Loan Origination Life Cycle Quiz and Flashcards

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Questions and Answers

What is the definition of an IT project?

An IT project is a series of organized activities aimed at achieving a specific goal related to information technology.

What are the characteristics of an IT project?

Limited Lifespan, Management Framework, Resource Allocation

What are the phases of the Project Life Cycle?

Pre-project phase, Project phase, Presales, Sales, Deploy, Maintenance

What is the purpose of presales activities in the Project Life Cycle?

To establish and nurture relationships with potential customers. Signup and view all the answers

What is the definition of a Loan Origination System in banking institutions?

A system for managing the credit process and integrating solutions for loan origination. Signup and view all the answers

What is the goal of the IT Project Life Cycle phases?

To achieve a specific goal related to information technology. Signup and view all the answers

What is the purpose of presales?

To bridge the gap between customers’ expectations and company offerings by helping customers arrive at the best possible decision for their specific needs. Signup and view all the answers

When is a sale considered complete?

When the buyer and seller agree on the price and quantity of goods or services, both parties exchange something of value, and the service passes from the seller to the buyer. Signup and view all the answers

What are the two categories into which requirements are generally split in a project?

Functional requirements (business requirements) and Non-functional requirements (technical requirements) Signup and view all the answers

What does FSD stand for and what is its purpose?

FSD stands for Functional Specifications Document. Its purpose is to outline the business requirements and functionalities of a software solution. Signup and view all the answers

What is the main task of the Implementation phase in the Project Life Cycle?

To build client requirements as per the official documentation and perform internal testing (Functional and technical testing). Signup and view all the answers

What are the three types of testing mentioned in the Project Life Cycle - Testing phase?

Unit Tests, SIT (System Integration Testing), UAT (User Acceptance Testing) Signup and view all the answers

Who are the stakeholders involved in the Project Life Cycle - Scoping phase?

Client business team, Client technical team, Software provider business team, Software provider technical team Signup and view all the answers

What is the purpose of the TSD document?

To outline the technical requirements of a software solution. Signup and view all the answers

What is the purpose of the Project Life Cycle - Documentation phase?

To draft and validate the functional specifications document (FSD) and the technical specifications document (TSD). Signup and view all the answers

What are the main tasks of the Project Life Cycle - Implementation phase?

Building client requirements as per the official documentation and performing internal testing (Functional and technical testing). Signup and view all the answers

Study Notes

IT Project Definition and Characteristics

An IT project is a temporary endeavor with a specific goal, scope, and timeline, using information technology to deliver a product or service.
Characteristics of an IT project include being unique, having a specific goal, being temporary, and involving uncertainty and risk.

Project Life Cycle Phases

The phases of the Project Life Cycle include Initiation, Planning, Execution, Monitoring and Control, and Closure.
The goal of the IT Project Life Cycle phases is to deliver a product or service that meets the stakeholders' requirements.

Presales and Loan Origination System

Presales activities take place during the Initiation phase and aim to identify and pursue potential business opportunities.
A Loan Origination System (LOS) in banking institutions is an IT system that automates and streamlines the loan processing and approval workflow.
The purpose of presales is to identify opportunities, develop a Proof of Concept (PoC), and create a proposal or pitch to the prospective customer.

Requirements and Testing

Project requirements are generally split into two categories: Functional Requirements (FRs) and Non-Functional Requirements (NFRs).
FSD stands for Functional Specification Document, which outlines the functional requirements of a system or product.
The three types of testing mentioned in the Project Life Cycle - Testing phase are Unit Testing, Integration Testing, and System Testing.

Implementation and Documentation

The main task of the Implementation phase is to develop and deliver the product or service according to the project plan.
The purpose of the TSD (Technical Specification Document) is to outline the technical requirements and architecture of a system or product.
The purpose of the Project Life Cycle - Documentation phase is to create and maintain project documentation, including plans, reports, and other documents.

Stakeholders and Scoping

Stakeholders involved in the Project Life Cycle - Scoping phase include project sponsors, customers, project managers, and subject matter experts.
The purpose of the Scoping phase is to define the project scope, identify stakeholders, and develop the project charter.

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Description

Explore the project life cycle and phases in IT projects, with a focus on a case study of a Loan Origination solution in banking institutions. The case study delves into Axe Finance LOS – ACP and includes a Q&A session on IT project definition.