Develop A Project Charter Using The Provided Project Managem

Develop A Project Charter Using The Provided Project Management Plan

Develop a Project Charter, using the provided Project Management Plan template, based on Cosmo, Inc., a leading company in the development and distribution of wearable technology products, or your own selected business. This portfolio work project involves creating a project charter that outlines the approved project objectives and management approach. The charter authorizes the project manager to allocate resources to complete and deliver a specified result or product.

For this assessment, choose either Option A or Option B. Do not do both. Your instructor will grade both options using the same criteria.

Option A: Based on the analysis done by a task force at Cosmo, Inc., the marketing department must develop, implement, and test a new marketing campaign aimed at maintaining current customer levels and expanding the customer base through new technology. Refer to the Cosmo, Inc. Business Case document for details.

Option B: Choose a business of your own that includes: a clear business objective and specific completion outcome; a project team with at least three members, each with defined roles and responsibilities; and a completion window of 180 days.

As the project manager for either option, develop the Project Charter section of the Project Management Plan using the provided template. Include the following elements:

  • Business Need: Describe the business need for Cosmo, Inc. or your chosen business, aligning it with organizational goals. Support your description with quantitative metrics such as performance, costs, or customer satisfaction data.
  • Project Objectives: Briefly state the purpose of the project and list the major deliverables in bullet points.
  • Project Approach: Summarize the business requirements and outline how the project will be managed. Specify tools or techniques to be used during each project phase, following PMI or modified PMI methodologies.
  • Project Assumptions: State assumptions such as resource availability, funding, and other factors that are presumed to be true for project planning.
  • Project Constraints: Identify constraints like resource limitations or time restrictions, and propose mitigation strategies for each.
  • Project Dependencies: Explain dependencies like prerequisite projects or external factors, along with strategies to address potential issues.
  • Initial Risk Factors: Analyze risks at the outset, their potential impacts, and mitigation plans. Include specific examples such as regulatory delays.
  • Regulatory Costs and Impacts: Discuss regulatory considerations affecting the project, such as compliance with SOX, HIPAA, or local permits, and analyze associated costs and impacts.
  • Roles and Responsibilities: Describe key stakeholders, their roles, and responsibilities within the project.

Comments and sign-offs are not required for this portfolio task.

Use the Project Management Plan Template provided for formatting. Ensure all content adheres to professional standards as per MBA guidelines, including APA citation style for references. The final document should include a title page, the project charter sections, and a reference page, all formatted according to academic and professional standards, single-spaced where specified.

Paper For Above instruction

The following comprehensive project charter is based on Option A—developing a new marketing campaign for Cosmo, Inc., a leading company innovating in wearable technology. This project aligns with the company's strategic focus on customer retention and expansion through technological leveraging, requiring a structured approach to managing resources, risks, and stakeholder expectations to ensure successful delivery.

Business Need

Cosmo, Inc. faces intensified competition in the wearable technology market, with rapid technological advancements and shifting consumer preferences. The company aims to enhance its market penetration and improve customer loyalty through a targeted marketing campaign that highlights new technological features and benefits. The need for a new campaign is driven by declining customer retention rates by 10% over the past 12 months, and stagnating sales growth of 2% annually. Quantitative metrics supporting this include a customer satisfaction score dipping from 85 to 78 and increased marketing costs by 15%, indicating an urgent need for strategic reorientation aligning with the company's goal to increase revenue by 20% in the next fiscal year.

Project Objectives

  • Develop and execute a comprehensive marketing campaign utilizing the latest digital technology tools within 90 days.
  • Increase customer engagement and retention rates by at least 15% within 180 days.
  • Expand the customer base by 10% through targeted outreach and personalized marketing initiatives.
  • Test and refine the campaign effectiveness continuously, ultimately delivering a scalable marketing strategy.

