Prioritizing It Projects in Business, New Initiatives Essay

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Prioritizing it Projects

In business, new initiatives allow organizations to continually improve their operations, their products, and the various methods by which they hope to achieve and maintain the most competitive possible market position. In general, all new proposed initiatives are subject to a prospective evaluation to determine whether they are capable of achieving their intended objectives and to quantify the return on investment (ROI) that they represent (Robbins & Judge, 2009). Today, information technology (IT) projects typically dominate many aspects of new project initiatives, simply because those technologies are currently in the evolutionary stage where new business applications emerge and become technically and economically feasible. As is the case with other (i.e. non-IT-related) initiatives, the prudent procedure involves a systematic process whereby projects are first proposed in principle, and then designed in accordance with the fundamental objectives sought by the organization and with full consideration of any potential limitations they represent (George & Jones, 2008; Robbins & Judge, 2009). As a rule, that process consists of the identification of specific criteria that are objective and that lend themselves to quantifiable testing and prioritization to ensure that they will add value to the organization in the manner they are designed to do so (George & Jones, 2008; Robbins & Judge, 2009).

Background of the IT Proposal Evaluation Process

Some of the more important advances in contemporary consumer product marketing and sales functions include the application of digital technology to track consumer purchasing patterns, to target marketing efforts to consumer behavior, and to design product display strategies to maximize profitability. Pioneers in these areas include the largest and most dominant consumer product sellers such as Wal-Mart, Costco, and Target (Byrne, 20041; Byrne, 20042). They have already thoroughly incorporated high-technology mechanisms and systems such as radio frequency identification (RFID) tags in the areas of inventory tracking, product distribution, advance anticipation of consumer demand, and real-time shipment monitoring.

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Cargo shippers such as Federal Express (Fed-Ex) and United Parcel Service (UPS) have also already adopted similar technologies as well (Brewster & Dalzell, 2007; Hartman, 2005).

Likewise, these organizations, along with major supermarket chains, have linked the IT systems used in their sales processes to their marketing departments (Brewster & Dalzell, 2007; Hartman, 2005). Typically, these systems mean the organizations no longer issue the same sales coupons to all of their customers; instead, they use consumer behavior and purchasing patterns to generate coupons that match those patterns for each individual consumer (Howard, 2005). Frequently, that includes anticipating potential consumer interest in new products based on demonstrated interest in purchased products. They may also track purchasing behavior to determine the optimal price for various products based on the degree to which consumers demonstrate their willingness to change products and brands of similar products or, alternatively, to continue purchasing specific products or brands based on their price or on the effect of prior sales prices for those products (Howard, 2005; Russell-Walling, 2007).

In principle, these techniques are merely extensions of traditional marketing techniques executed through modern IT systems. For example, supermarket product shelf space has been sold in accordance with its value in terms of promoting sales for decades based on observational studies (Howard, 2005). Today, high-technology equipment allows marketing strategists to utilize the same strategies even more accurately and effectively, such as by incorporating digital cameras and proprietary software designed to sort through thousands or millions of individual consumer choices.

Establishing IT Project Objectives and Operational Criteria

In general, proposed IT project initiatives must satisfy the same basic criteria as other types of project initiatives to justify the dedication of funds and other organizational resources to their design, development, and deployment.….....

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