The primary necessity of this project is to perform a feasibility test of a software platform developed by an organization before implementing it in practical scenario. The proposed software platform will be helpful for real time market analysis and providing a perfect solution for people looking for financial support (Boyle, 2017). This will allow the users to look for a perfect solution for any kind of financial crisis and future possibilities to enhance their condition.
The reason the platform is still in evaluation is the implementation of real time analysis of all the financial details. Analysing any condition in real time is the latest trend for software development platforms. Collecting all the required information in real time and perform a thorough and accurate analysis is the motto of this software. Accuracy in analysis is what the organization is aiming for and implies the performance of the company. Real time analysis should be implemented in such a way that user is able to analyse his current financial scenario and understand the short comes in a very short and precise way.
The objectives of this project are to perform a feasibility test on the recently developed software platform of an organization to analyse the technical and financial success of launching the tool in the market. In addition to this the prospect and risk analysis are to be done to understand the exact nature of modifications required to make the project successful.
The organization is developing a software platform to provide real time solution for financial problems to the users (Turner, 2016). To perform the task it is necessary to acquire all the information in real time and analyse them based on the current market trends and conditions. Based on this analysis the system will provide a solution relevant to the current financial scenario of the user. Feasibility test of such a platform is necessary to analyse the technical and financial success of the platform. Technically, the successful implementation of accurate real time analysis in a software platform requires technical expertise. The technical success of this platform is the motto of the organization as this will be the best way to ensure financial success.
The success of criterion of this project report is dependent on the analysis of the technical aspect and the financial and ethical aspects of the software platform. The feasibility test ensures the success of this new project in terms of technology, economy and legal viewpoints (Boyle, 2017).
The successful analysis of the technical backdrop of the project ensures the success in real time calculation and accuracy in the overall report. The critical parameters, which ensure success of the project, are the analysis of the technical, economical and ethical sides of the software tool.
Constant development in the technical platforms can be a big reason that the organization has to face a massive changeover in the project of developing the software platform. This is quite common for any organizations. However, such changes have huge impact on the overall production of the platform.
The major impacts of technology changeover will affect the production cost of the platform as a whole and will affect the economic success of it. On the other hand, the technical success of the software tool is also affected by this changeover (Kerzner & Kerzner, 2017). If newly launched software is not supported by the latest technology then it can have a huge impact on the technical aspects of the tool and in the end on the popularity of the tool. The popularity of any software tool varies with the technical support of the platform. This is why the host organization has to go through a huge changeover in case any massive technical changeover occurs in the market.
The option analysis for this project is done in combination with customer feedback about the tool by experimentally implementing it for few days. In this analysis, the parameters, which are taken in account, are the technical aspects such as the development platform, compatibility and device application and website version of this, the involvement resources in different areas.
The option analysis is the important part of analysing the success rate of launching the software platform (Kerzner & Kerzner, 2017). In case of experimental implementation, the technical difficulties users have faced and the prospective solutions of them are the prime objective of option analysis. The options considered important for this software tool are as follows.
The options, which need to be analysed in case of software development, are the technical aspect and the involvement resources of the software. The first one includes the positive and the negative aspects of the technical part of the software (Pheng, 2018). The technical aspects are like the speed and accuracy of the system, the device application and website version of the software tool, compatibility with the latest operating systems and many more. All the short comes of the tool in these aspects will be accounted as the negative impact while the strengths of the software in these aspects are termed as the positive impact of the software.
Analysis of all these criteria from the customer feedback is important to make the software accurate and successful in terms of technical platforms to ensure overall success.
The options evaluated in this report are the technical parameters, which have the most impact on the success of the tool. As a software tool, it is important that the new project must be compatible and support the latest operating systems as well as the older versions of desktops and laptops to support every user (Turner, 2016). The organization has to make sure that they introduce a device friendly application of the software otherwise in an era of mobiles and gadgets the software will not be able to create an impression.
On the other hand, the implementation of involvement of the software in different area is important, as this is important to gather information in real time. This is why this is also another option which should be analysed. On the other hand, the analysis of the prospective solutions to cope with the short comes is another option need to be considered.
The options recommended for option analysis of the software development are the technical aspects of the tool and the solutions, which are appropriate to cope up with the short, come of the tool. Before analysing the short comes, it is important to analyse technical side of the tool.
