Develop a Project Scope, including a Work Breakdown Schedule (WBS), for Cosmos, Inc. or your selected business, using the Project Management Plan template. Introduction Thi

Cosmo Inc.

Project Charter

Taccarra Manuel:

PM-FPX5018:

May 9, 2023:

Table of Contents

3 Executive Summary (Assessment 4)

4 Project Charter (Assessment 1)

7 Project Scope (Assessment 2)

7 Work Breakdown Structure (WBS) (Assessment 2)

7 Project Management Cost (Budget) (Assessment 3)

8 Project Management Schedule (Assessment 3)

8 Risk Management Plan (Assessment 4)

9 Project Quality Plan (Assessment 4)

9 Project Close and Lessons Learned (Assessment 4)

10 Appendices

11 References

Executive Summary (Assessment 4)

Project Charter (Assessment 1)

Project Title: Cosmo Project Charter

Project Start Date: 05/10/2023

Projected Finish Date: 05/12/2023

Budget Information $150,000 Total Cost

Project Manager: Taccarra Manuel

Business Need:

Cosmo Inc. has been a leader in wearable innovation and currently holds about 33% of the market share. It has recognized that technology is moving at the speed of light. To stay relevant, it must increase its market share regarding wearable technology. They understand that there will be many new entrants into this market space that can have an impact on their current and future market share which would negatively impact their earnings. The company must create a new marketing strategy that includes the Internet of Things, digital services, data analytics, and the latest mobile technology movement.

Project Objectives:

· Gain more market share.

· Target college educated people between 25 – 50 years of age with a n annual income of $75,000.

· Incorporate new technology trends into their marketing.

· Increase production to 25% and customers by 20%.

· Implement this marketing into the customer service.

Approach:

The project will use the PMI approach. PMBOK will direct it apparatuses and procedures. The project will follow the five stages : initiating, planning, executing, observing, controlling, and closing.

*Initiating: Use of PMI and PMBOK devices and strategies

*Planning: Use of PMI and PMBOK devices and procedures

*Executing: Use of PMI and PMBOK devices and procedures

*Observing and Controlling: Use of PMI and PMBOK devices and strategies

*Closing: Use of PMI and PMBOK devices

Assumptions:

Cosmo Inc understands as the leader in the development of wearable technology, and they need to increase its market share because data analytics shows that consumers aged 25-50 that are college educated and have an annual income greater than $75,000 are starting to use the wearable technology more than any other group. The company believes it can increase its market by 20% and maintain its dominance in this market. The company is confident that implementing this new strategy will take ten weeks and cost $150,000. The company is expecting to increase their revenue by adding to the features of their device.

Constraints: PMBOK

Scope: Upgrade current product line and incorporate IoT, digital services, data analytics, and mobile technology.

Schedule: 10 weeks to implement and run a 6 month marketing campaign.

Budget: Total cost $150,000

Quality: Improved digital business with “mesh” embedded services.

Risk: The loss of market share, new entrants, and going over budget.

Resources: Using current technology like social media and data analytics to trach

consumer use and need.

Dependencies:

The finance team is responsible for tracking costs and keeping the team on task. Each department, marketing, finance, information technology, and customer service, should have expenses associated with the project assigned to each department, and the heads of those departments should track spending.

Initial Risk Factors

· Not enough funding

· Project may take longer

· Technology may not perform

Regulatory Cost and Impact

· The average rate of regulatory growth drives up operating costs per unit of output by about 3.3 percentage points per year (Richards, 2020) if the project runs over a year then it will be increased by the 3.3 percent and this cost has not been accounted for.

· Regulations that increase operating costs often alter a firm's day-to-day operations in some way. Recently tech vendors have been compelled to adopt ‘privacy by design’ techniques during product development and ‘Privacy-as-a-Service’ over the product lifecycle (Thematic Research, 2022). The next step is to make this required which could change the cost for the company’s wearable devices.

