PROJECT MANAGEMENT OBJECTIVES A project is a planned series of related activities for achieving a specific business o bjective. Information systems projects include the development of new information systems, enhance- ment of existing systems, or projects for replacement or upgrading of the firm’s information technology (IT) infrastructure. Project management refers to the application of knowledge, skills, tools, and t echniques to achieve specific targets within specified budget and time constraints. Project management activities include planning the work, assessing risk, estimating resources required to accomplish the work, organizing the work, acquiring human and material resources, assigning tasks, directing activities, controlling project execution, reporting progress, and analyzing the results. As in other areas of business, project management for information systems must deal with five major variables: scope, time, cost, quality, and risk. Scope defines what work is or is not included in a project. For example, the scope of a project for a new order processing system might include new modules for inputting orders and transmitting them to production and accounting but not any changes to related accounts receivable, manufacturing, distribution, or inventory control systems. Project management defines all the work required to complete a project successfully, and should ensure that the scope of a project does not expand beyond what was originally intended. Time is the amount of time required to complete the project. Project management t ypically establishes the amount of time required to complete major components of a project. Each of these components is further broken down into activities and tasks. Project manage- ment tries to determine the time required to complete each task and establish a schedule for completing the work. Cost is based on the time to