It is important to analyse the accuracy, precision and speed of the tool besides the compatibility with the operating systems. Only after analysing these, the short comes and strengths of the software can be analysed.
The scope analysis of any project is done to analyse the features or the deliverables of it, which defines the requirement of the software. Before analysing the strengths and short comes of any software tool, scope analysis is inevitable to understand those. The scope analysis is defined as an essential work done to launch a new product or tool with some typical features and functionalities.
In this case, analysis of the technical aspects of the software besides the economic and legal features is part of scope analysis. This is important to understand the pros and cons of the software even before launching it for common users (Heldman, 2018). The scope analysis is done in three distinctive steps, which are planning the work, controlling and monitoring, and the last part is closure of the analysis with a report. Initially, the overall plan is designed based on the design of the software to analyse the features. In the second step, all the features of the software tools are tested and documented by controlling and monitoring them. In addition to this all strengths and short comes are documented in this step. In the end, the audit of the overall report based on the analysis is documented based on which the pros and cons of the software will be decided and necessary steps will be taken.
By performing a scope analysis the constraints and dependable of any software tool are easily figured out. In this case, the technical aspects of the software tool should be taken in account beside the financial condition (Snyder & Dionisio, 2017). Different technical aspects like the speed and accuracy of the software, compatibility with operating software are the features of technical aspects, which are analysed in scope analysis. While the cost efficiency and the budget of designing the software is part of the financial features in scope analysis.
Analysing these features, the technical aspects of the software like compatibility with operating systems, speed and accuracy are concluded as the dependencies of the software which can act in favour of it is considered while the economic aspect of developing the tool is concluded as the constraint of it.
Scope management can be termed as clarity of the job, which needs to be implemented successfully before completion of a project. It is the responsibility of the project head to ensure that the required work has been done to ensure all the deliverables are included in the project within the proposed time-period (Serrador & Pinto, 2015).
The documentation of the analysis and the changes required is important for future analysis of the project. Only after analysing all the features of any project the constraints and the important features of it can be identified about the need to propose solutions for the problems.
The project is based on the feasibility analysis of the software platform for real time analysis of financial data and giving realistic solutions too. However, before feasibility analysis, it is important to understand the features of the software to conclude the pros and cons of it and understand the necessary solutions.
After doing a thorough scope analysis of the software tool, it has been analysed that the technical aspects of the software are the dependable features of it. The software is highly accurate in analysing data in real time (Lehtinen et al., 2014). In addition to this, the tool is compatible to all the operating systems, which makes it easier for all the users to use it also the manufacturers have launched app version of its which is compatible with all the gadgets. On the other hand, the designing, such versatile software requires huge financial back up, which makes the software rather costly for many. So the economic aspect of the software is considered as the constraint of the software.
In the list of the key performing indicators for this software tool, the technical aspect and the time required to design it can be included. The project has been completed within the given timeframe by the expert design group of the company however the budget has been excided due to the sudden up gradation in the operating system available in the market (Nicholas & Steyn, 2017). The technical aspects of the software are also the key performing feature of the software. The software is compatible with all the operating systems and it is quite accurate and delivers results fast. As a whole, the technical aspects can be considered as the strength of the software tool.
For the effective management of any project, it is required that a project structure is developed right before the project is progressed. This is the aspect of project management for a Software Development project where staff involved in the software development project would be organized and all the appointed staff would be responsible for the mechanism of project as well as the mechanism for reporting every progression of the project (Al-Rubaiei, Nifa & Musa, 2018). The team structure for the project reporting and the mechanism depends upon the duration of the project, the project size and the nature of the project. The ideal project structure for the software development
Project governance is the method of project management that is responsible for the critical elements of any project and the accountability and responsibilities regarding the critical elements of the project. This means that the success and failure of a project entirely depends upon the project governance (Marchewka, 2014). The responsibilities of a project management usually fall under this obligation because the project governance takes care of the regulations, functions, and set of policies, procedures and project team responsibilities. These factors help the definition of a project, the control and management of the project and the programmes and portfolios. Every project Management should effectively possess a project governance framework since it leads the project to a feasible decision making structure. Below would be a prototype of a project governance framework for a software development project.
