Question:

(a) Fincorp Ltd is an insurance company wishing to change over to a better business system using an improved version of a financial information system (FIS). The director has two choices, namely either to (i) .develop a new tailor made software for the company's financial insurance services or (ii). buy a new off the shelf software. Advise the director of Fincorp whether to invest on (i) or (ii). Give detailed information on how the investment shall be done.

(b) Explain how a project is fully managed in a case of tailor made software.