Discuss the tangible and intangible benefits

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Reference no: EM133450544

For developing a new software data visualization software tool having new features and functionalities mainly including extensive data storage capacity that will be 15% more accurate than the existing software. This tool has an easy-to-use interface, visually balanced dashboards, paginated reports, integrated charts, trendlines and graphs for better decision-making, that will be tested by 25% of the team.

This software tool will be developed in 6 months using various resources such as Anaconda (an open source system) for Python and R programming for the back end development and visual studio for the front end development of the software.

For this data visualization tool, analyze and explain the following :-

1. Financial

- What is your funding source?

- Any concerns about securing funding? (yes/no) If yes, please explain how your team intends to address those concerns.

2. Cost and Benefits
It is important to quantify (high level) the financial benefits of the project, short-term and long-term, in the business case. This is usually done in the form of a cost/benefit analysis. The purpose is to illustrate the high-level anticipated expenses for the project and the potential return on investment to the organization.

Project Expense Breakdown
Discuss the estimated project expenses (internal and external,) hardware, software, equipment, material, supplies, construction, and other project-related costs that will be incurred. Please include estimated total costs.

• Project Benefits Breakdown
Discuss the tangible and intangible benefits to be derived from the success completion of the project. For each of the tangible benefits listed, explain the estimated profit/savings and how the estimates were arrived at. The Benefits should exceed the Expenses (this may take a few years to realize). Please include totals here as well.

For the intangible benefits, please explain the favorable impact that the successful completion of the project will have on the organization, its workforce, other stakeholders, its brand and any other intangible benefits that you see fit. Intangible benefits are not measured in monetary terms

Reference no: EM133450544

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