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. 4 ). depending on the nature of the data, analysts may employ descriptive statistics, regression analysis, clustering, classification, or predictive modeling. analysts use these tools to run simulations. this provides opportunities to observe potential costs, predict return on investment ( roi ), and identify metrics... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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. there is no evidence from this data that either sepal length causes petal length or petal length causes sepal length. step 4 : results interpretation the next step is results interpretation, where the insights are translated into actionable information. analysts evaluate the findings in the context of the problem at ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 2 foundations of business intelligence and analytics learning objectives by the end of this section, you will be able to : • discuss the importance of business intelligence and analytics • explain how organizations use business intelligence and analytics • describe tools used in business and data analytics • evaluat... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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may have heard the phrase, “ work smarter, not harder. ” this adage holds true for any industry. the success or failure of a business can come down to the ability to ask the right questions and thus make decisions that best capitalize on the finite resources available. the process of business intelligence ( bi ) involv... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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another benefit of bi tools is the ability to produce a visualization, or a graphical representation of data and information to facilitate understanding, analysis, and communication of insights and trends. many executive leaders may have a firm grasp on fundamental statistics, but they may lack the training and experie... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 2 • foundations of business intelligence and analytics 299 inventory management business intelligence tools make life easier in terms of purchasing, procurement, and inventory management. companies can generate reports on shipping and receiving and automate the process of ordering materials before they are below a c... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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organization can use bi tools to conduct a recency, frequency, and monetary ( rfm ) analysis, which is the task of customer segmentation or grouping based on their purchasing habits. essentially, four pieces of information are needed to create rfm scores : • identity : depersonalized information, such as a customer id ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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working in an increasingly competitive market, the ability to make fast decisions is part of the job, but knowing 300 8 • data analytics and modeling access for free at openstax. org those decisions are based on hard evidence provided by data - driven insights offers greater confidence. by harnessing the power of big d... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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sources, organizations can identify trends, patterns, and correlations that impact their operations. these insights enable decision - makers to evaluate different scenarios, assess risks, and determine the most effective course of action. for instance, a retail company analyzing customer purchasing patterns through bi ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 2 • foundations of business intelligence and analytics 301 figure 8. 7 a time - series graph can compare multiple sets of data over the same period, such as the horse population growth and foal production on assateague island national seashore, maryland. the blue line represents the horse population, and the red lin... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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node • splitting : dividing from decision nodes into subnodes according to the given conditions • subtree : a subsection or branch to better appreciate decision trees, consider figure 8. 8, which shows how it is possible to break down the decision of what drink to buy from a coffee shop. the first root node involves de... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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machine learning algorithms, and data visualization tools. when it comes to tracking campaign performance, real - time analytics platforms and marketing automation software play a crucial role. these tools provide organizations with immediate feedback on kpis such as click - through rates, conversion rates, and engagem... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 2 • foundations of business intelligence and analytics 303 in essence, the integration of modern bi and analytics technologies enables organizations to assess the effectiveness of their marketing initiatives and track campaign performance and measure customer satisfaction with unprecedented accuracy and efficiency. ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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you must become familiar with a variety of tools and concepts. there are tools for data storage, data cleaning, data modeling, and data analysis, and techniques for predictive analytics. two important types of tools are those for visualization and data mining. visualization tools help with effectively communicating dat... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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may like. 7 link to learning a key component in data analytics involves the mining of data. there are multiple techniques and technical skills commonly needed in this aspect of the industry. read this article to examine how data science professionals accomplish this ( https : / / openstax. org / r / 109datamining ) in ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 2 • foundations of business intelligence and analytics 305 assessment. to learn how predictive analytics works, consider this question : if you study more hours, will your midterm exam score increase? in other words, you want to determine whether there is a positive relationship between the number of hours studied a... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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a positive correlation, both variables are moving in a positive direction together. there is one dependent variable ( the y - variable ), which is the score on the exam, and one independent variable ( the x - variable ), which is the time spent studying. there are three important points to remember about linear regress... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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, y tends to increase, and if m is negative, it means that as x increases, y tends to decrease. the variable b represents the y - intercept of the line, which is the value of y when x is equal to zero. in other words, it gives the starting point of the line on the y - axis. in the example of time spent studying ( x ) a... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 2 • foundations of business intelligence and analytics 307 x ( hours ) y ( score ) 20 40 110 209 table 8. 1 sample study data in the hypothetical study, the number of hours spent studying correlates positively with the number of correct answers. after checking some new x values ( time ) to predict the scores, it bec... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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76. 267 table 8. 2 predicting scores and calculating error you can determine the error between the actual value and the predicted value, and you can use the existing data to predict scores based on new values. figure 8. 