Deliverables are only product-related, such as a piece of hardware or software.

2.3.1. What is Scope Management?

Scope refers to all the work involved in creating the products of the project and the processes used to create them. Deliverable describes a product created as part of a project. Deliverables can be product-related, such as a piece of hardware or software, or process-related, such as a planning document or meeting minutes. Project stakeholders must agree on what the products of the project are and, to some extent, how they should be produced to define all of the deliverables.

Project scope management includes the processes involved in defining and controlling what work is or is not included in a project. It ensures that the project team and stakeholders have the same understanding of what products the project will produce and what processes the project team will use to produce them. Six main processes are involved in project scope management:

1. Planning scope management involves determining how the project’s scope and requirements will be managed. The project team works with appropriate stakeholders to create a scope management plan and requirements management plan.
2. Collecting requirements involves defining and documenting the features and functions of the products for the project as well as the processes used for creating them. The project team creates requirements documentation and a requirements traceability matrix as outputs of the requirements collection process.
3. Defining scope involves reviewing the scope management plan, project charter, requirements documents, and organizational process assets to create a scope statement, adding more information as requirements are developed and change requests are approved. The main outputs of scope definition are the project scope statement and updates to project documents.
4. Creating the WBS involves subdividing the major project deliverables into smaller, more manageable components. It includes a scope baseline and updates to project documents.
5. Validating scope involves formalizing acceptance of the project deliverables Key project stakeholders, such as the customer and sponsor for the project, inspect and then formally accept the deliverables during this process. If the deliverables are not acceptable, the customer or sponsor usually requests changes. The main outputs of this process, therefore, are accepted deliverables, change requests, work performance information, and updates to project documents
6. Controlling scope involves controlling changes to project scope throughout the life of the project – a challenge in many IT projects. Scope changes often influence the team’s ability to meet project time and cost goals, so project managers must carefully weigh the costs and benefits of scope changes. The main outputs of this process are work performance information, change requests, and updates to the project management plan, project documents, and organizational process assets.

2.3.2. Methods for Selecting Projects

Organizations identify many potential projects as part of their strategic planning processes, and they often rely on experienced project managers to help them make project selection decisions. However, organizations need to narrow down the list of potential projects to those projects that will be of most benefit. Selecting projects is not an exact science, but it is a necessary part of project management. Many methods exist for selecting from among possible projects. Five common techniques are:

a. Focusing on broad organizational needs. (Need → Funding → Will)
b. Categorizing information technology projects. (Problems → Opportunities → Directives)
c. Performing net present value or other financial analyses.

Net Present Value (NPV) analysis is a method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time. An organization should consider only projects with a positive NPV if the financial value is a key criterion for project selection.
Return on Investment (ROI) – is the result of subtracting the project costs from the benefits and then dividing them by the costs.

Example:
If you invest Rs.100 today and next year it is worth Rs.110, your ROI is (Rs. 110 – 100)/100 or 0.10 (10 percent). Note that the ROI is always a percentage. It can be positive or negative. It is best to consider discounted costs and benefits for multi-year projects when calculating ROI.

Payback Analysis – payback period is the amount of time it will take to recoup, in the form of net cash inflows, the total dollars invested in a project. In other words, a payback analysis determines how much time will lapse before accrued benefits overtake accrued and continuing costs. Payback
occurs when the net cumulative benefits equal the net cumulative costs, or when the net cumulative benefits minus costs equal zero.

d. Using a weighted scoring model.
a weighted scoring model is to identify criteria important to the project selection process
e. Implementing a balanced scorecard.
A balanced scorecard is a methodology that converts an organization’s value driver, such as customer service, innovation, operational efficiency, and financial performance, to a series of defined metrics. Organizations record and analyze these metrics to determine how well projects help them achieve strategic goals.

Are deliverables only product related such as a piece of hardware or software?

What is a deliverable quizlet?

Which document should list and describe all of the deliverables required for the project?

Is a deliverable oriented grouping of the work involved in a project that defines its total scope?