BUS206 Management Information : About Financial Records
Answer:
Description
There should be change while implementing the Management Information System as the systems that were used previously are now outdated and need to get replaced. Due to the outdated systems, the MIS is not working properly and producing wrong information which should be taken care of immediately.
Reason
The main reason for the changes needed in the Management Information System is because of the systems that are used are now backdated and needs to get an updated systems so that it works more efficiently and in more effective manner. With the help of updated system, it can keep track of the financial records that the company is spending (Heagney, 2016).
Scope
The technologies that are required to set up the Management Information System by the company are already under consideration and the set of technologies are available with the company. Also, the officials have got the clearance from the higher authorities to set the project and the budget has also been approved (Burke, 2013). The appropriate officials have been set up for doing this task and the in house testing will also be conducted before its final release.
Resources and Work
While implementing the project of Management Information System in Xcel Technologies, there can be certain risks that it might face like the technical fault in the systems that is when the systems were bought for the first time, due to poor quality of the system, it stopped working after few minutes of usage which will directly affect the budget. With this, the second risk comes that the financial problem that is many fault came while installing the system or after full installation, the systems rejected the working which will hamper the budget which result in the over budget of the project (Kerzner, 2013). The third risk that can cited is the compatibility of the new systems that is after the installation of the system, the systems is not starting as the basic requirements are not meeting which results in the halting of the systems. The fourth risk can be of the resources that the systems might not be available in the market despite of having the money or even if it is available then the cost would be too high (Schwalbe, 2015).
The Three Constraints
The main three factors in the scope constraints will be the Time, Budget and Scope which is also known as the triple constraints or the project management triangle. Project Scope defines the boundaries and gives the outline of the project. The time specifies the timeline according to which the project course will go on. Last is the Cost which involves the financial limitation and also the overall amount that has been spent on the project. Here the Scope will be constant keeping the time and budget variable means if the given time increases, the budget will also increase which means more time with the project which ensures the quality of the project. If the time is less, it might affect the quality of the project (Kerzner, 2013). Due to the changes that were made in the project, the cost of the project will go high as it needs fresh equipments in order to work efficiently and help the organization to increase its productivity. With the changes in Management Information System, they can keep track of their employees like who is working for how long and for how many days. With the updated Management Information System, the manual entry of data can be avoided.
Cost Estimation and Project Schedule
(Figure: Gantt chart)(Source: Created by Author)
Quality
Of the three constraints that are in the triangle, Quality is also a factor which is the very most important and which should be dealt carefully with. While changing the systems, make sure that even if the time is taking quite long, the quality should not be compromised as based on this, everything is dependent. Without proper Management Information System, the company would not be able to make proper decisions and without proper decisions, they will not be able to know about their rivals.
Project Deliverable
(Figure: Work Breakdown Structure)
(Source: Created by Author)
References
Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA.
Heagney, J. (2016). Fundamentals of project management. AMACOM Div American Mgmt Assn.
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
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