Organizations are often challenged to determine the cost of internal and external IT mistakes. This information is invaluable when IT departments are developing or re-designing their implementation and ongoing service plans, as costs can be managed or reduced with proper planning.
One commonly utilized tool in determining internal incident costs is the Incident Cost Analysis Modeling Project (I-CAMP) developed in the mid-90’s, then redeveloped in 2000 by the Big Ten Universities. This simple to use model takes into account time, overhead, wages and incident costs commonly involved in security incidents for any business organization.
While IT implementation mistakes and incident costs are challenging to calculate, using tools such as the ICAMP can enable organizations to plan program changes and response plans more effectively, reducing the financial impact to the business’s bottom line.
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David G. Peterson is a business consultant and author of Handling the Remedy. He has extensive international experience managing projects and operations for large financial institutions. He has worked in North America, Europe, Middle East and Asia skillfully managing business and technical requirements, core systems enhancement and support, merger and acquisition integration's, business process reengineering, off-shoring and outsourcing.