Project Estimates, Tracking, and Responsibilities - Paper Example

There are two features in a project which are to deliver the project on time and also its cost. The Information and Technology (IT) project manager can be able to fulfill the objectives of the project if the schedule of the project and budget is accurate. Methods of estimating projects cost and time mainly focus on simplifying the whole process and breaking it down into small pieces (Markgraf, 2017). With such methods, it will allow the project manager to be able to estimate the cost and duration reliably.

What are some strategies we can use to develop cost and time estimates for IT project and how can we ensure their accuracy?

There are strategies which can be used in the development of cost and time in IT project. These strategies help in the running of the project easily and help in the overcoming of errors which can be made in a project. One of the strategies is breaking down the work structure, by dividing the project into little tasks it will give the manager an overview of the duration and cost. This will guide the manager to be in a structured process and have the project into several and separate activities. Another strategy is establishing cost and project schedule. This will enable the project manager to link the estimates so that to arrive at a cash flow which is appropriate (Lock, 2013). This strategy will allow a proper estimation of payments to be made in each period of the project.

What methods could be employed to track the accuracy of our estimates throughout the life of the project?

To keep track of the accuracy of estimates in the project, one has to measure and report the status of milestones, activities, and task. The tracking is also referred to Project Management software which automatically tracks the assignments and events which are related to the estimates. Also, having control of the project estimates can help in tracking the accuracy of project life. The requirements of the project will govern the level at which track is needed to be kept at progress. To track a project, it will require a balance which is careful in monitoring to ensure achievement of results and response.

Explain the concept of IT governance and discuss various approaches organizations adopt for improving productivity.

IT governance can be described as the process which ensures that there is an effective and efficient use of IT in an organization in achieving its goals. Organizations use the IT methods to evaluate, select, and prioritize in achieving the benefits of an organization. Using IT governance approaches such as decision making and having an oversight process it is the responsibility of the management to ensure an efficient operation. This approach will ensure efficiency and a compliant fashion in the running of the organization.

References

Lock, D. (2013). Project management. Farnham: Gower,

Markgraf, B. (2017). Methods for Estimating Project Times & Cost. Available from

http://smallbusiness.chron.com/methods-estimating-project-times-cost-43036.html