11 values from the study are plugged in and calculated, forming predicted grades that can be plotted... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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- making tools. analysis of historical data to gain insights into past events, trends, and patterns within an organization or specific business processes is called descriptive analytics. a full descriptive study can also help identify external events that disrupted the data. in the example of a stock price analysis, su... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 2 • foundations of business intelligence and analytics 309 produce a profound impact, as seen with the covid - 19 pandemic. descriptive analytics focuses on summarizing and visualizing data to answer questions like the following : • “ what happened? ” • “ what are the key trends? ” • “ how can we leverage the organi... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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2024, base salaries averaged over $ 250, 000. 8 data scientists and analysts play a critical role in designing and developing bi reports. they identify kpis, define data requirements, select appropriate visualizations, and create reports that cater to the specific needs of stakeholders. this process involves data model... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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applications and iot technology, ethical and legal considerations surrounding data collection have become increasingly important as organizations gather and analyze vast amounts of data. further, there have been some ethical concerns with ai in data analytics, such as bias in algorithms and the ethics of data usage wit... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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of gdpr one year later, ” cyber defense magazine, july 8, 2019. https : / / www. cyberdefensemagazine. com / the - pros - cons - and - true - impact - of - gdpr - one - year - later / 8. 2 • foundations of business intelligence and analytics 311 | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 3 analytics to improve decision - making learning objectives by the end of this section, you will be able to : • explain the role and importance of analytics in decision - making • examine how organizations use business analytics for decision - making • apply analytics to the decision - making process data analytics... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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method used to quantify the relationship between variables and to make predictions. linear regression is one type of regression. by analyzing historical data and identifying patterns, regression models can forecast future trends and outcomes. this enables businesses to make informed decisions based on quantifiable insi... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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and response to treatment. the health - care organization would be able to identify groups of patients who share similar characteristics, allowing the provider to tailor treatment plans more effectively and improve outcomes. choosing appropriate models or tools when choosing which models to implement, organizations con... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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##ocating resources, and managing immediate operational challenges. analysts support operational decision - making by using analytics to monitor kpis, identifying bottlenecks, and suggesting process improvements. as an example, suppose a retail store manager decides to adjust the store ’ s inventory levels based on dai... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 3 • analytics to improve decision - making 313 a strategic decision is a long - term decision made by an organization to define its overall direction, goals, and competitive positioning in the market. strategic decisions involve evaluating market trends, assessing the competitive landscape, and identifying growth op... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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estimate future outcomes based on historical data patterns. for example, imagine a retail company using a neural network model to predict customer purchasing behavior. by analyzing relevant data, the neural network can learn complex patterns and relationships within the data and then forecast which products customers a... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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december 2019, https : / / doi. org / 10. 6028 / nist. ir. 8280 314 8 • data analytics and modeling access for free at openstax. org • implement rigorous testing procedures to detect and mitigate biases in facial recognition algorithms. this can involve analyzing the performance of the algorithm across different demogr... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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collected using market research and their own existing customer data : demographic information : understanding the demographic characteristics of the target audience, including age, gender, income level, education level, occupation, and geographic location, can help tailor products, services, and marketing strategies t... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 3 • analytics to improve decision - making 315 3. in the final step, the company must perform detailed data analysis to create actionable insights. analysts can use various techniques such as classification, regression, and clustering ( figure 8. 12 ). for instance, regression analysis can be used to identify the re... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 4 web analytics learning objectives by the end of this section, you will be able to : • explain the role and importance of web analytics • examine how web data are collected • discuss the web analytics techniques used by businesses to drive site recognition and sales • explain search engine optimization web analytic... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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in web analytics refers to the percentage of visitors who navigate away from a website after viewing only one page, indicating a lack of engagement or interaction with additional content. a conversion rate in web analytics refers to the percentage of website visitors who complete a desired action, such as making a purc... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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’ s performance, identify areas of improvement, and assess the impact of various marketing initiatives or website changes. for example, web analytics can help determine the effectiveness of different advertising campaigns by tracking referral sources, click - through rates, and conversion rates associated with each cam... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 4 • web analytics 317 countries? in south korea, a web metric analysis tool that has made waves is naver analytics. the project grew out of a search engine tool and now deploys ai - based algorithms to process user behavioral data. in china, a popular tool for web metric analysis is baidu tongji ( called baidu analy... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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allowing the organization ’ s analytics tool to collect data as the events occur. web data analysis data scientists can leverage various web analytics tools and techniques to analyze website data and derive meaningful insights. some of the common tools include web analytics platforms, data extraction and transformation... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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into a suitable format for analysis. the data are filtered and organized. 3. the transformed data are loaded into a centralized location. figure 8. 