TAURUS ( Transfer and Automated Registration of Uncertified Stock ) was a program that set out to transfer settlements of London Stock Exchange shares from transmission of paper share certificates to an automated system. TAURUS was intended to reduce the time taken and the cost of settlement, increasing convenience and reducing settlement risk.
8-537: It was started in the 1980s and was intended to replace the TALISMAN system, which was only available for settlement of trades between participating brokerage firms. TAURUS was also meant to change the London Stock Exchange settlement from a two week account period, settling all trades that occurred within each two-week interval in one batch, to a rolling settlement system, settling all trades three business days after
16-417: A client and the project manager is a leading effect of project scope creep. An assignment that is not understood correctly will turn out to be completely different from clients vision. With that being said clients can also be to blame as they may not see a clear vision of what they want. Properly defining project scope requires thorough investigation by the project manager during the initial planning phase of
24-435: A project. Failure to gather all information from all relevant stakeholders is a common reason for incomplete scope statements and missing requirements, which can frequently and easily lead to scope creep later in the project. It is essential that everyone on the team understands the project requirements thoroughly -- and that the project sponsor and relevant stakeholders have signed off on those requirements -- before execution of
32-439: Is continuous or uncontrolled growth in a project 's scope , generally experienced after the project begins. This can occur when the scope of a project is not properly defined, documented, or controlled. It is generally considered harmful. It is related to but distinct from feature creep , because feature creep refers to features, and scope creep refers to the whole project. Ineffective project management communication between
40-478: Is the communication gap between the stakeholders. Clients may not respond quickly enough to the project managers causing the project to run into a bottleneck. These aspects can affect the operational efficiencies of companies, especially when involved in long-term relationships. Scope creep is a risk in most projects. Most megaprojects fall victim to scope creep (see Megaprojects and Risk ). Scope creep often results in cost overrun . A "value for free" strategy
48-474: The date of the trade. The TAURUS project required software and hardware development but also required legal and other systemic changes, resulting in scope creep and cost overrun . TAURUS eventually cost £75 million and was replaced with the less-ambitious CREST system. With seventeen proposed systems, the designers behind TAURUS tried to merge the ideas of the people involved, creating a Frankenstein's monster that resulted in costs estimated at £400 million to
56-413: The project begins. Adoptions and adhering to project management practices and project management processes are confirmed methods of preventing scope creep from dismantling the project. Sometimes project teams tend to start adding additional features in order to impress the client. This may not work and tend to cause more work for such project and throw off the scope. Another huge cause of scope creep
64-549: The stakeholders. The Sunday Times described its failure to build the system as "the beginning of the end for the London Stock Exchange". The project was abandoned in March 1993. This article about stock exchanges is a stub . You can help Misplaced Pages by expanding it . This business software article is a stub . You can help Misplaced Pages by expanding it . Scope creep Scope creep (also called requirement creep , or kitchen sink syndrome ) in project management
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