The economic analysis

The economic analysis is to identify the financial benefits and cost associated with the development of project. It is often refered to as cost-benefit analysis. An adequate time is needed in identifying and quantifying these items.The tangible and intangible cost and benefits of the system development must be recorded.

Tangible benefits
It is refering to the items that can be measured in dollars with certainty. The project manager and project team has identified several tangible benefits

Intangible benefits
Intangible benefits refer to items tha cannot be easily measured in dollars or with certainty. The team also has coume out with few intangible benefits.

Improved processing efficiency

• This system will help to improved the efficiency of the processing of application by using the system. The new system can be processed and save automatically. Users can apply all the available training and the process will be timely and accurate.

Learning, understanding and awareness

• Previously, the manual system have been used. With the existance of new applciation system, it can create the learning and understanding of the users in using the technology availability in th eorganization. This will also build up the awareness among the users of the importance of system in organization nowadays.

Increased employee knowledge

• This ITMS system can easily been used by the staff or employee to apply for a training which this will automatically increased the knowledge of the employees after attending th etraining, whereby previously they a bit bored to fill up the form and submit the form for a manager approval. Thsi system will enable the users to apply and only wait for the notification results.