Cost Benefit Analysis, Challenges and Success Factors

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?