DiPaolo Brittany FPX5018 1-1
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Capella University *
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PM-FPX5018
Subject
Information Systems
Date
Dec 6, 2023
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12
Uploaded by HighnessButterfly11348
Project Management Plan
Cosmo, Inc.
Project Charter
PM-FPX5018
October 21, 2023
1
Table of Contents
Executive Summary (Assessment 4)
3
.........................................................................................
Project Charter (Assessment 1)
4
................................................................................................
Project Title: Brittany Plastics 2.0
4
..............................................................................................
Project Scope (Assessment 2)
8
..................................................................................................
Work Breakdown Structure (WBS) (Assessment 2)
9
..................................................................
Project Management Cost (Budget) (Assessment 3)
9
................................................................
Project Management Schedule (Assessment 3)
9
.......................................................................
Risk Management Plan (Assessment 4)
9
...................................................................................
Introduction:
9
...............................................................................................................................
In efforts to mitigate speed bumps during the project chart, Cosmo Inc. has employed a risk
management plan. The plan is an outline of Cosmo, Inc. standard operating procedures. In
the event that there is an out-of-plan occurrence, the team will have something to reference. 9
Project Quality Plan (Assessment 4)
10
.......................................................................................
Project Close and Lessons Learned (Assessment 4)
11
..............................................................
The Cosmo, Inc. team learned the effectiveness of open lines of communication above all.
The open lines of communication allow the team to be alert to current issues, past issues, and
potential issues. Furthermore, the open lines of communication allow the team to put their
minds together to create more effective solutions and protocols.
11
............................................
Citations
12
...................................................................................................................................
2
Executive Summary (Assessment 4)
Wearable technology has revolutionized the way we monitor our health and fitness. One
company that has been leading the way in this field is Cosmo, Inc. They specialize in creating
electronic devices that can be worn as accessories or embedded in clothing.
These devices capture biometric data that has a significant impact on our health, which
was previously impossible to track. Cosmo, Inc. captures the most meaningful data that provides
a comprehensive look at our body's key performance data and helps us understand what to do
with it.
Their technology is designed by the world's leading human performance experts and is
used by elite athletes, doctors, and more. Cosmo, Inc.'s technology is professional-grade, but it is
designed for everyday use, and it is suitable for everyone, regardless of their health journey.
Additionally, Cosmo, Inc. continually evolves its technology by adding monthly features that are
fueled by the best data science available.
3
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Project Charter (Assessment 1)
Project Title: Brittany Plastics 2.0
Project Start Date: October 2023
Projected Finish Date: October 2024
Budget Information: $500,000 (1 Year Campaign)
Approval provided by CEO, Vice President, Controller and Board Members at September 1,
2023 Board Meeting.
Business Need
As a leader in the fitness industry, our business currently holds a large stick in the market
of wearable technology. 33% market share to be exact. However, a recent marketing analysis
conducted by our senior leadership team identified potential threats from emerging competition
that could negatively impact our future earnings. In light of this finding, our board committee has
determined that a new marketing strategy is essential not only to increase market share but also
to maintain our current position.
The wearable technology market is highly competitive as technology quickly advances.
Our major competitors include Amazon, Target, Walmart and Best Buy. Apple increased its
wearable device sales by 54% in 2019 alone. Nevertheless, the market is expected to grow from
593 million to a projected 1,105 million by the end of this year (Mordor Intelligence, 2021).
Apple has a grasp on the marketplace that has consumers feeling like they need the latest and
greatest year over year which boosts their sales.
However, our company's inclusion of technological trends in our strategic marketing is
projected to provide us with an innovative advantage over our competitors. Through this
approach, we anticipate the following benefits: enhanced customer satisfaction among our
current customer base, a 25% increase in production, and a 20% increase in our customer base.
To achieve these goals, it is essential that we not only offer what our competitors currently
offer but also maintain a competitive innovation advantage. This will require ongoing research
and development, as well as a commitment to staying ahead of emerging trends in the industry.