Project Approach

Managing this project will adopt a modified PMI methodology, emphasizing iterative planning and stakeholder feedback. The project will be divided into phases: initiation, planning, execution, monitoring, and closure. During each phase, specific tools such as Gantt charts for scheduling, risk registers for issue tracking, and stakeholder analysis matrices will be employed. Agile principles will be integrated, especially during the implementation phase, to allow flexibility and rapid response to campaign performance metrics. Project management software like MS Project and communication platforms such as MS Teams will support coordination, status reporting, and stakeholder engagement.

Project Assumptions

  • Funding and resource availability will support the project without significant delays or reallocations.
  • Key stakeholders will be engaged and provide timely feedback throughout the project lifecycle.
  • The necessary technology platforms for campaign execution will be operational and compatible with existing systems.
  • Market conditions will remain stable enough to allow the campaign to yield measurable results within the set timeline.

Project Constraints

  • Limited marketing budget of $2 million, requiring precise allocation and prioritization of activities.
  • Resource availability may be limited during peak periods, necessitating flexible scheduling.
  • Time constraints of 180 days to develop, test, and fully launch the campaign.

Mitigation strategies include reserving contingency funds, cross-training team members to cover resource gaps, and adopting an agile approach to make adjustments as needed.

Project Dependencies

  • Dependence on the IT department to provide necessary technological infrastructure and support within 30 days.
  • Reliance on external vendors for digital advertising tools and analytics platforms, with contracts finalized before project commencement.
  • The current market research data, which informs campaign messaging, must be completed prior to the campaign roll-out.

Mitigating strategies involve early engagement with IT and vendors, and ensuring market research is completed ahead of schedule to prevent delays.

Initial Risk Factors

  • Delays in campaign content approval could postpone launch, impacting timelines. Mitigation: Establish clear approval workflows and schedule review milestones.
  • Technology integration issues may hinder implementation, risking performance. Mitigation: Conduct early testing and allocate buffer time for troubleshooting.
  • Regulatory compliance or privacy issues with targeted digital marketing could arise. Mitigation: Involve legal and compliance teams from the planning stage to ensure adherence.

Regulatory Costs and Impacts

Compliance with GDPR and data privacy laws, particularly regarding customer data collection and targeted advertising, will incur costs related to legal consultation, data security measures, and potential system upgrades. Non-compliance risks include fines, damage to reputation, and legal action, which can delay or halt campaign efforts. Hence, the project will allocate a portion of the budget to legal review and data protection measures to meet regulatory standards, essential for sustainable marketing operations.

Roles and Responsibilities

  • Project Sponsor: Provides strategic direction, approves budget, and ensures alignment with organizational goals.
  • Project Manager: Oversees planning, execution, stakeholder communication, and risk management.
  • Marketing Team Members: Develop campaign content, manage digital platforms, analyze performance metrics.
  • IT Support: Facilitate technology deployment, integration, and troubleshooting during campaign execution.
  • Legal and Compliance: Ensure marketing practices meet legal standards, advise on data privacy issues.

By systematically addressing these elements, the project aims to deliver a targeted and effective marketing campaign that enhances customer engagement and contributes to the strategic growth of Cosmo, Inc.

References

  • Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). PMI.
  • Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
  • Schwalbe, K. (2015). Information Technology Project Management. Cengage Learning.
  • Heldman, K. (2018). PMP Project Management Professional Exam Study Guide. Wiley.
  • Larson, E. W., & Gray, C. F. (2017). Project Management: The Managerial Process. McGraw-Hill Education.
  • Hoffer, J. A., George, J. F., & Valacich, J. S. (2017). Modern Systems Analysis and Design. Pearson.
  • Hodgson, D. (2015). Ethical Thinking in Project Management. Journal of Business Ethics, 132(3), 467-479.
  • Shenhar, A. J., & Dvir, D. (2007). Reinventing Project Management: The Diamond Approach. Harvard Business Review Press.
  • Hartman, F. T., & Ashrafi, R. A. (2005). Project Quality Management. CRC Press.
  • Wysocki, R. K. (2014). Effective Project Management: Traditional, Agile, Extreme. Wiley.

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