13 etl is part of the overall workflow for moving data from a database, transforming it, and loading it to a data warehouse for transmission and analysis. ( attribution : c... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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and cross - referenced them with the final grade point average ( gpa ). 12 michael segner, “ the future of business intelligence, ” monte carlo, updated january 20, 2024. https : / / www. montecarlodata. com / blog - the - future - of - business - intelligence / | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 4 • web analytics 319 figure 8. 14 scatterplot diagrams can provide evidence of correlation between features such as absences and gpa. ( attribution : copyright rice university, openstax, under cc by 4. 0 license ) you can observe quickly that there is indeed a relationship between the variables of absences and gpa.... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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##ed machine learning algorithm used for clustering data into distinct groups based on similarity. it works by dividing a dataset into k clusters, where each data point belongs to the cluster with the nearest mean ( centroid ). the algorithm iteratively updates the centroids and reassigns data points until the clusters... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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who earns $ 2. 6 million. this will throw off the averages and results dramatically, so that value is excluded. cleaning the data using the etl process will make it more accurate and effective for the next stage of the process — analysis and visualization. custom analysis and visualization data scientists can also util... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 4 • web analytics 321 figure 8. 16 plotting the relationship between spending score and age reveals some groups of customers that may need further analysis. ( data source : zubair mustafa, " shopping mall customer segmentation data, " kaggle, updated april 2024, https : / / www. kaggle. com / datasets / zubairmustaf... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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of twenty and forty with incomes between $ 100, 000 and $ 150, 000. with this data in mind, the next step is to examine the correlation between spending score and annual income 322 8 • data analytics and modeling access for free at openstax. org ( figure 8. 18 ). figure 8. 18 comparing the customers'annual income and s... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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- quality backlinks, and providing a positive user experience. by following seo principles, websites can attract more organic traffic and increase their online visibility. in web analytics, “ organic ” traffic refers to website visitors who arrive at a site through unpaid search engine results, excluding any visits gen... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 4 • web analytics 323 a / b testing the method a / b testing, also referred to as split testing, is used to compare two versions ( a and b ) of a webpage, email, or advertisement to determine which one performs better in terms of user engagement or conversion rate. this process randomly splits website visitors into ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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##bdesign ) in this article. 324 8 • data analytics and modeling access for free at openstax. org key terms a / b testing ( also, split testing ) method used to compare two versions ( a and b ) of a webpage, email, or advertisement to determine which one performs better in terms of user engagement or conversion rate ap... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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can buy, sell, or exchange datasets and related services data mining process of analyzing large datasets to discover patterns, trends, and insights using statistical and computational techniques decision tree decision - making tool that uses a tree structure diagram in which branches represent choices and their outcome... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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based on their purchasing habits regression statistical analysis method used to quantify the relationship between variables and to make predictions search engine optimization ( seo ) process of optimizing website content and structure to increase visibility and ranking on search engine results pages sensor data collect... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 1 the business analytics process • analytics 1. 0, 2. 0, and 3. 0 are three distinct eras in the evolution of big data. the current era is analytics 3. 0, which uses traditional analytics to analyze big data. big data allows organizations to gain a comprehensive understanding of their target market and customer base... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 3 analytics to improve decision - making • data analytics involves the systematic collection, interpretation, and analysis of vast amounts of data to uncover valuable insights and patterns. • analytics tools such as regression, decision trees, and clustering models aid in deriving actionable data. • regression is a ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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8. 4 web analytics • web analytics is a powerful tool that provides valuable insights through the collection, measurement, analysis, and reporting of data related to website usage and user interactions. • web analytics tools collect data through page tagging, log file analysis, javascript events, and cookies. • busines... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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, and enhanced data security b. increased satisfaction, reduced employee turnover, and improved supply chain management c. enhanced data visualization, improved data governance, and increased data storage capacity d. higher market share, improved brand awareness, and increased sales revenue 6. how do organizations typi... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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an approach for analyzing data to uncover patterns and trends 12. what type of decision - making process focuses on long - term decisions that shape the overall direction and future of the organization and includes evaluating market trends and identifying growth opportunities? a. operational decision - making b. tactic... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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their operations? provide specific examples from the text to support your answer. 3. describe the key steps involved in the process of predictive analytics and forecasting, highlighting the main considerations and challenges that organizations face when implementing these techniques. 4. how do organizations choose whic... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 3 career focus : opportunities in information systems project management introduction project management is a fundamental component of is and nontechnical projects. the history of information technology ( it ) project management can be traced back to the 1950s, when huge computer systems were designed to be used by ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 1 foundations of information systems project management learning objectives by the end of this section, you will be able to : • identify concepts, skills, and techniques associated with project management • distinguish between project management, program management, and portfolio management • apply project managemen... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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controlling resources — such as people and materials — to achieve specific goals or objectives within a defined timeline. the person responsible for leading the efforts to plan, organize, and control the resources using various tools and techniques to initiate, plan, execute, monitor, control, and close projects is cal... