Project Management

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Project Feasibility:
Technical Feasibility - This assessment focusses on the technical resources available to the organization. It's helps organization determines whether the technical resources meet capacity and whether the technical team is capable of converting the ideas into working system. Technical feasibility also involves evaluation of hardware, software and other technology requirement of the proposed system
Eg: An organization wouldn't want to try to put star trek's transporter in their building- this project is not technically feasible.

The probability ofany given point going up or down or being above or below the mean is 5-50. The probability of seven observation being consecuively in one dirrection or above or below the mean would be calculated as 0.0078 (i:e much less than 1%)

In a control chart, the "rule of seven" is a heuristic stating that if seven or more observations occur in one direction either upward or downward, or a run of seven observation occurs above or below the mean, even though they may be within the control lines, they should be investigated to determine if they have anassignable cause.
The reason for this cause is that, if the process is operating normally, the observation will follow a random pattern, it is extremely unlikely taht seven observation in a row would occur in the same dirrection above or below the mean.

Sunk Costs: Sunk costs are the expanded costs.

Agreements/Contracts: All projects should have charter, whether the projects is an internal initiative or is being done from the external customers. The developments of charter often starts with some form of agrrement or understanding, which may include the projects statements of work.

In case of theinternal projects, the initial agreements may be as informal an an e-mail or a conversation about what the project will entail.

It could also take the form of MOU or letter of agreement. When the work is being done for an outside organization, a formal contracts is typically involved.

The following are the additional terms related to the prject selection:
Depreciation: Large assets (e.g., equipment) purchased by a companylose value over time. Accountings standard call this depreciation. Several methods are used to account for depreciation. The two information is all you need to know.

There are two forms of depreciation:
1. Straight Line Depreciation: The same amount of depreciation is taken each year.
2. Accelerated Depreciation: There are two forms of accelerated depreciation
a. Double declining balance.
b. Sum of the years digit.
Accelerated depreciation depreciates faster than straight line depreciation.