Assn 600 A

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Colorado State University, Global Campus *

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600A

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Information Systems

Date

May 3, 2024

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pdf

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13

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What are the important characteristics of the Hubble project that could lead to significant risks? How would you prioritize these risks? What mitigation steps were taken in the Hubble project to help minimize the probability or impact of these risks? The big goal of the Hubble project is to create an information management and decision-making tool for a financial advisory division. This project includes several key features that could lead to serious issues. Understanding these characteristics is crucial for effective risk control and accomplishing project success. Let us investigate the important aspects of the Hubble project that could cause notable challenges and the management principles that may help tackle these challenges. Scale and complexity of the project: The scale and complexity of the project is very impressive. This project, with an estimated worth of more than US$4 million and a duration of 12 months, is the most expensive Project implemented by Financials in the field of information technologies. Such big projects always come with a lot of risks, like going over budget, taking more time than scheduled, and having trouble managing all those who have an involvement with the project. These risks are made even bigger by the fact that the project is extremely complicated. It involves making a complete information management and decision-making tool for financial analysts. Project's Innovative nature: The project's innovative nature brings about certain risks, both in terms of technology, content, and the partnership approach with CGI. With its new material and technology, the Hubble system aims to take an advancement looking forward from the techniques and instruments that are currently in usage. When you add innovative technologies and products, you might run into unexpected technical problems, problems with compatibility, and the need for a lot of testing and confirmation. The system's alignment with the partnership approach with CGI brings another level of complexity, which might lead to trouble with collaborating and integrating. Dependence on the Hubble system: The Hubble system was designed to serve as a basic tool for financial analysts with the need to maintain a watch on hundreds of mutual funds and for financial advisors who sell the most expensive products. Knowing that the Hubble system serves as a tool of such significance indicates how important it is for it to function well, be trustworthy, and be simple to use. If these tasks do
not get done right, it could hurt the business's advisory division and the financial consultants who collaborate with it. That might lead to client dissatisfaction and damage to the company's image. Data Management Problems: The data management portion of the project possesses risks associated with collecting information, reorganizing it, and making sure that the data is of the best quality. Its objective is to gather unstructured data sent in different forms and make detailed analysis reports and business data for financial advisors around the world shows just how difficult it may be to maintain data safe, secure, and consistent. Not taking care of these things properly could cause wrong knowledge, bad decisions, and problems with not following the rules. Expectations for Organizations and Performance: The project shows that all the individuals involved possess the same goal, showing how important it is for organizations to have strategic alignment to keep clients satisfied. The requirement to deliver the tool within 12 months while staying on budget and making sure the client is glad comes with specific requirements for performance and risks related to time. The fact that a detailed offer of service as well as an approach to methodology need to be provided makes the management and planning of the project even more significant and challenging. Lack of Expertise: Financials Company was not equipped with the necessary expertise or resources to finish the job on its own, which might have caused delays, errors, or solutions that were not the best. Changing Needs: Requests that are always changing and needs that are hard to track down could lead to scope creeps, project delays, and dissatisfied clients with the result. Development at a Distance: The project needed a development group that worked from afar and specialized in.NET technology. The result could cause problems with communication, errors, and delays. Given these characteristics, the Hubble project faces several significant risks, including: • Issues with exceeding the budget and prolonging the due date. • Challenges in aligning stakeholders and developing collaboration. • Overcoming technological challenges and addressing integration issues with the CGI partnership
• Ensuring data integrity and maintaining high quality standards. • Expectations for performance and potential risks to client satisfaction. It is important to prioritize risks by looking at their potential impact and the likelihood of each one occurring. Here is how I would prioritize the main risks of the Hubble project: Technical Complexity: Looking at the project's focus on incorporating the latest technologies and web-based standards, the potential difficulties posed by technical complexity should be given sincere consideration. This level of complexity could have an important effect on various aspects of the project, including development, integration, and system performance. Inadequate Expertise: The possibility of lacking the necessary knowledge and resources to accomplish the project goals could be given sincere consideration, as it directly affects the quality and effectiveness of project results. Validation Tests: The document shows the significance of conducting tests, monitoring validation tests, and implementing any required coding modifications. Knowing the focus on technical aspects and the significance of preventing unexpected issues during validation tests, it is important to prioritize this risk. Its potential impact on the successful development and deployment of the Hubble system cannot be neglected. Changing Requirements: It is important to prepare for the risk of changing requirements to avoid scope creep, delays, and financial problems which could impact the project scope, timelines, and budget. Role and Responsibility: Emphasizing the differences in the approach to business analysis and the significance of a common knowledge of team roles and activities between Quebec and the United States. Creating clear roles and activities is necessary for the success of a project and to ensure that all stakeholders are on the same page. It is important to give priority to this aspect for ongoing balance. Stakeholder alignment: Ensuring alignment within every stakeholder involved with the project, including the client, CGI partners, and the project team, has been recognized as a potential risk that needs to be tackled.
Encouraging open and clear communication and facilitating support from everyone involved is important. Data Management: The project needs capturing and processing a wide range of unstructured data formats to generate comprehensive analysis reports. It is important to take control of the significant risk of ensuring data quality, integrity, and alignment with client requirements. Organizational Methodology and approach: Making sure the methodological approach is clear and the Team Quebec team is in line with the project's needs is important for the successful completion of the project. A number of steps have been taken in the Hubble project to decrease the probability or consequences of different risks. These steps were important in maintaining the successful development and implementation of the Hubble system within the specified timeline and budget, while ensuring the client's satisfaction. Let us look at these steps in more depth. Problems with technology and tests to make sure they work: The project team used CGI's strong infrastructure, which was thought to get rid of any technology problems that might produce working on projects from far away. This was done to lower the risks of unexpected technology problems and make sure the system would work and be dependable. Problems with a Distance Project: To get around the problems that came up because team members were far away, the project used regular videoconferencing, virtual project management platforms, and set rules for how to talk to each other. Define Responsibility: Your function and duty When the project team led discussions to make sure everyone had the same idea of their roles and responsibilities, they made sure there were clear expectations and jobs to avoiddisagreements. Data Management and Understanding of the Client: The project used data governance practices, data quality controls, and client feedback sessions to make sure the data was correct and met client expectations. This reduced the risks that come with having badly structured data and not meeting client needs.
Budget Adherence: To stay within the budget, the project set budget goals, reviewed the budget often, and looked for ways to save money. This kept financial risks from affecting the project's results. Alignment of Stakeholders: The project put a high priority on stakeholder feedback meetings and open lines of communication to help stakeholders agree on what to do. This reduced the risks that come with having different expectations or not being aligned. Integration with the CGI Partnership Approach: To lower the risks of integrating with CGI's approach, the project set clear partnership guidelines, held joint planning meetings with CGI, and dealt with integration problems ahead of time. Organizational Methodology : The project set a clear methodological approach, made sure that the team's makeup fit the needs of the project, and pushed for methodological uniformity to reduce the risks that could come from methodological uncertainty or inconsistencies. Taking these steps to reduce risks showed that the Hubble project was initiative-taking about risk management. They wanted to lower the likelihood or effect of different risks and improve the project's chances of success.
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