By doing so, we are confident that we can not only maintain our position in the market but also
continue to grow and thrive as a company.
4
Project Objectives
•
Execute a marketing campaign strategy to increase the production of wearable technology by
25 percent.
•
Adopt a new Customer Service protocol to establish advanced support services.
•
Continue to target consumers in the age bracket of 25-50 years old who are college educated
and tech savvy who bring in $75,000 + a year.
•
Identify unknown customer segmentations based on age, demographics, income, education,
and technology.
Approach
Our project approach will use a hybrid of predictive and adaptive methods based on the
Project Management Body of Knowledge Guide from the Project Management Institute. The
project will consist of five phases: initiation, planning, execution, monitoring, and closing.
During the initiation phase, we will analyze the current state and set goals that align with our
business objectives. The planning phase will refine the details and set clear objectives and
deadlines. The execution phase will take action based on the plans agreed upon. The monitoring
phase will measure progress and performance and provide feedback for adaptation. Finally, the
closing phase will finalize all details and analyze outcomes to ensure success. Throughout the
project, we will conduct project review meetings and communicate with the departments
involved to monitor for changes and implications on the budget. (Project, 2021) / (Heagney,
2016)
Assumptions
:
•
The research, innovation, and application of said research will make Cosmo, Inc products top
tier. The implementation of the mobile app on Apple and Android devices will make Cosmo,
Inc. products more desirable.
•
The assessed budget has been analyzed to be able to support the project. As the project costs
are subject to change when changes occur, these risks have been factored in as a method of
change control (Heagney, 2016). Cosmo, Inc. has implemented a biweekly check-in with the
project management team.
Constraints
:
•
The rapid rise in inflation causes a concern for investors and the project management team.
The team has researched tremendously but there is no controlling the rate of inflation.
•
There is no way to anticipate or plan for the rising occurrences of supply chain issues coupled
with strikes.
•
Technology is evolving at a rapid rate. There must be an ongoing evaluation of product
capabilities and enhancements made.
5
Dependencies:
The successful marketing campaign of any health monitoring device depends on the
completion of the device and application. The project must adhere to strict laws regarding
advertising. It is necessary to have a fully functional and accurate product before launching the
marketing campaign to avoid any lawsuits for false advertising or post-production lawsuits.
Conducting test groups and monitoring for defects prior to launch can help meet the initial
deadline and minimize the risk of a lawsuit. The customer service process and support should
capture feedback throughout the project course to enhance the customer experience with efficient
processes. Ongoing project review meetings are essential to ensure proper communication
between the involved parties, as the project has many adaptive aspects. Collaboration is
necessary for the project's success, as there are many intertwined aspects to consider.
Furthermore, the project's timeline is dependent on consistent funding. Without the proper
funding expected, the project will come to a screeching halt.
Initial Risk Factors
During the data collection phase, the initial risk factors were analyzed to provide mitigation
strategies. This was done to ensure that the project is adaptable and flexible enough to meet the
deadline. The risk factors that were identified include the short timeframe before the launch of
the marketing campaign, the development of the product's new feature, and technological
setbacks. To mitigate these risks, clear objectives and roles were outlined for all involved to
avoid confusion and delays. To ensure that the mobile application is not overspread, the
development team was given clear goals to minimize risks. Additionally, a trial launch was
conducted before the actual product release to monitor feedback and identify any issues that may
arise. (Project, 2021)
Regulatory Cost and Impact
A thorough understanding of regulations is imperative to ensure the successful completion
of a project, including the procurement of necessary items and adherence to budget constraints
(Heagney, 2016). In the context of wearable technology, regulatory guidelines have a significant
impact on the project, as highlighted by Patterson and Monahan (2017).
Firstly, the collection of personal data through both wearable technology and mobile
applications is a significant concern. With strict privacy laws under HIPAA, it is essential to
protect customer data. While the company may not have previously been liable as a
manufacturer, expanding customer interaction levels and health-tracking capabilities necessitates
stringent data protection measures. Any breach in customer data could result in significant fines
and loss of customers, which would not only impact the project's success but the company's
overall business operations.
