ProjectPlan.docx

Project Charter
Cosmo Inc.
PM-FPX5018: Project Management Foundations
7 June 2021

Table of Contents

Executive Summary (Assessment 4)

3

Project Charter (Assessment 1)

4

Project Scope (Assessment 2)

7

Work Breakdown Structure (WBS) (Assessment 2)

7

Project Management Cost (Budget) (Assessment 3)

7

Project Management Schedule (Assessment 3)

8

Risk Management Plan (Assessment 4)

8

Project Quality Plan (Assessment 4)

9

Project Close and Lessons Learned (Assessment 4)

9

References

11

Executive Summary (Assessment 4)

Harold Living is the CEO to Cosmos Inc. who identified a threat after taking a review on the industry analysis. He saw a risk that could result in the loss of their market share on successful wearable that the company offers. As a result, he strongly challenged the company to come up with a wearable that will meet the demands of the current consumers as well as attract new consumers. Thus, the project department was tasked with a plan to manage such a project that he had in mind. The analysis below clearly identifies the steps that the company takes on getting to the next level. It is a plan that differentiates us from others when it comes to selling wearables in the current market. The key elements in the plan include; upgrading the health link application with sleep and heart rate monitoring, market and event promotions, increase the production by 20% which will result in growth and retention of the consumers by the same percentage. A customized marketing strategy utilizing aggressive social media and email marketing. The company will carry its functions through a team utilizing lean, scrum and agile tools in uniting the taskforce. The plan also places the company in a position of changing federal regulation which will create more chances that will open the market to other companies as Cosmos.

Project Charter (Assessment 1)

Project Title: Wearable Technology Marketing Strategy

Project Start Date: 19th June 2021

Projected Finish Date: 19th November 2021

Budget Information 150,000 US Dollars as approved by the executive.

Project Manager: Thomas Graham.

Business Need

Cosmos is a leader in the supply and development of wearable technology with a 33% market share. It also leads in nutritional fitness, nutritional, and lifestyle coaching. This discovery that he CEO got is going to grow the market share if they get a better implementation. It is a realization that came due to the increased new entrants into the industry which will affect the future returns in a negative manner. This plan was proposed so us to protect the company from future losses. It is a plan that considers the technological trends.

Project Objectives

· Increase the company’s wearable by 20%
· Work on this proposed plan for 6 months to grow the consumer base by 20%.
· Use of data analysis and social media in determining the unknown and known consumer segments.
· Take advantage of internet of things to make sure the services and goods are compatible with amazon axela, google home and other home-based artificial intelligence.
· Development of a heartrate sensor for monitoring.
· Utilize the best practices to satisfy the demands and needs of the consumers.
· Come up with a new process of servicing the consumers through new services.

Approach

Utilization of the agile program management and project management body of knowledge in directing the planning. The efficiency and effectiveness of the project will be based on SCRUM will get used. The approaches generate higher productivity and accountability. PMBOK has 5 phases. One is initiation after approval from the CEO. Two, planning that generates the map to follow in implementing the project. (Wagner, 2020). A software can get utilize to guide the team to help them collaborate, appreciate each other, define roles, and take part on the social aspect of the project. Three is the execution that develops deliverables. This is achieved through daily meetings to ensure accountability. Four is control that measures the performance and progress of the project to make sure it aligns with the objectives. Five is the close out that leads to launch of marketing campaign and promote the new products.

Assumptions:

· The revenues will grow

· The sales will be boosted.
· The market share will get sustained at 33%

Constraints:

· Performance reports to monitor the project.

· The aim is to have the deliverables achieved.
· The project is time bound to 6 months.

Dependencies:

· 150,000 dollars is the budget

· 6 months to launch the project
· Increased demand for the wearables.

Initial Risk Factors

· Going above the budget.

· Delays on time.
· Issues in developing the new items.

Regulatory Cost and Impact

· Data encryption standard. All the data must be secured as long as it flows the company’s database.

· Federal trade commission compliance.

