Cost Benefit Analysis, Challenges and Success Factors
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3 hours 43 minutes
next, we should address a cost benefit analysis and challenges and successfactors.
So in this video, we're going to talk about the cost benefit analysis portion of a business case,
the challenges of a co bit I T governance program and the success factors that should be included in your business case.
Identify the cost and expected benefits of your program.
This may not be able to be too detailed at this point, so you may have to focus on the overall expected benefits
include how these benefits and costs will be monitored throughout the life cycle of this program.
An example of benefits can be the support of business objectives,
as is the case with Corporation X. The business objective is to expand and adopt new technologies for a competitive advantage.
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
including and highlighting the expected benefits will allow senior leadership to have a broader understanding when accepting or rejecting this business case.
And we'll know what can be expected from undertaking this project
in general. This is a way to monitor the rial business value that is being generated from this investment,
set targets for the business unit and monitor and measure it throughout its life cycle.
Costs can include the time required for management training courses monitoring the program, etcetera.
So estimate the cost for each phase and include that in this portion.
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.
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.
These air critical success factors that affect the ability for a successful outcome of the program and should be addressed in this case,
an example of a challenge could be the inability to sustain support.
Ah, critical success factor to mitigate that challenge would be to implement committee structures in which committee wide approval is required to undertaken action.
Another challenge could be a communication gap, which poses a risk to successful implementation of I T. Governance.
A critical success factor to mitigate that challenge could be to involve all stakeholders and decisions.
Then they will have a better understanding and avoid some people having knowledge of a decision while others not having that knowledge.
This gap can be mitigated through a greater involvement of stakeholders.
Another challenge could be the benefits are difficult to show or proof.
This could be the case when a business goal or objective is to manage security or implement a security aware work culture.
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.
You could do this in table format so that it's easily laid out, an understandable to senior leaders.
Can you think of a challenge and success factor for a cope it implementation that's specific to your company?
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