Cost Benefit Analysis, Challenges and Success Factors

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Time
3 hours 43 minutes
Difficulty
Intermediate
CEU/CPE
4
Video Transcription
00:00
next, we should address a cost benefit analysis and challenges and successfactors.
00:07
So in this video, we're going to talk about the cost benefit analysis portion of a business case,
00:12
the challenges of a co bit I T governance program and the success factors that should be included in your business case.
00:22
Identify the cost and expected benefits of your program.
00:26
This may not be able to be too detailed at this point, so you may have to focus on the overall expected benefits
00:33
include how these benefits and costs will be monitored throughout the life cycle of this program.
00:39
An example of benefits can be the support of business objectives,
00:44
as is the case with Corporation X. The business objective is to expand and adopt new technologies for a competitive advantage.
00:52
Improved quality of service delivery is another benefit, along with the lower cost of I T operations and overall compliance with laws, regulations and contractual requirements
01:03
including and highlighting the expected benefits will allow senior leadership to have a broader understanding when accepting or rejecting this business case.
01:12
And we'll know what can be expected from undertaking this project
01:18
in general. This is a way to monitor the rial business value that is being generated from this investment,
01:23
set targets for the business unit and monitor and measure it throughout its life cycle.
01:29
Costs can include the time required for management training courses monitoring the program, etcetera.
01:36
So estimate the cost for each phase and include that in this portion.
01:42
In this section, it may be helpful toe list the benefits in bullet points or number format, so that it's easy to read and identify.
01:53
We included this in the business challenges portion of the business case, but let's get more granular with expected challenges that could affect the program.
02:00
These air critical success factors that affect the ability for a successful outcome of the program and should be addressed in this case,
02:09
an example of a challenge could be the inability to sustain support.
02:14
Ah, critical success factor to mitigate that challenge would be to implement committee structures in which committee wide approval is required to undertaken action.
02:23
Another challenge could be a communication gap, which poses a risk to successful implementation of I T. Governance.
02:31
A critical success factor to mitigate that challenge could be to involve all stakeholders and decisions.
02:38
Then they will have a better understanding and avoid some people having knowledge of a decision while others not having that knowledge.
02:45
This gap can be mitigated through a greater involvement of stakeholders.
02:51
Another challenge could be the benefits are difficult to show or proof.
02:55
This could be the case when a business goal or objective is to manage security or implement a security aware work culture.
03:02
Thus, a critical success factor would be to identify performance metrics specific to that benefit that can be demonstrated toe executives and measure the overall success.
03:14
You could do this in table format so that it's easily laid out, an understandable to senior leaders.
03:20
Can you think of a challenge and success factor for a cope it implementation that's specific to your company?
03:30
So in this video, we talked about the expected costs and benefits portion of a business case, the challenges and success factors that should be communicated as well
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