Zadok limited company is an equity investment company that offers financial advices to its esteemed clients interested in investing both in the capital and money markets. The company has launches a project to implement management information system. This system will ensure real time relay important financial information across its departments. Employees will be able to make informed decisions based on the available financial information and avoid speculative decision making process which has been practiced in the company for over four years now.
Project scope
The primary objective of this project is to enhance information transparency across all the departments and to relay real time financial information from the global market. This is expected to improve the efficiency in the organization through free flow of information and instant decision making, abandoning the old speculative decision making process. Installation of Management information system (MIS) will be carried out in a span of four weeks. This will be followed by employee training which will we done for a period not exceeding two weeks. Employee training will be facilitated by the human resource department working closely with the top management to ensure that the interests of various stakeholders are considered and communicated to the employees. Successful implementation of the project is estimated to cost the company a sum of one hundred thousand dollars ($100,000). The project will comprise of four phases, initiation and planning phase, execution, project monitoring and control, and Project closing.
Initiation and Planning
Project initiation and planning is the backbone of any viable project. This phase entails setting project goals, identifying limitations, drawing the budget and setting the project duration. Planning is essential as it gives the project a specified direction and ensures that whatever is planned for is thoroughly executed in the subsequent phases which layout various procedures for implementing the project. One of the most important part of planning phase relates to cost allocation and task to be carried out by who and for what period of time to ensure that the project deadline is met.
Execution Phase
Execution signals the first bold step in realizing the desired outcome. Various activities are set rolling and the management become so active at this stage because a successful start will mean a desirable outcome attained. This phase is driven by constant communication between various players who have specific role to undertake towards the attainment of the outlined goals at the beginning. Also, project managers are hawk-eyed during this phase to ensure timely communication of various problems and challenges arising from the execution stage so as to offer timely solutions to such mishaps to ensure smooth flow of activities till the final minute of the project.
Project Monitoring and Control
At this stage, the project managers evaluate various set tasked and the outcome of each task. It is typical for any project to run into various implementation problems. This phase offers the managers an opportunity to initiate corrective measures to ascertain each task is properly executed. Project monitoring and control often overlaps with project execution, which is the second phase of project implementation and as such, managers may overlook some of the activities carried out in the second phase resulting to either minor problems or fatal project implementation challenges which may force the project managers to redo some of the task and procedures that were poorly executed. One of the most important activity to consider at this phase is to examine how well the original project plan is followed so as to realize the anticipated outcome that will help the company achieve its objectives and operate effectively and more efficient with the introduction of a new system.
Project Closing
This phase marks the end of the project. It involves preparation of project report to the management highlighting various implementation challenges and how each challenge was addressed. It also contain an individual member report detailing each specific task they carried out and how it impacted on the overall project. Project closure signalize incorporation of the system into the organization and ready for use to achieve organization efficiency and growth.
Six Major Risks Associated with the Project Implementation
Cost
Every project forces an organization to dig deep in the account and invest the money with anticipation of gaining much more upon the completion of the project. Some projects, especially, computer system projects may force the company to invest more capital than they had planned for due to numerous challenges that the project implementation mangers may face along the way. This will imply that the organization risk spending more capital resources that actually planned.
System Failure
Any computer based project is typically faced with a major risk of system failure. This will drag the organization into their past by either temporarily abandoning the system or initiating adopting a new system altogether (Murthy, 2009). The organization must use all means at their disposal to avert any implementation flaws that may lead to system failure.
Project Design
Designing a project is an uphill task that require careful planning lest the whole project become obsolete. Project managers risks failing to live up to the expectation of the organization with a poor design which does not capture the intended scope this leading to poor project quality, the goals are not met.
Data Loss
The advent of computer databases have helped in storage of large volumes of data. However, many companies faces a risk of losing stored data especially with a system that does not prioritize data safety. Davies (2009) argues that frequent loss of data with a poorly implemented system exposes the organization’s inability to operate effectively and more efficiently in the modern global competitive market.
Information System Security
System security ensures reliability and improves data security. The organization risks information security threats with a poor coded database that failed to consider the trustworthiness of every data stored.
Employees Resistance
According to Davies (2009), one of the greatest risks in successfully implementing any project is employee resistance. This risks can be further compounded when the management fail to make the employees understand some of the benefit of the new system. Employee resistance risks can be averted at the initial implementation stage through making them be part of the project implementation for them to feel part of the new change being advanced by the management.
Desirable Events
Leadership Risk
Leadership risks encompasses various projects processes that require high level interaction between the project managers and he top management. Such interdependence may create a leadership risk as there is likelihood of a broken chain of command when more than three top management members are involved. This risk is desirable in that it helps the project managers and the management to iron out how information will be delivered from the project managers to the managers. Every top manager may feel interested to oversee each step in the implementation process and as such will ensure minimal project challenge and wastage of resources as solutions can be advanced in every step that may seem top present some challenges (Lucey, 2010).
Personnel risks
Employees help in completing the project implementation as they are the final users of the system. According to Kroenke (2007) when employees cannot understand what to do with the generated information, it is a waste of time and valuable resources. Employees must then play pivotal part in successful implementation of the process so as to manage personnel related risks which are undesirable.
References
Davies , P. B (2009). Business Information System. New York, Palgrave Macmillan.
Kroenke, D.M. (2007). Using MIS (2nd ed). Upper Saddle River, New Jersey, Pearson Prentice Hall
Lucey, T. (2010). Management Information System (11th ed ). London, Thompson Learning.
Murthy, C.S. V. (2007). Management Information System. Mumbai, Himalaya Publishing house.