Roles and Responsibilities

Role	Name	Organization and Position	Responsibilities and Tasks on the Project	Contact Information
Project Sponsor	Harold Living	CEO	Executive Officer	442-211-1313
Project Manager	Taccarra Manuel	Project Leader	Lead project	771-234-6767
Marketing Director	Antonio Davis	Public Relations/ Marketing	Marketing planning/ Public relations	451-230-3424
Technology Dept	Chase Parker	Product Development	Software Development	451-222-3099
Sales/Customer Service	Lacy Mound	Customer Support	Sales and Customer Development	661-234-7888

The project sponsor Harold Living determined that because the company has become stagnant and the threat of new entrants is growing, he has determined that it is time to create new products and use the latest technology. Like many great leaders, he understands it is time for the company to reinvent itself and create a new market strategy to launch the changes. Taccarra Manuel will oversee the project, tracking costs and timelines to ensure success. Antonio Davis is the marketing director, and his team will create the launch of the new product and use the customer demographic to determine what current technologies should be used. Chase Parker and the technology department will work to integrate the existing ERP and improve the customer experience by incorporating IoT, digital services, the data analytics with the mobile technology movement. Lastly, Lacy Mound and the customer service team will examine data about the company's current level of customer service and work to create a contact list based on the customer demographics and offer them the chance to get the upgraded wearable devices once they are available.

Sign-Off:

Comments:

Project Scope (Assessment 2)

Overview

Description

In scope:

Out of scope:

Acceptance Criteria:

Deliverables:

Work Breakdown Structure (WBS) (Assessment 2)

WBS Introduction:

WBS Graphical Representations:

Project Management Cost (Budget) (Assessment 3)

Introduction (Intent):

Project Budget:

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

Project Management Schedule (Assessment 3)

Introduction (Intent):

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:

Risk Matrix

Introduction and Legend (Intent):

Risk Description	Probability (L, M, H)	Impact (L, M, H)	Risk Owner	Risk Response (Mitigation)

Project Quality Plan (Assessment 4)

Introduction (Intent):

Plan Quality Management Processes:

· Inputs:

· Tools and Techniques:

· Outputs:

Manage Quality Assurance:

· Inputs:

· Tools and Techniques:

· Outputs:

Control Quality:

· Inputs:

· Tools and Techniques:

· Outputs:

Project Close and Lessons Learned (Assessment 4)

Appendices

References

Thematic Research. (2022, February 3).  Wearable Technology: Regulatory trends. Mining Technology. https://www.mining-technology.com/comment/wearable-technology-regulatory-trends/ 

Richards, T., & Fullenbaum, R. (2020, September 9). The impact of regulatory growth on operating costs. Mercatus Center. https://www.mercatus.org/research/working-papers/impact-regulatory-growth-operating-costs 

,

Cosmo, Inc.

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 marketing analysis, senior leadership realizes the onset of competition could negatively impact future earnings.

CEO and President Harold Living tells his leadership Cosmo, Inc. needs a new marketing strategy to not only increase market share but to maintain current levels. Based on data analytics, Cosmo decides to incorporate technology trends into the company’s strategic marketing, including:

· Internet of Things (IoT).

· Digital services.

· Data analytics.

· The mobile technology movement.

Living selects a task force to review Cosmo, Inc. and their competitors’ data analytic reports to recommend a new strategy.

Customer Demographics

Demographics include but are not limited to:

· Ages 25–50.

· College educated.

· Annual income greater than $75,000.

· Residents in cities with population greater than 500,000.

· Technology savvy.

· Utilize mobile technology at work and home.

· Utilize Cloud technology at work and home.

Marketing Campaign Strategy Objectives

The campaign’s goals are as follows:

· Develop a marketing campaign strategy to increase production of wearable technology by 25 percent.

· Increase customer base by 20 percent by identifying unknown customer segmentations based on age, demographics, income, education, and technology.

· Utilize current technologies, including social media and data analytics, for predictive analytics to identify known and unknown customer segments.

· Become a leading competitor in wearable technologies.

· Become a leading competitor using trending technologies, including IoT, mobile technology, and artificial intelligence applications.

· 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.

· Develop and implement a new process within the Customer Service department to establish new-product support services.

· Meet current and future neutrality regulations.

Project Specifics

Details about the project include but are not limited to:

· Timeframe: 10 weeks.

· Budget: $150,000.

· Campaign length: 6 months.

· Measurement: Performance reports to be developed in order to monitor the increase in customers and customer satisfaction rates.

· Departments involved:

· Marketing.

· Finance.

· Information Technology.

· Customer Service.

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