Secondly, given the health factors involved, the company must be mindful of fraud laws
during product marketing. Adherence to consumer protection statutes is crucial during
promotional activities to avoid making false claims about the product's benefits. Any marketing
6
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assertions should be scientifically substantiated, or the company may face individual lawsuits,
class action lawsuits, and hefty fines.
In summary, understanding regulatory guidelines is crucial to ensure the successful
completion of a project, particularly in areas such as wearable technology. The company must
adhere to strict data protection measures and consumer protection statutes to avoid financial and
reputational damage.
Roles and Responsibilities
Brittany DiPaolo,
Project Manager
Role & Responsibilities: Brittany DiPaolo is the plan coordinator responsible for the overall
project performance. Brittany will continuously work on the development plan to ensure we hit
our deadlines and ensure investor happiness.
Leslie Smith,
Project Coordinator
Role & Responsibilities: Leslie Smith is Brittany DiPaolo’s junior counterpart. Leslie directly
reports to Brittany DiPaolo providing her with weekly exposition of the job progress. In addition,
Leslie is responsible for a weekly exhibition of our financial report that will be sent out to our
investors on the first of every month for the duration of the project.
John McNight,
Marketing Manager
Role & Responsibilities: John McKnight is our running back. John McNight will produce and
distribute all marketing materials internally and externally. Furthermore, John will provide
weekly analytic reports to track the progress on our project.
Sign-Off:
Comments:
7
Project Scope (Assessment 2)
Overview
This project scope is for Cosmo, Inc. to maintain its market hold of 33 percent and increase the
market share of the wearable technology industry with a budget of $150,000. An aggressive
marketing 10-week project is introduced by top management to integrate technology into current
ERP and Marketing systems to create an improved digital business of the future and to deliver
and support products to improve the customer experience and “mesh” embedded services of
people, devices, and content.
Description
Cosmo, Inc. is a leader in the development and distribution of wearable technology, including
fitness coaching, nutritional coaching, and lifestyle advising products. The company holds a 33-
percent market share in the wearable technology category. After doing a marketing analysis,
senior leadership realizes the onset of competition could negatively impact future earnings.
In scope:
Effective planning is a crucial aspect of any project, involving the definition of scope,
identification of roles and tasks, establishment of timelines, and clear definition of deliverables. It
is important to assemble and monitor a marketing team, gather finances, and allocate resources
according to the project's needs. In addition, identifying integration points between existing ERP
and Marketing systems can streamline and simplify the project's implementation. To broaden the
demographic base of users, careful consideration of training requirements for new functionalities
must be made, often through the creation of new reports or modification of existing ones. Finally,
the successful rollout of the project marks the culmination of diligent planning and execution.
Out of scope:
Out of the scope of the project falls in line with going over budget, extending past the 10-week
timeline, and not properly executing the company's goals.
Acceptance Criteria:
•
Potentially grow the market share percentage but at a minimum maintain the market share of
33 percent.
•
Integrate the new ERP and Marketing system.
• Project completed on time and within budget.
• Receive positive feedback on the new technology and marketing program through the customer
service platform.
Deliverables:
Deliver the outlined scope of the project on time and within budget. Increase market share.
Present performance reports.
8
Work Breakdown Structure (WBS) (Assessment 2)
WBS Introduction:
The work breakdown structure for the new marketing strategy of Cosmo, Inc. delineates the plan
of the marketing director to accomplish the project. The first step for the director is to create a
team for the project. The next step involves finding an appropriate plan to maintain the current
33% market share and expand the customer base. Similarly, the CFO's plan to achieve the project
comprises the following steps: creation of a finance team, ensuring the availability of funds to
pay the team members, purchase necessary software, and successful completion of the project.
The IT Project Analyst Director's breakdown is the final step in the work breakdown structure.
The director will assemble a team for the project, identify the appropriate technology to integrate
with the existing ERP application, and ensure the optimal functioning of the technology.