Roles and Responsibilities

Role

Name

Organization and Position

Responsibilities and Tasks on the Project

Contact Information

Project Sponsor

Harold Living

CEO

Oversees all the functions.

Project Manager

Thomas Graham

Project manager

Initiates, designs, plans, executes, controls and closes the project.

352-207-0929

Director marketing

Maria Jonas

Marketing

Marketing and promotional campaigns

Customer service director

Margaret Martins

Consumer service

Handle customer and all social relationships.

IT director

Thomas James

Software development

Testing any control sections of the project.

Project Scope (Assessment 2)

Overview

The company has realized the importance of increasing the consumer base and implementing it to grow its market share. It was achieved through market analysis that forecasted the future losses. Incorporating the new technology will eradicate this issue.

Description

In scope:

Additional of heart rate monitoring to the available health monitoring applications. A marketing plan that utilizes technology.

Out of scope:

Approval of the FDA for the medical device. The body is reviewing its medical grade wearables. Under the new rules, the firms with available wearables can conform to the medical grade in an easier manner.

Acceptance Criteria:

The company market expansion and retention call for work and successful completion of the various objectives illustrated above as well as all the people involved attending to their duties in an accountable manner. (Radujković, & Sjekavica, 2017).

Deliverables:

The approval of the FDA medical device will not get done but heart rate monitoring will get added to the current health monitoring apps. Also, the aggressive marketing through technology will get utilized.

Work Breakdown Structure (WBS) (Assessment 2)

WBS Introduction:

Below is the Cosmos Inc. work breakdown structure.

WBS Graphical Representations:

Project Management Cost (Budget) (Assessment 3)

Introduction (Intent):

Below is an illustration of the project’s breakdown of the budget.

Project Budget:

(Note: Cut/Paste Summary tab from template here. Attached budget file as a separate attachment.)

Project Management Schedule (Assessment 3)

Introduction (Intent):

The team utilized the Microsoft work to get the budget done in the right manner.

Microsoft Project Document:

(NOTE: Please, also, attach your MS Project Schedule file as a separate document. Links sometimes do not work.)

Risk Management Plan (Assessment 4)

Introduction:

The plan is utilized in management of risks in the event they occur and prevent them from occurring.

Risk Matrix

Introduction and Legend (Intent):

Risk Description

Probability
(L, M, H)

Impact
(L, M, H)

Risk Owner

Risk Response (Mitigation)

Microchips delay

L

H

Thomas James

Order placement and overnight shipping

Wearable design update development delays

L

H

Thomas James

Updating the wearable technology

Testing failures

L

M

Thomas James

Quality assurance and testing

Marketing

L

M

Maria Jonas

Conflict resolution

Project Quality Plan (Assessment 4)

Introduction (Intent):

It aims at managing the quality produced items.

Plan Quality Management Processes:
· Inputs:
Employing the agile, scrum and lean approaches, effective communication, daily meetings, and use of Microsoft project.
· Tools and Techniques:
Agile project management as well as lean, scrum.
· Outputs:
Quality deliverables, and marketing plan.

Manage Quality Assurance:

· Inputs:
New updated wearable
· Tools and Techniques:
Utilization of MS Project and doing quality checks.
· Outputs:
Quality deliverables will get attained.

Control Quality:

· Inputs:
Delivering new quality products.
· Tools and Techniques:
MS project, Power BI, and Visio. Scrum and agile project management.
· Outputs:
Reliable products, disrupting the wearable market.

Project Close and Lessons Learned (Assessment 4)

The market share will increase. (Silvius, 2017). The lessons learnt include that utilization of new technologies will boost businesses. Utilization of project management tools like agile, scrum, and lean are key to the success of the project.

References

Silvius, G. (2017). Sustainability as a new school of thought in project management. Journal of Cleaner Production, 166, 1479-1493.
Radujković, M., & Sjekavica, M. (2017). Project management success factors. Procedia engineering, 196, 607-615.
Wagner, J. K. (2020). The Federal Trade Commission and Consumer Protections for Mobile Health Apps. The Journal of Law, Medicine & Ethics, 48(1_suppl), 103-114.