Strategic management & planning assignment help : Information security Essay on Corporate governance
Question Asked??
Write an essay on information security and strategic planning for corporate governance??
Solutions the essay proposes is:
ABSTRACT:
IT projects are expensive in nature and their failure costs billions of dollars to an organization. Many project managers, consultants and stakeholders have identified that poor planning and lack of cooperation with organization results in IT project failure. The main objective of this paper is to analyze that poor project plan and lack of management involvement results in failure of major IT projects in an organization.
STRATEGIC PLANNING:
Strategic planning is one of the major processes used in an organization. It simply means to create a view for the benefits of an organization. Information Technology (IT) projects often dooms to project failure because of poor strategic planning. Many surveys and researchers have identified that the main reasons for project failure are:
- 25 per cent of major projects are cancelled before they are initiated
- Poor quality control
- Over Budget
From the above graph, it can be clearly that the major cause for project failure during the lifecycle is lack of planning. Moreover, due to poor planning system fails to provide the expected results which costs billions of dollars to the organization and further results to ethical disputes and legal battles.
Effective planning process can only prevent such problems. A sound business plan is vital and provides benefits to the business of organization. Preparing a business plan involves following steps (Simm, 2012):
- Collecting Information about the product or services including the key features of the product.
- Assess the market for the product or services, and its competitors
- Create a marketing, promotion and advertising plan for the product that will be sold in the market
- How to use necessary suppliers, resources and plan to acquire them
- Perform the Financial analysis and profit performance
- Bring everything into one document.
CORPORATE GOVERNANCE:
Corporate Governance is also important for the success of project. Effective corporate governance systems play a crucial role in the development of strong financial system in the organization. However, studies have proved that due to poor governance most of IT projects fail. Despite spending hours in board room by senior executives in project governance roles, only a handful actually are aware of what is their role about. Moreover, many executives and senior executives lack in business skills and resources. As a result, they did not know and understand their role was to take action to ensure the project success. Many project managers will relate to the frustrations they have felt when the organization does not cooperate to facilitate the introduction of the project. Organizations with bigger project size also failed because the project manager had never managed of such a size and complexity (Chakrabarti, 2010).
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