IT362-IT Project Management Description of Discussion Board Purpose: In this discussion board, you will post your answer to the question. You will also read and respond to other classmates’ postings. This is an excellent way for you to interact with your colleagues and to share your thoughts about the question answer in a critical way. Action Items: Access the discussion forum for this assignment by clicking on the discussion forum link. Click on “Create Thread.” Enter a title for your response in the “Subject” line. Type your response into the message field to the following discussion prompt: 1. Post your answer to the Question (200 – 500 words): In 2015, CHAOS’s published a study on the factors that contribute most to the success of IT projects. A few of the top success factors relate to good scope management, such as having clear business objectives and optimization. In fact, experienced project managers, who can often help influence all these factors to improve the probability of project success, led 97% of successful projects, based on an earlier CHAOS study. From your opinion, why do some IT projects succeed, and others fail? Discuss two factors that contribute to the success of IT project according to CHAOS? 2. Respond to two other classmates’ postings by critically reviewing your classmate's answer and stating which points you agree or disagree with. Short responses such as (agree, disagree, correct, etc.) would NOT be acceptable. Submission Instructions: Post your answer and your comments on your classmates on or before 25.12.2022, at 11:59 PM. Grading Criteria (4 Mark): 3 marks: for posting your answer o Part 1: Answer for why some IT projects succeed, and others fail - 1.5 Marks Some IT projects succeed because the project met scope, time, and cost goals, The Standish Group studies used this definition of success, the project satisfied the customer/sponsor, Many organizations implement a customer satisfaction rating system to measure project success instead of tracking only scope, time, and cost performance. The results of the project met its main objective, such as making or saving a certain amount of money, providing a good return on investment, or simply making the sponsors happy. If those goals were met, the sponsor would deem the project a success, regardless of other factors involved. According to chaos's report, Executive sponsorship is the most important factor, followed by emotional maturity of the organization. A few of the top success factors relate to good scope management, such as having clear business objectives and optimization. Project management expertise continues to be a key success factor. another reasons are User Involvement, Executive Management Support, Clear Statement of Requirements, Proper Planning , Realistic Expectations, Smaller Project Milestones, Competent Staff and Clear Vision & Objectives. While other reasons can cause failures by lack of before mentioned ones, also, Incomplete Requirements, Lack of User Involvement, Lack of Resources, Unrealistic expectations, Lack of Executive Support, Changing Requirements & Specifications, Lack of Planning, Lack of IT Management and Unclear Objectives. o Part 2: Discussing factors to the success of IT project – 1.5 Marks In the Factors of Success 2015 chaos report, reflects their opinion of the importance of many attributes and their recommendation of the amount of effort and investment that should be considered to improve project success. The most Important was Executive Sponsorship took 15 points and 15% Investment followed by Emotional maturity took 15 points and 15% Investment. Also, It is clear to them that the four primary investments should be focused on: executive sponsorship skills, emotional maturity environment, user involvement, and optimization services. they assign points to each factor to highlight its relevance. These points should also be considered as an investment guideline for project management improvement. For example, if spending $50 million on IT projects then 2% of the money should be going toward improving the value of those projects. Based on this amount, they recommend breakdown of money to be allocated to each factor be calculated next to the point value on the chart. Therefore, if projects is to be more successful, with higher value and greater customer satisfaction, we should carefully consider where we invest our project improvement money. 1/2 marks: for each response to another classmate’s posting (1 mark maximum) Please note that any copy and paste from the Internet (you can rephrase the concept) leads to a zero mark.