IT Project Management Report: Barriers to IT PMM in Finance Sector

This report examines the barriers to the use of IT project management methodology (PMM) in financial organizations. It begins with an introduction outlining the purpose and scope, followed by a discussion of the chosen article which focuses on the implementation of IT project management in large Brazilian financial institutions to mitigate financial issues. The report explores the importance of IT governance, risk assessment, and project success factors, including stakeholder satisfaction and project efficiency. The methodology used involves secondary data analysis and a survey using a questionnaire distributed to IT professionals. The report identifies five phases of IT PMM and discusses lessons learned, such as the importance of initiating, planning, execution, monitoring, and closing phases. The conclusion summarizes the role of IT project management in financial service industries, the five major phases, and the barriers that need to be addressed for better project outcomes. The report also includes references to relevant literature.

Running head: IT PROJECT MANAGEMENT
IT PROJECT MANAGEMENT
Name of the Student
Name of the University
Author note

1
IT PROJECT MANAGEMENT
Table of Contents
Introduction................................................................................................................................2
Body...........................................................................................................................................2
Conclusion..................................................................................................................................4
References..................................................................................................................................6

2
IT PROJECT MANAGEMENT
Introduction
Statement of purpose
The purpose of the report is to create a proper understanding regarding the barriers to
the use of IT project management methodology in financial organizations.
Brief outline
This report provides a descriptive understanding of the chosen article. In this section
proper establishment of the concept regarding the IT project management is also performed.
Methodology that is used for completion of the project is also well stated in the report. After
completion of the research methodology section, discussions regarding the lessons that are
learnt from the research which has been performed is also stated in the report.
Identification of the chosen article
The article that is chosen is ‘Barriers to the use of an IT Project Management
Methodology in a large financial institution’. The authors of the journal are namely Marco
Alexandre Terlizzi, Fernando de Souza Meirelles and Heverton Roberto Oliveira Cesar de
Moraes.
Body
Content of the article
2008 saw a huge financial crisis which demanded a control mechanism. During this
period IT project management has been one of the major constituents that has played a vital
role in achieving stability in the financial section. A case study is used for better
understanding of the entire contribution of the IT project management in bettering the
financial situation. In the year 2008, there has been several frauds as well as the scandals in
the financial service industry [3]. This increase in frauds has led to the demand of higher
transparency in the operational project. It has bene seen that the external regulator agents
have been the reason of complexity in the process. Usage of IT project management has been
the major aspect that has been benefitting the entire operational process [6]. The main focus
of PMM is not to see whether the benefits that are expected from the project is realised or not
but it is focussed on the operational benefits that are to be received by the managers.

3
IT PROJECT MANAGEMENT
The chosen article is mainly focussed on providing the implementation of IT project
management in large Brazilian financial institutions for mitigating the financial issues that
they were facing. The chosen article is also focused on understanding the steps that are taken
for implementation of IT project management in those financial organization [8]. It has been
found that IT governance plays an important role in the processing of project management.
When sporadic development of projects is made in IT organizations, there is no need of
implementing different project management phases [7]. However, need of IT governance is
high in this kind of projects. Presence of the various dimensions of risks assessment and
scope developments I also important in this section. As per the IT PMM sectioning it is
considered that the functioning process of the data centre will be performing higher assessing
of the single best method that can be performed as per the positioning of the sectors that are
getting affected. A project is considered to be successful only when the entire project is
performed with higher integrity and the technical performance of the project is up to the mark
[1]. The second concept of measuring success is that the data segmentation that is performed
will be needing a better understanding of the time, cost and specification as per the quality of
the project. Quality of the project management quality is also considered to be important.
Stakeholder satisfaction will also be important and hence wise proper assessment of the
business can be performed. There are 2 success factors that are considered in the process [9].
The consideration that are to be concluded includes the likes of project efficiency cost and
hence understand the external factors for providing satisfaction to the stakeholders [2]. As per
the processing of the Project management sectioning the main formalities that are to be
considered includes controlling budget, plans and quality of the project.
There were few organizations that uses the likes of project’s sponsors and hence
combine the processing of PMBOK. Again, the external standards require project life cycle
management and hence wise uses of IT project management will be reducing the cost that
will be incurred in the business completion [5]. Again, improvement in sustainability of the
relationship along with the consequential performing project governance and hence wise
higher success rate can be achieved. There are several definitions of IT project management
provided in the chosen article. As per the definition it can be stated that IT PMM is a
structural approach that is taken in order to deliver the project goal in a consistent manner.
The barriers to IT PMM are also stated in this article. As per the chosen article the
main barriers present in the system includes the likes of human factors. It has been seen that
the IT department is highly open to changes and hence wise human factor acts as the barrier