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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is considered completed once the scope or requirements have been met or 332 9 • information systems project management access for free at openstax. org once the objectives of the project have been achieved in accordance with the customer, sponsor of the project, or internal champion of the project. projects can vary de... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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the projects based on the business objectives. therefore, portfolio management is the centralized management of a set of projects grouped together to identify, prioritize, authorize, and control the related work figure 9. 3. figure 9. 3 in portfolio management, programs or projects are grouped together to realize more ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 1 • foundations of information systems project management 333 care, marketing, technology, finance, and higher education. even though the structure is hierarchical, the team supporting the managers and leaders does not always report to the manager or leader of that department. project management using project manage... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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figure 9. 5 ). the domains are defined as what the project manager must focus on in each stage to complete that stage. these eight domains ensure successful delivery of the project : • stakeholders : anyone involved or impacted by the delivery of the projects is a stakeholder. • team : people who are stakeholders but a... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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clients, coworkers on the project team, middle management, vendors, regulatory bodies, steering committees — the list goes on and on. communication and relationships with all stakeholders throughout the project are important to the success of the project. the stakeholders on a given project may shift over time, so keep... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 1 • foundations of information systems project management 335 gathering of quantitative and qualitative data to determine whose interests in the project should be a priority. the stakeholder or group of stakeholders whose interests are a priority are likely to have more power and authority over the project than othe... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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used for projects that have specific requirements with 336 9 • information systems project management access for free at openstax. org well - defined goals and objectives. the entire project is planned from start to finish before the project begins, and once the project is implemented, the plan is followed carefully. t... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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method with modifications as needed to fit the project. another consideration when deciding which approach to use is the degree of innovation involved in a project. this refers to how much change a project introduces. some projects are minimally innovative, offering incremental changes, while others are more radical, o... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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to achieve the desired outcomes. the time spent planning for a project and the desired outcomes should be appropriate to the project. project planning and the project management documentation should always be sufficient to manage stakeholder expectations. there are several project management tools and documents that pr... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 1 • foundations of information systems project management 337 managers use in the planning process, such as a vision statement, project charter, business case, initial project plan, or raci ( responsible, accountable, consulted, and informed ) charts. link to learning consider this case study ( https : / / openstax.... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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##rum meeting. in agile project management, there are several frameworks to support the iterative and collaborative approach central to this methodology, including scrum, kanban, and extreme programming. a scrum is an agile framework that focuses on delivering value through small, cross - functional teams working in sp... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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##x. org figure 9. 7 referred to as a kanban board, this type of agile framework identifies the position of each component of work as the project progresses. ( credit : modification of work “ abstract kanban board ” by jennifer falco / wikimedia commons, cc by 4. 0 ) primarily used in the software engineering industry,... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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. the prince2 certification is often sought after by project managers, team members, and individuals involved in project management roles around the world because it provides individuals with a robust framework and a common language for managing projects effectively, as well as ensuring consistency and the use of best ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 1 • foundations of information systems project management 339 figure 9. 8 the prince2 methodology is composed of seven guiding principles of project management. ( attribution : copyright rice university, openstax, under cc by 4. 0 license ) principle one : continually justify project a prince2 project must have a re... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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• business sponsors : stakeholders who make sure the project delivers value for money. • users : stakeholders who are usually the people who will use the products once they have been created. they benefit from completion of the project. • suppliers : stakeholders who provide the resources and expertise needed by the pr... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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leeway in the oversight of tasks, such as the schedule, scope, and costs, defined in accordance with company policy. in prince2, the leeway is referred to as the tolerance level, or the extent to which project managers can accept the risk or need to escalate it. project managers know that if an issue in the project pas... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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##2 methodology recommends developing a detailed product description that guides the project, manages expectations, and ensures the required deliverables. the product description should include a well - defined product purpose, composition, derivation, format, quality criteria, and quality process. it also determines a... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 1 • foundations of information systems project management 341 core principles must be followed to get the project delivered, but in prince2, you should be cognizant of the environment in which the project should be managed. for example, if the environment of the company is one in which management is not focused on f... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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larger complex projects, such as those found in the construction industry and occasionally in it, may require an even more robust system that can be customized to the type of project and have the company ’ s strategic approach designed into the system, so that all users are using the same approaches and constraints. th... