IT Project Management: A Comprehensive Guide to Development and Implementation
Introduction to IT Project Management
This guide explores the essential areas and activities involved in managing IT projects effectively. It emphasizes the crucial role of management, particularly at higher levels (CEO, President, functional managers), in ensuring project success. The level of management involvement should be proportional to their responsibility, with the highest level assuming the role of project sponsor.
Leadership and Control in IT Projects
Effective leadership establishes criteria,
Read MoreUnderstanding Economics: Definitions, Theories, and Key Concepts
1. Economics Definitions
A) Mill
Economics is the science that studies the social phenomena arising from human interactions in the production of wealth, excluding influences from other pursuits.
B) Marshall
Economics examines individuals’ everyday economic activities, including income acquisition and utilization, encompassing the study of wealth and human behavior.
C) Robbins
Economics is the science of human behavior concerning the allocation of scarce resources with alternative uses to achieve desired
Read MoreUnderstanding Business Activity: A Comprehensive Guide
Chapter 1: The Purpose of Business Activity
Understanding Needs and Wants
A need is a good or service essential for living, while a want is a good or service that people desire but is not essential. People’s wants are unlimited, leading to the economic problem of scarcity, where unlimited wants exceed limited resources.
Factors of Production
Factors of production are the resources needed to produce goods or services. There are four main types, all limited in supply:
- Land: Encompasses all natural resources.
Business Management and Finance Essentials
Chapter 9: Financing Business Activity
Business Stages and Financing Needs
- Starting up a business
- Expanding an existing business
- A business in difficulties
Start-up Capital
Start-up capital is the finance needed by a new business to pay for essential fixed and current assets before it can begin trading.
Capital Expenditure vs. Revenue Expenditure
Capital expenditure is money spent on fixed assets which will last for more than one year.
Revenue expenditure is money spent on day-to-day expenses which do not
Read MoreCorporate Social Responsibility (CSR): Stakeholder Engagement and Sustainable Practices
Approaches to Stakeholder Engagement
Collaboration
Collaboration involves partnerships and joint ventures between organizations and their stakeholders. This approach fosters cooperation and mutual benefit.
Involvement
Involving stakeholders in decision-making and company activities ensures their perspectives are considered. For example, collaborating with suppliers on product innovation.
Monitoring
Monitoring specific stakeholder groups during crucial decisions helps prevent conflicts of interest. This
Read MoreProduct, Price, and Marketing: A Comprehensive Guide
PRODUCT: Set of benefits and services offered by a trader in a market.
CLASSIFICATION OF PRODUCTS
- CONSUMER PRODUCT Are those that are intended to be used and purchased by consumers, according to your wishes and needs, and can be used without an additional manufacturing process are ultimately purchased and these are to be consumed or used at home. These in turn are divided into a subgroup.
- Durable and non-durable: durable goods are tangible items of daily use for example (TVs, stereos, refrigerators,