4
IT PROJECT MANAGEMENT
in terms of performing proper PMM. Another major barrier that is to be included is that a
consistent maintenance and successful implementation will be a major challenge [4]. This
challenge will lead to improper assessment of the techniques that are adopted in the process.
The barriers include the likes of the rigid policies and high amount of required documentation
for implementation of the entire project management process. Lack of training also acts as a
major hindrance in the process. This process pf implementation of IT project management
acts inadequate and is cost inefficient as well.
Methodology used
Usage of both primary and secondary data collection and analysis is made. Initially
secondary data analysis is implemented. In this stage, proper concept development regarding
the basics of IT project management has been performed. Usage of peer reviewed articles
have been made for proper completion of the project. After this section, another major aspect
that is performed is the primary data analysis. In this case questionnaire is set. After setting of
the questionnaire, survey is conducted. The sampled population was dedicated as most of
them were IT professionals. Usage of project charter, stakeholder register, Documentation,
Scope baseline, Cost baseline, RACI matrix and risks register the data that were collected
were analysed.
Lessons learnt
The process of project management is similar for all the IT projects. In this case, the
PMM properly describes the details of the project and hence wise 5 different phases are
implemented. The 5 different phases include the likes of initiating of the project, project
planning, execution of the project, monitoring and controlling of the project along with the
project closing phase.
Lessons were learnt regarding the phases of the IT PMM. In the 1st stage of the IT
PMMM. initiating phase is basically focussed on the Integration as well as stakeholder area
of the project. Again, in the planning section of the project the areas that are considered are
the scope and quality of the project. Time, cost, Risk and Human Resources were the main
area of concern of the project. It is also detected that the amount of reduced rework increases
the productivity of the project.

5
IT PROJECT MANAGEMENT
Conclusion
From the above discussion it can eb concluded that the IT project management has
been playing a major role in completion of the projects in Financial Service industries. This
IT project management process is subdivided in 5 major phases. The phases act important in
the processing of analysis and functioning process. There are a few barriers that are present in
the functional process which are needed to be mitigated for a better outcome of the project.

6
IT PROJECT MANAGEMENT
References
[1] M.A. Terlizzi, F. de Souza Meirelles and H.R.O.C. de Moraes, Barriers to the use of an IT
Project Management Methodology in a large financial institution. International Journal of
Project Management, 34(3), pp.467-479, 2016.
[2] H. Kerzner, Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons, 2017.
[3] K. Schwalbe. Information technology project management. Cengage Learning.
[4] J. Heagney, Fundamentals of project management. Amacom, 2015, 2016.
[5] J.T. Marchewka, Information technology project management: Providing measurable
organizational value. John Wiley & Sons, 2016.
[6] T.L. Young, Successful project management. Kogan Page Publishers, 2016.
[7] B. Lientz and K. Rea, Breakthrough technology project management. Routledge, 2016.
[8] K. Schwalbe, Information technology project management. Cengage Learning, 2015.
[9] J.T. Marchewka, Information technology project management: Providing measurable
organizational value. John Wiley & Sons, 2016.