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Before beginning this assessment, choose an organization with which you are familiar. You will assess and document the financial results that an advancement in IT would deliver for this selected company or organization.DirectionsAddress the following points.Discuss the formal IT project-approval process established within your selected organization.Describe the financial justifications of implementing an advancement in IT at your selected business or organization.Express the argument for approval of the IT project within the selected organization on the basis of:Traditional financial arguments.Appeal to established policies of key executives (CIO, CTO, CFO, CEO).Perhaps not documented in governance but known by word of mouth.Contemporary philosophies of establishing business value.Appeal to innovative philosophy of one or more key executives.Consider one of the selected readings that establish other contemporary approaches to evaluate.Define and describe the following traditional techniques for establishing financial justification:Define the concept of internal rate of return (IRR).Describe the concept of return on investment (ROI).Define the concept of net present value (NPV).Describe the concept of payback period, expressed as a unit of time.Additional RequirementsWritten communication: Written communication is free of errors that detract from the overall message.APA formatting: Resources and citations are formatted according to APA (6th ed.) style and formatting.Number of resources: Use a minimum of three resources.Length of assessment: Ten pages.Font and font size: Times New Roman, 12 point.Free of plagiarismCRITERIANON-PERFORMANCEBASICPROFICIENTDISTINGUISHEDDiscuss the IT project approval process for a business or organization. Does not identify the IT project approval process for a business or organization.Identifies the IT project approval process for a business or organization.Discusses the IT project approval process for a business or organization.Analyzes the IT project approval process for a business or organization.Describe the financial justifications of an IT project at a business or organization. Does not identify financial justifications of an IT project at a business or organization.Identifies financial justifications of an IT project at a business or organization.Describes financial justifications of an IT project at a business or organization.Evaluates financial justifications of an IT project at a business or organization.Summarize contemporary concepts of business value. Does not identify contemporary concepts of business value.Identifies contemporary concepts of business value.Summarizes contemporary concepts of business value.Synthesizes contemporary concepts of business value.Define the concept of internal rate of return. Does not identify the concept of internal rate of return.Identifies but does not define the concept of internal rate of return.Defines the concept of internal rate of return.Evaluates concept of internal rate of return with clarifying example.Describe the concept of return on investment.Does not identify the concept of return on investment.Identifies the concept of return on investment.Describes the concept of return on investment.Synthesizes the concept of return on investment.Define the concept of net present value.Does not identify the concept of net present value.Identifies but does not define the concept of net present value.Defines the concept of net present value.Evaluates the concept of net present value with clarifying example.Describe the concept of payback period. Does not identify the concept of payback period.Identifies the concept of payback period.Describes the concept of payback period.Analyzes the concept of payback period.

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