Why Is It Important For A Business To Try To Quantify The Expected Benefits of Implementing A Solution To A Problem

The document discusses why it is important for businesses to quantify the expected benefits of implementing solutions to problems. Quantifying benefits helps assess whether the expected outcomes outweigh costs and allows businesses to determine if projects are worth pursuing. Customer requirements must also be precise to ensure the work completed meets specifications and to avoid rework costs. Request for proposals state required approvals to match customer expectations and ensure sign-off at appropriate points, like reviewing designs before construction or prototypes before coding. Statements of work provide descriptions of project requirements including goals, scope, schedules, locations and payment terms.

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Why Is It Important For A Business To Try To Quantify The Expected Benefits of Implementing A Solution To A Problem

Uploaded by

Vikram Kumar

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as DOCX, PDF, TXT or read online on Scribd

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Why is it important for a business to try to quantify the expected benefits of

implementing a solution to a problem?

Answer

Businesses need to quantify the problem to determine whether the benefits of a project
outweigh the costs or consequences of completing the project. It is important to try to
quantify the need to help assess whether the expected benefits of carrying out the project
outweigh the cost or outcome of the project's implementation.

What is meant by customer requirements? Why must they be precise?

Answer

Customer requirements define the functional, operational and performance specifications or

capabilities that must be met. If the requirements are not exact, the individual performing the
work may not complete anything to the required specifications, resulting in rework costs.

Customer needs can change over time, and the ability to communicate with customers helps
them adapt to changing needs. For example, if you are a seller of goods, and you want to
increase your customer's business, you need to increase the frequency of delivery
accordingly.

Why would an RFP state the approvals that will be required during the project? Give
some examples.

Answer

A request for proposal (RFP) is a document that specifies the requirements of the project and
the required approval of the project. Approval must be received from the customer before the
contractor can start working on the project.

It is important that the final solution specifies the approval required during the project to
match what the customer expects. For example, reviewing the design specifications of a
home before construction begins, and reviewing the user interface of a prototype of a new
software system before coding begins. Student examples should include projects that are
diverse and have a level of complexity that can change as the project progresses. High cost is
incurred.

What should be contained in a statement of work?

Answer
A statement of work (SOW) is a document that provides a description of the requirements of
a given project. The scope of work provided defines project deliverables, schedules, work
locations and payment terms.

Contents:

1. Project Goals
2. Scope of Work
3. Place and time of performance
4. Milestones
5. Tasks
6. Schedule
7. Achievements
8. Test
9. Expected Results
10. Special Conditions and Requirements
11. Closed