Information Technology for Banking and Finance

The current project status is devastating since the original desire of the XY department has not been met yet. The XY department purposed to replace all the outdated computer systems used in the public client management. They also targeted to make various improvements on their systems of operation. A plan that concurred with the1.5million provided by the government was instituted and a project steering committee put in place. However the plan was not completely implemented and so results have not been achieved as initially anticipated.  

The first project steering plan failed to meet up to its expectations. This started when they broke their meetings and never monitored the activities of good systems company. This is contrasts to the sound management practices. The practices state that the project manger should always ensure that the team meets often in order to acquire the set goals and scope within a period of time.

Additionally, the management should not be changed in the process unless when completely unavoidable. The swapping of mangers should involve all the team members. However the project steering team for XY department swapped leader without involving all the team members. This led to the loss of a sizeable amount of money as well as misplacing several documents.

As a solution to the current mess in executing the replacement of several computer systems, the project should come to a close. The initial step required to close the project is ensuring that all the available documents are well gathered and stored. Next the remaining unused materials should be securely stored. The good systems company should present a report about the versions they implemented in order to file them.  Lastly the initial project steering team should meet in order to appraise the new management progress. All information gathered should be filed and the project put to a stop until the next time.

The XY department ought to improve in the selection of competent team members to work for the project assessment. The team should also be ready to own the project and patiently give themselves till the project is done. The CEO should ensure that the necessary documents are filed as appropriate. Again the department should set short time goals that are evaluated often. This practice helps achieve the complete milestones in the long-term goals of doing all replacements and improvements on computer systems.

Moreover, by applying sound planning methods, the department ought to ensure that the CEO and the financial manager are not transferred. Incase they do, then proper handing over of the project should be done. This shall help reduce cases of inadequate past information for the project among the new staff. As a result there shall be flow of information that enhances completions of project in the original plan scope.

The project manger to spear head a committee should posses sound project management skills. They include ability to note and eradicate or attach unanticipated concerns during the project development process. H/she should also develop right estimates for all the team members in order to involve them effectively in the plan and implementation period. H/she should be able to adjust the project scope in order to fit the budget that doesn’t strain the company.

The CEO ought to be very proactive in all his endeavors while sponsoring and overseeing the project. H/she ought to use the skills necessary to balance the project pressures but with an aim of attaining the ultimate goal. This is possible by introducing tasks and assigning responsibilities where possible in order to support the good contracted company.