In all project management architecture, project reporting occurs at two different levels. These are the inter team and the intra team. The inter team reporting constitutes the communications that occur within the project team whereas the intra team reporting communicates between the project team to the senior management, who in turn communicates with the clients. The reporting of a project builds up the communication development within a project. Communication makes the major critical success factor of a project since the clients remain up to date with the project progression regarding this structure. The project reporting structure handles the transfer of knowledge throughout the entire organization progressing through the hierarchical levels (Carvalho & Rabechini, 2015). The effectiveness of a project reporting structure should follow weekly based meeting schedules that would preferably set a particular time at which the project reporting should take place in order to exchange all the reporting information within the organization to the management authorities.
Project Procurement is a way by which the constituents of a project can be acquired from an external source or a company which cannot be found available from any resources in the organization itself. In case of the project for software development, the procurement strategy can be of the software development services (Crawford, 2014). The software development project has a typical structured IT procurement model set for the exchange of information within the entire organization to check for the available resources within the organization required for the project and what resources are needed to be implemented from external sources as per the requirement of the project. These kinds of project procurement help the organization along with the project to achieve a technology that is both easy as well as comprehensive.
The management of IT procurement represents the process as Implementation and Management procedure of the entire project (Kerzner, 2018). The implementation part of a project procurement strategy includes settings of the requirements, acquisition of the IT procurement managers and the contract execution; whereas the management part of the procurement strategy includes the management of assets, vendors and quality of the engaged products from the outer resources.
Managing Stakeholders is extremely essential within any project and especially in the software development processes that essentially need the management of the stakeholders involved within the project. Effective communication is absolutely necessary because this makes sure of a critical success factor of a project (Harris & Prescott, 2015). Stakeholder management is essential since a project consists of a variety of people involved for perform a single and unified goal. Having a proper stakeholder management plan will make a project consider the outlook of every stakeholder involved within the project and take them all into account to proceed towards the unified goal. This can be achieved by a structured process forming a balance between the people involved, the process and the technology used within the project. This is subjected by assessing all the information about the expectation of each stakeholder involved within the organization.
Timing or readiness of a project attracts the entire project strategy since this builds up the impression of the entire project as well as the organization in front of the clients. Nowadays, every organization needs to realize that the process of recruiting, retaining, equipping, and training project teams to be ready for execution and delivery of project tasks should be the number one priority (Heagney, 2016). The ability to execute project tasks can be heavily compromised if the appropriate training or processes are not in place to support the project team. Lack of tools, documentation, and other supporting elements become suddenly a major obstacle to the project execution, and can potentially introduce delays and budget shifts.
Thus, a project should be made absolutely subtle and agile with respect to the project progression to make the project as competent and flexible as possible. This would make sure that the change implementation within the project is realized and the project is able to follow suit to the competitive programs in the market.
The most important of all the strategies adopted for the success of a project is the ability to keep the invested budget within the constriction of the predefined budget. It needs to be kept in mind that budget must not be overrun than what was predefined. For this, a company has to apply several strategies within the project progression (Kerzner & Kerzner, 2017). To maintain this, a project needs to follow several strategies to maintain the overrunning of defined budget even with changes implemented within the system. These are to be mentioned as follows:
Risk analysis process is a process in a project by which the risk associated with the sequence of processes are analysed and thus the project management team are able to control possible future events that may have a negative effect on the overall project (Hornstein, 2015).
There should be several strategies implemented within a project that should be made proactive to make a project successful. This can be mentioned as follows:
Quality is realized as the total features of a project by their inherited or assigned characteristics in the project depending upon the product, person, process, service, and/or system that bear on its ability to show that it meets expectations or satisfies stated needs, requirements or specification (Liebler & McConnell, 2016).
A project completion restriction is a type of clause, seen most often in municipal bond indentures, which requires the issuing party to sell debt securities, often in the form of revenue bonds, to finance the full completion of a particular project (Kerzner & Kerzner, 2017).
The benefits Realisation management plan provides details of how the benefits process will be applied to a program (Martinelli & Milosevic, 2016). It describes the tasks, resources, time frame and approach to each step of the framework. This should be done in every project to and the following strategies should be maintained in the following ways:
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