Information Management System Project: Bank IT Development Plan

This project outlines the development of a new information management system designed to enhance data flow and accessibility within a bank. The project addresses key areas such as IT project planning, including product definition, activity scheduling, resource allocation, budgeting, and risk assessment. It emphasizes the importance of gaining the confidence of top management and ensuring data security and privacy. The system's design incorporates ethical considerations, legal implications like fair use, and the use of the latest technologies. Essential IT project management tools and techniques, including risk management strategies, budgeting processes, Gantt charts, critical path analysis, and network diagrams, are detailed. The project also addresses the requirements of 21st-century banks, with a focus on data security, backup capabilities, and staff training. The conclusion highlights the importance of securing data through IP address tracing and adhering to ethical responsibilities to maintain data integrity. The project draws on established project management methodologies and references relevant academic sources.

Introduction
In this project, we will be developing a new Information management
system which will have all the upgraded tools and techniques to manage
the information flow. The new management system will flow in such a way
that it can be accessed by any member of the team and the information
will be gathered. Information technology is something which should be
used very professionally in business. Bank should use information
technology in a very professional way and should ensure that only
business information is shared. Ethical issues for safety and security of
information technology are social networking wherein people share
personal and professional information, cyber bulling which includes
interaction of other technologies like text messaging, this can be done
anywhere, anytime and at anyplace. Legal implication that will be
associated with the new information system is the “Fair Use” law which is
a doctrine, this is a copyright law which allows limited use of copyrighted
material. The new information system will also give the right to the
creator to display, reproduce and distribute his/her work and perform it in
a better way (Stark, 2015).
Retailer Manager
The planning and controlling of the IT project should be done in a smart
way. The project management team will do the planning. The elements of
planning will include Products, Activities, Resources, Schedule, Budget,
Risk, Assumption. The IT project development will take some time. When
the project is in process the data that is been used should be stored on a
temporary platform or on the old system. Once the new information
system is in place the data can be then transferred to the new system.
 Products: - This will define the basic product that will be developed
for the bank.
 Activities: - Activities will include the activities that will take place
during the development of the project.
 Resources: - Resources will involve all the people and engineers who
will be involved in the project development.
 Schedule: - the time defined for each step/stage of project
development will be define in schedule.
 Budget: - the Budget that is require to make the project successful.
 Risk: - the Risk that will be involved during project development,
which might involve some part of data lose and data inefficiency.
 Assumptions: - Assumptions about how the management system
will look after the project is developed will be informed to the CEO
and the finance manager of the bank.

Investment Manager
The major problem in the current information system is it is not
reliable and the CEO has not confidence in the current system. Our main
motive in developing a new information technology system is to make a
system which will gain confidence in the minds of the CEO and the finance
director. It is important that the top managers are confident in their
system and can store information without and hassle and confusion. The
data should also be secured and private and should not allow the
information to leak outside the bank (Alexander, 2013). The new system
should also be accessible and convenient to other team members viz. the
retail managers and the investment managers. These managers can then
flow the data to their teams who deals with retail banking, mortgages,
shares, savings, currency, loans etc.
The system will store the bank information on one platform a give
limited access to those who require minimum information to process their
request. The best approach to make the system better is to entirely
change the working and storage of the information system by using the
latest and upgraded technologies and will be commercially feasible for the
bank investment. Decision making process plays an important role in
functioning of the bank. This includes 5 steps viz. Presentation of the staff,
Briefing, Final policy, Deliberation, decision, Publication, and
Communication.
IT Manager
The essential tools and techniques of IT project management are the
risk management strategies, budgeting process, gantt charts, Critical path
analysis, Project Evaluation and Review techniques, Network Diagram,
and the Resource Histograms.
 Risk management strategies
These are the strategies which identify the risks that can occur in
the information systems. These risks are then ranked and
prioritized. They are then assigned to their respective managers to
resolve them (Kerzner, 2013)
 Budgeting process
This process includes planning and budgeting the information
system. Which includes preparing reports, delegating
responsibilities etc.
 Gantt Charts
Gantt Charts is preparing to make a work flow for a specific project.
The steps include design, integration, testing, go live and training.
 Critical path analysis

When projects are lengthy gantt charts cannot be used, critical path
analysis is an alternative of gantt charts for large projects.
 Project Evaluation and Review Techniques
PERT helps in analysis the task durations and the values that will
incur while developing a project.
 Network Diagram
Network diagram shows the flow of the projects and defines the
timeline that it will go through (Schilling, 2014).
 Resource Histograms
Histograms are diagrams made by using bars and columns. They
are prepared mainly for resource planning and co ordinating staff for
the project.
Gantt Chart
Supplier

The new system will meet all the requirements of the 21st century
banks and will be like most of the banks in the 21st century. The system
will have the capability of storing management consultants will ensure
that the work will start only once the board committee justifies the
budget. The system will also help the bank to identify the savings that it
has made in the present year. The new technology system should be
usable within 12 months of the start date (Schilling, 2014). The management
consultants also ensure that the new information system will have all the
capabilities that will safely store the information and can restore the
backup if the system experiences a crash. All the codes and guidelines will
be followed while developing the new management system and will have
all the professional bodies that the IT industry currently has (Schilling, 2014).
Training will be provided to all the team members who will be using this
upgraded information system.
Conclusion
The new information technology will have a system where the IP
address can be traced, this will help us to identify and secure our data
within our bank and premises. The ethical responsibilities which the
members of the bank should take is to make sure that the information is
not leaked outside the bank and the business. The information will be
secured with passwords and will get decoded in the database in such a
way which will be difficult for the outsider to understand hence keeping
the information private and secured.
References
Kerzner, H.R., 2013. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Simons, R., 2013. Levers of control: how managers use innovative control systems to drive strategic
renewal. Harvard Business Press.
Alexander, K., 2013. Facilities management: theory and practice. Routledge.
Heizer, J., Render, B. and Munson, C., 2016. Principles of operations management: sustainability and
supply chain management. Pearson Higher Ed.
Stark, J., 2015. Product lifecycle management. In Product Lifecycle Management (pp. 1-29). Springer
International Publishing.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated
approach. Cengage Learning.