Mgt 550 - Tools and Techniques

Tools and Techniques Paper

MGT 350

Workshop 3

Pierre Matthee

University of Phoenix

Tracy Lehman

July 12, 2006

Tools and Techniques Paper

Starting on a new business venture or business project can be a big risk for any entrepreneur or investor. Study shows that a high percentage of new business ventures fail the first time around. The question is why or how do these business ventures fail and what are the steps to take that prevent such downfalls? Many research studies take place to develop a list of tactics that can help business owners and/or investors become more successful in their investments and lower the risk of failure. Research shows that the top three major factors that greatly influence the success of a project are “user involvement, executive management support and clear statement of requirements. (Outsource2India, 2006)” A clear statement of requirements is usually quite difficult to maintain due to idea changes etc that can often cause problems