Project description and how it relates to I.T.
As part of its community role, EBS was involved in numerous programmes and most of its projects included IT in its realm. It had realized earlier that a financial institution needed significant changes in its structure. A significant change is owed to “consolidation, convergence and competition”, a common transformation highly needed among mutual funds, service industry, securities providers and insurance companies (Rezaee, 2004: p. 3). EBS having employed this list of services within its arm, it needed to establish a holding company as a move towards commoditization.
To manage it specifically, a special person took charge of developing an internal link among its large projects to answer to its management principles. Over the past few years, these principles were carried out efficiently and the group enjoyed the fruits of its investment. Project Risk/How and When In the first quarter of 2007, the management had boasted of profits, cost-efficiency and an increased income. However its chief executive had no real idea over recent debacles over mergers with known banks. Matters that were supposedly of interest to the group were kept from them through a handful of executives who never wanted anyone to know.
It was only at this instance when a planned overture was revealed, and its members were never told. Why such matters were kept from other members may be due to the fact that differing opinions would create chaos, and other members may welcome the change more effectively thus spelling doom for its highly paid executives. Bids from bigger firms were therefore kept from its members to keenly protect the well-paid board. When the group engaged in an IT culture to provide its people an environment to expand, its fundamental principle achieved over months was established in order to listen to its members and clientele.
Its aims for a Prince 2 method were centered on effective communication, teamwork, employee development, training and organizational structuring. There was in fact no actual fall-down of the project nor were the organization’s projects fall short of its principles. Its efficiency continued well but the fact that the board of directors had more control over the flow of information, some important matters are held at bay from its investing members spelling problem when divulged such as the 2007 episode. How it identify the risks IT had in fact no reason to be blamed for the lapses of its board.
The challenges faced by EBS had everything to do with its traditional barriers that continued to exist even after the introduction of sound IT program that could provide exact information to its consumer-members. The current trends that EBS faced was dealt with accordingly but its functions become less noticeable as the management controls the flow of information effectively. As with most mutual organizations, IT often served its purpose of providing communication, information, teamwork in a cacophony of its functions; the risk however lies in the team that has its fingers on the controls.