PM-FPX4010 Process Groups and Knowledge Areas in Project Management
Prof. Name:
Date
Project Charter
Project Title: New Marketing Strategy for Cosmo Inc.
Project Start Date: July 8, 2021
Projected Finish Date: January 7, 2022
Budget Information: $150,000
Project Manager: Daniel Blandford
Business Need
Cosmo Inc. is a leading company in the development and distribution of wearable technology. In addition to its core products, Cosmo also offers fitness coaching, nutritional coaching, and lifestyle advising products. A recent marketing analysis by senior leadership highlighted that increasing competition could negatively impact future earnings. To address this, CEO and President Harold Living has emphasized the need for a new marketing strategy to preserve the current 33 percent market share and boost future sales. The proposed project for the new marketing strategy must be completed within a 10-week timeframe and adhere to a budget of $150,000.
Project Objective
The project’s scope involves developing an enhanced brain-sensing headband that will create significant consumer demand. This headband will be marketed over a 6-month period and aims to achieve the following deliverables:
- A brain-sensing headband capable of controlling other consumer devices.
- An affordable brain-sensing headband for customers with an annual income exceeding $75,000.
- A wearable device that is both comfortable and visually appealing.
- A brain-sensing headband that boosts production by 25 percent.
- A brain-sensing headband that expands the customer base by 20 percent.
- A brain-sensing headband that outperforms all competitors in sales.
An additional goal of the project is to introduce a new wearable device that integrates with and enhances existing Cosmo products, such as those for fitness coaching, nutritional coaching, and lifestyle advising.
Project Milestones
- Develop marketing campaign: Estimated cost = $35,000
- Design brain-sensing headband: Estimated cost = $30,000
- Set up and staff assembly location: Estimated cost = $25,000
- Purchase required materials: Estimated cost = $25,000
- Set up and staff quality control department: Estimated cost = $15,000
- Set up and staff shipping department: Estimated cost = $20,000
- Total Cost: $150,000
Approach
The project approach will adhere to the Project Management Body of Knowledge (PMBOK) standards. It will be divided into the standard PMBOK phases: initiation, planning, execution, monitoring and control, and closing. In the initiation phase, a project charter will be created, authorizing, funding, and defining the project as a business need. The planning phase will involve developing a project management plan detailing execution methods, team roles, and the project schedule. This plan must be approved by the project sponsor before becoming official. During execution, the project deliverables will be produced. The monitoring and control phase will ensure adherence to the project management plan, tracking schedule, cost, and scope. Upon completion, the project will be officially closed, and lessons learned will be documented (Project Management Institute, 2017).
Assumptions
Key assumptions for the Cosmo project include:
- Availability of key members throughout the six-month timeframe.
- The required skills and performance levels of key members.
- Adequate allocated funds to complete the project on time and within scope.
- Accuracy of the marketing strategy and proper identification of customer demographics (PM Tips, 2019).
Constraints
The primary constraints of the Cosmo project include:
- The 10-week timeframe for developing, testing, and marketing the brain-sensing headband.
- Quality control challenges, given the novelty of the technology. Producing a reliable and high-quality headband that surpasses competitors is crucial.
- Budget constraints, requiring precise estimates and adherence to budget to ensure product quality.
- Scope constraints, which will affect the project if time or budget become insufficient.
Dependencies
Several dependencies are involved in the development of the brain-sensing headband:
- Comprehensive market research to identify desirable features.
- Availability of technology and skilled workforce to incorporate features into the headband.
- Testing to maintain quality, scope, and cost, with recorded and communicated results affecting all these aspects.
- Successful marketing an