PM_FPX5018_ThompsonNia_Assessment2-1

.doc

School

Purdue University, Fort Wayne *

*We aren’t endorsed by this school

Course

MISC

Subject

Marketing

Date

Jan 9, 2024

Type

doc

Pages

Uploaded by DrRoseWallaby25

Project Management Plan Project Scope and Work Breakdown Schedule Assessment 2: Cosmo Inc Nia Thompson PM-FPX5018 December 18, 2023 1

Table of Contents Executive Summary (Assessment 4) ........................................................................................................ 3 Project Charter (Assessment 1) ............................................................................................................... 4 Project Scope (Assessment 2) ................................................................................................................ 10 Work Breakdown Structure (WBS) (Assessment 2) ............................................................................... 11 Project Management Cost (Budget) (Assessment 3) ............................................................................. 12 Project Management Schedule (Assessment 3) ..................................................................................... 12 Risk Management Plan (Assessment 4) ................................................................................................. 13 Project Quality Plan (Assessment 4) ...................................................................................................... 13 Project Close and Lessons Learned (Assessment 4) ............................................................................... 14 Appendices ............................................................................................................................................ 15 References ............................................................................................................................................. 16 2

Executive Summary (Assessment 4) 3

Project Charter (Assessment 1) Project Title: Cosmo Marketing Strategy for 2024 Project Start Date: January 8, 2024 Projected Finish Date: April 8, 2024, with a launch date of June 3, 2024 Budget Information: $150,000 Project Manager: Nia B. Thompson Business Need Cosmo, Inc. is a leading developer and distributor of wearable technology. This includes everything from fitness coaching and nutritional coaching to lifestyle advising. They currently hold a 33 percent market share for this category. Members of the senior leadership team have done a complete analysis of the market and realize that a competitor will soon be launching technology that could potentially have a negative effect on future earnings for Cosmo, Inc. As a result of this analysis, the CEO and President Harold Living has asked the senior leadership team to develop an innovative marketing strategy that will allow Cosmo to not only maintain their status, but also increase their market share. The current market is extremely competitive and the global pandemic that we all faced in 2020 only increased the need for wearable technology. To ensure the continued growth of the organization, we will have to make sure that we consider and include the technological trends that have occurred over the last three years. Project Objectives The main objective for Cosmo, Inc is to create a goal that will allow the organization to continue with the advantage over the competitors currently in the market as well as incoming competitors. The following are the goals of the campaign:  Create a marketing strategy that will increase the production of wearable technology by 25 percent.  Increase the customer base by 20 percent by identifying unknown customer segments that are based on age, income, education, demographics, and technology.  Make use of current technologies which include the use of social media and data analytics, for predictive analytics to identify known and unknown customer segments.  Become a leading competitor in wearable technologies.  Use trending technologies, including IoT (Internet of Things), mobile technology, and artificial intelligence applications to continue the trend of being a lead competitor of wearable technology. 4

 Integrate technology into current ERP and Marketing systems. Doing this will allow for an improved customer experience as well as improving our digital business as “meshed” with embedded services of people, devices, and content.  Develop and implement new processes within the Customer Service department that will establish new product support services.  Meet all current and future neutrality regulations. Approach “A project is a temporary endeavor undertaken to create a unique product, service, or result” (Project Management Institute, 2017). In following with the process outlined in the PMBOK Guide (Project Management Body of Knowledge), a project management has a life cycle that goes through five especially important phases. They are project initiation, project planning, project execution, project monitoring and controlling, and project closure. One important thing to note is that these phases may overlap with one another over the course of managing this project.  Project initiation – This is the first stage where the project will be formally stated. When Living stated what the need was for the organization was, the project was initiated. A project charter should be created during this phase which will outline constraints, goals, the budget, etc. The initiation phase will also assign roles and responsibilities for each project member.  Project planning – This phase will require refining the details discussed in the initiation phase. During this phase, the project scope is created, and the objectives are clearly defined. Some other important activities during this phase are schedule development, setting aside resources, establishing important dates, methods of communicating with one another, and what plan will be in place to identify and minimize risks.  Project execution – During this phase, the team has started working on the project. As the project manager, it will be up to me to make sure the team has the proper information to do their part. I will also be monitoring whether the outline established will lead to this project being a success. Technology changes quickly and the team must be able to adjust to remain at a competitive advantage.  Project monitoring and controlling phase – This phase is usually done in collaboration with the execution phase. The reason these two are often done simultaneously is to make sure that objectives are being met. My role as the project manager will be calculating key performance indicators for cost efficiency and time constraints. While assessing this, I will also be determining any corrective measures that will aid in ensuring that the project is staying on track and within the budget.  Project closing – The closing phase is the final phase of the project management process. When it is time to close the project, there will be a series of important tasks that will need to be completed. They are analyzing that objectives outline lead to a successful product launch, rewarding the team members, if the project was considered a success, 5

and lastly the delivery of the product and vital reports will be done during this phase. Assumptions:  The company will see an increase in sales and revenue because of this project.  Cosmo, Inc. allotted $150,000 for this project and this amount is large enough to meet all the project necessities for completion within the appropriate period.  The market will show we have the leading advantage in wearable technology that includes fitness and nutritional coaching. Constraints:  The budget is limited to $150,000, but technological advances may require us to exceed this amount.  We are working within a limited 10-week timeframe to finish a 6-month marketing campaign strategy.  Identifying how to reach consumers that are outside of the age range and are not as tech savvy as the initial market. Dependencies:  By requesting a new product, the demand for production will also increase.  The cost of production in lower income areas could impact consumer satisfaction. Initial Risk Factors: “ Analyzing risk is an important part of the project planning process” (Asana, 2022). Risk factors associated with this project were assessed during the initial process of collecting the information needed to meet the project deadline. The risk factors and what strategies to use to overcome them are as follow (Asana, 2022):  If the initial project objectives are unclear, then there is an initial risk of “Scope risk, also known as scope creep” (Asana, 2022). If these objectives are unclear, it is possible that the stakeholders can step in and try and make changes in the middle of the project. To avoid scope creep, as the project manager, it will be important to set clear parameters and once they are agreed to stick to them. It will also be important to regularly check in with other members of the project team to ensure that the parameters are in line and being followed. 6

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version