Understanding the Difference Between IT Investments and Projects
Learn about the distinctions between IT investments and projects, why it's essential to distinguish between them, their definitions, interaction, application in CMS IT governance, and how to seek further information or assistance. Gain insights into accounting, approval processes, and engagement strategies for effective IT governance.
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Presentation Transcript
CMS IT Governance Training IT Investments vs IT Projects: What s the Difference?
IT Investments vs Projects IT Investments vs Projects Why Does it Matter? Why Does it Matter? Different ways of accounting for IT expenditures Different approval and reporting requirements You engage with IT Governance differently for each Knowing the difference means knowing who to contact and when
Definitions Definitions IT Investment $$, Long-term use IT Project Temporary effort Specific value-add
Investment & Project Interaction Investment & Project Interaction IT Investment A IT Investment B IT Investment C IT Project #1 IT Project #2 IT Project #1
Application Application Both Investments and projects need CMS IT Governance approval Investments CMS IT Governance Board Portfolio Management Tool (PMT) reporting Annual Operational Analysis and situational approvals Projects Acquisition Plan and Funding Request review and approval
Applications, Applications, Cont. Cont. It s important to keep your PMT information up to date to ensure timely approvals A current Life Cycle ID indicates project approval Unique Investment Identifier Life Cycle ID
Questions? Questions? For questions about IT Governance or more information email: IT_Governance@cms.hhs.gov or visit: IT Governance (https://www.cms.gov/TLC)
