Making IT Right: Managing Goals, Time, and Costs
3.1 Before You Start: Assessing Value and Risks
Projects create new products, new services, or new capabilities. The first step of a sound management process is to understand whether the new products, services, or capabilities are worth our effort. The relevance of a project depends, in general, upon two main factors:
- The value generated by the project
- The risks associated with the project.
The meaning of value and risk, however, is not absolute and depends on the circumstances and on the project environment. For instance, a project developed for humanitarian reasons measures value in a different way from a project to launch a commercial product. Similar is the concept of risk. As mentioned ...