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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the escalation points for larger changes, issues, and risks. additionally, the pmo might support 342 9 • information systems project management access for free at openstax. org project managers in various departments and make business decisions that the project manager cannot make to align the project with the organiza... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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an organization where there are independent business units. • information technology development pmos : they oversee a portfolio, which is a collection of programs or groups of projects. these pmos usually maintain oversight of all projects that require organizational approval and financial allocation. this type of pmo... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 1 • foundations of information systems project management 343 an it portfolio where you are delivering several projects related to an enterprise resource planning ( erp ) system. the erp system has several different projects related to the various parts of the project, such as human resources functions and accounts ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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4. 0 license ) the purpose of program and portfolio management is to consistently deliver products and services that produce better results and sustainability for the organization and its projects. the goals of portfolio, program, and project management are to deliver value. value is what keeps an organization in busin... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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the company. some of the employees working on client accounts have legal backgrounds. the erp is a big system for the company. it has chosen to implement such a large system because it wants to double its clients in the next two years, and this would mean hiring more employees. the company expects pharrell to manage an... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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• ease of change : this also deals with scope and stability. if the deliverables are not going to change much, then a predictive approach should be used. • delivery options : because an erp system has many different functions, the project could be broken down into functions and different groups could work on each funct... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 2 setting up and managing projects for success learning objectives by the end of this section, you will be able to : • explain the stages of a project from initiation to closing • explain how to develop a project plan and schedule • determine how to identify, evaluate, and mitigate project risks project management i... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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. for example, your company may be selling a complex software application that requires the product to be carefully customized to a client ’ s operations. this would require a project to be initiated for the purpose of a sale made to a client. there are many factors that go into how an organization initiates projects a... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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kicked off, it ’ s time to dive into creating a project management plan to ensure project success. this stage is about defining the project ’ s scope and the details of how progress will be accomplished. it is important to note that the scope, schedule, risks, and budget are all part of this stage and set the parameter... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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, and mitigate schedule risks. | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 2 • setting up and managing projects for success 347 figure 9. 12 scheduling tools enable project managers and team members to visualize an entire project and understand how each step in the project coordinates to meet project deadlines, as in this example from a construction project. ( credit : “ tasks ” by christi... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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to be good at budgeting and managing costs on projects. knowing the company ’ s policies and the client ’ s requirements is key to successfully managing budget and costs. project execution with a plan in place, it ’ s time to execute. this is where all the action happens. the project manager monitors progress, addresse... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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technical experts depending on their backgrounds. project managers must anticipate, imagine, adjust, fix, and stay on top of everything related to their project. if a project manager has a good team to work with, this part can be easy, but if the project manager ’ s team develops conflicts, this could mean a delay in d... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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. project evaluation : knowledge transfer and documentation postproject evaluation assesses the project ’ s overall performance, including its success in meeting objectives, adherence to schedule and budget, and stakeholder satisfaction. evaluation findings contribute to organizational learning, enabling improvements i... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 2 • setting up and managing projects for success 349 projects in the future. this information is collected and utilized to help pmos change processes or policies to operate more efficiently. some organizations may not have one electronic area within which to keep all of their project data, so it is important the pro... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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or service being delivered meets stakeholder expectations as defined in the scope. work breakdown structure a work breakdown structure ( wbs ) helps the project manager understand how the deliverables will be scheduled and any dependencies there might be in completing other deliverables, essentially breaking down the w... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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resources. this requires a solid estimation of the team ’ s skills, expertise, and availability throughout the project. resources could include human resources, equipment, materials, and any other necessary assets. good resource planning ensures that the right resources are assigned to the right tasks at the right time... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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cycle, from inception to deployment, at a high - tech firm that sells it services to small - and medium - sized organizations. your organization has recognized the need for a customer relationship management ( crm ) system to enhance customer interactions and streamline business processes. to effectively support the sa... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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9. 2 • setting up and managing projects for success 351 between a “ must - have ” ( needed ) feature or function and one that is “ nice to have ” ( wanted ). identifying both the needs and wants in the requirements is necessary when budgeting and designing the solution. if there is money left in the budget, you may be ... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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and customer satisfaction. • record and track service - related interactions, requests, and issues. communication and collaboration : • facilitate seamless communication and collaboration among sales representatives, account managers, and clients. • enable email integration to capture and log email communications withi... | openstax_foundations_of_information_systems_-_web_onlbgyl | [
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