and how this attitude might affect the poor track record for completing projects within budget.(about 350 words)

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(O'Brian & Marakas, 2008) define project management as "managing the accomplishment of an information system development project according to a specific project plan, in order that a project is completed on time and within its budget and meats its design objectives" (pg. 528). The phases of project management will be given next and an explanation of why information technology professionals have a poor attitude toward project cost management will be given. A possible explanation why information technology professionals might have a poor record for completing a project within budget will also be given.

Five Phases of Project Management

The five phases of project management are "Initiating/Defining, "Planning", "Executing", ...

Solution Summary

Project Cost Management and how Information Technology encompasses many of its properties.

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Project Management: Identify all of the costs involved

See attached files.

Building from the projects attached to this posting and complete the following:

Identify all of the costs involved in the project. Label the costs either direct cost, project overhead costs, or general and administrative overhead costs.
Develop a time-phased budget for the project. What will be the cumulative cost of the project?
Identify areas in the budget where cost cutting can be made if needed?
Identify and assess one major and one minor risk inherent to the project. Develop a contingency plan for each of these risks.

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