WBS Graphical Representations:
Project Management Cost (Budget) (Assessment 3)
Introduction (Intent):
To maintain, track and allocate the $150,000 budget over the span of 10 weeks.
Project Management Schedule (Assessment 3)
Introduction (Intent):
Cosmo, Inc. created a schedule.The intent of the project management schedule is to guide the
project from beginning to end. The schedule's purpose is to provide a reference guide where the
team can go and check in on how it is progressing.
Risk Management Plan (Assessment 4)
Introduction:
In efforts to mitigate speed bumps during the project chart, Cosmo Inc. has employed a risk
management plan. The plan is an outline of Cosmo, Inc. standard operating procedures. In the
event that there is an out-of-plan occurrence, the team will have something to reference.
Risk Matrix
Introduction and Legend (Intent):
The risk matrix is a tool outlined by Cosmo, Inc. risk management team in order to rank
probability of risks.
9
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Project Quality Plan (Assessment 4)
Introduction (Intent):
The Project Quality Management Plan records the project information required to effectively
manage project protocols. It defines a project's quality policies, procedures, criteria for and areas
of application, and roles, responsibilities, and authorities. To be included in every biweekly
check-in.
Plan Quality Management Processes:
•
Inputs: At minimum maintain 33% market share. The main goal is to increase market
share by implementing a 10-week marketing project focused on technological
developments.
•
Tools and Techniques: Biweekly meetings to ensure the project remains on track and
there are open lines of communication.
•
Outputs: Compatible software that allows Cosmo, Inc. to have a larger stick in the
marketplace at the end of 10 weeks.
Manage Quality Assurance:
•
Inputs: Biweekly check-ins to ensure the quality of work and pace benchmarking to
ensure the schedule is followed.
Risk Description
Probability
(L, M, H)
Impact
(L, M, H)
Risk Owner
Risk Response
(Mitigation)
Financial
H
H
Project Manager
Bi weekly team
check ins will allow
the team to review
potential funding
issues and act
accordingly.
Supply Chain Issues/
Strike
L
M
Project
Coordinator
Stay in touch with
vendors and
internal software
developers to stay
up to date on
potential delays.
Roll Out Delays
H
H
Project
Coordinator
Immediately advise
on any delays.
Adequate response
time is detrimental.
10
•
Tools and Techniques: Biweekly meetings to ensure the project remains on track and
there are open lines of communication.
•
Outputs: Final check and roll out of software.
Control Quality:
•
Inputs: Biweekly check-ins to ensure the quality of work and pace benchmarking to
ensure the schedule is followed. Weekly software testing.
•
Tools and Techniques: Biweekly meetings to ensure the project remains on track and
there is open lines of communication.
•
Outputs: increase demographics and market share.
Project Close and Lessons Learned (Assessment 4)
The Cosmo, Inc. team learned the effectiveness of open lines of communication above all. The
open lines of communication allow the team to be alert to current issues, past issues, and
potential issues. Furthermore, the open lines of communication allow the team to put their minds
together to create more effective solutions and protocols.
11
Citations
Heagney, J. (2016). Fundamentals of project management(5th ed.). New York, NY: AMACOM.
Mordor Intelligence. (2021). Wearable technology market: 2022 - 27: Industry share, size,
growth. Wearable Technology Market | 2022 - 27 | Industry Share, Size, Growth -Mordor
Intelligence. Retrieved October 21, 2023, from
https://www.mordorintelligence.com/industry-reports/wearable-technology-market
Patterson, J., & Monahan, E. (2017). Three Emerging Risks and Regulations
Affecting Fitness
Trackers and Wearable Devices. Americanbar.org. Retrieved October 21, 2023 , from
https://www.americanbar.org/groups/litigation/committees/products-
liability/practice/2017/three-risks-and-regulations-affecting-wearable-devices/
Project, M. I. (2021). A guide to the project management body of knowledge (pmbok® guide) -
seventh edition and the standard for project management (english) . Project Management
Institute.
12
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