Assessment 1: Work Breakdown Structure(WBS)

Executive Summary

Cosmo, Inc's CEO saw a threat capable of costing the company a considerable

loss of market share in the wearable industry. To tackle this, the CEO

motivated the organization's project management team to research the

wearable market and develop current clients with something refreshing and

new and expand on the existing client base by speaking to new segment

populaces that the project team might not have tapped. The project

management team was tasked with developing a plan that would drive the

disruption of the wearable market in Cosmo, Inc favor.

This forceful arrangement will be meant to test the team; however,

cooperating as a successful and effective organization, we can and will

succeed (Kerzner, 2017). We are using Agile, Lean, and Scrum project tools to

help us fill in as viably and productively as possible to create one of the most

fantastic wearable results of the year. This plan will likewise situate Cosmo,

Inc to benefit from changing regulatory guidelines to open the health

wearable market to organizations like Cosmo, Inc.

Business Need

Due to recent discoveries made by Cosmo, Inc during a deep dive market

analytics project, a market shift that will cause a downturn in Cosmo, Inc's

revenue stream will occur as competition for this market share increases. To

combat the potential revenue loss Cosmo, Inc. has decided to put together a

marketing project that will stabilize the current market share and increase the

use of company products and services over new untapped populations and

demographics. Cosmo, Inc must keep innovating to grow its market share and

develop new exciting products and services.

Project Objectives

• Complete a strategic marketing program that will grow our customer

base by 20% over the next six months.

• Add a heart rate sensor and develop heart rate monitoring into our

Cosmo wearable app.

• Increase production of our wearable items by 25%

• Leverage social media and the IoT to make our products and services

compatible with Amazon Alexa, Google Home, and another trending

home AI's.

• Turn our customer service department into a technology service

department.

• Champion neutrality laws in technology now and in the future while

using best practices that meet or exceed current regulations.

Approach

The Agile program management process will be used. SCRUM will also be

employed to keep a team running with the most effective and efficient

productivity and development (Heerkens, 2018). Agile and SCRUM together

create the accountability, productivity flow with SCRUM helping move

development forward quickly (Davis, 2018). Effective and efficient forward

movement is needed to keep the project deliverables and marketing plans

moving to a deployed that is one time and produces the most significant

impact and thus benefit Cosmo, Inc.

Assumptions:

• The addition of new features in our wearable and corresponding

tracking app will boost sales.

• The project will enhance Cosmo, Inc's revenue stream without impacting

past customers' revenue stream.

Constraints

• Development resources will be focused on the deliverables for this

project.

• Time-sensitive deadline -10 weeks to launch and campaign length six

months.

• Performance report requirements to show the project is on track.

Dependencies

• A time frame of 10 weeks to launch.

• Project dependent on a budget of $150,000.

• That production can keep up with the new demand for our wearable

products.

Initial Risk Factors

• Budget overages.

• Project timeframe overages.

• Issues with the development of new features.

Regulatory Cost and Impact

• FTC regulatory compliance: Heart Rate Monitoring will need to comply

with Federal Trade Commission laws. Adding a primary heart rate

monitor and the companion app to collect the corresponding data is

permitted under the FTC regulations. An additional Terms of Service

agreement check box will need to be added that the heart rate

monitoring is not a medical device and is not to be used to prevent or

diagnose any medical condition.

• Data Encryption Standard: All data gathered must be encrypted and

passed through our servers to third-party analytics data servers at a

high encryption rate of 248 bits is recommended.

Roles and Responsibilities

Project sponsor – Provide needed resources for the successful completion of

the project.

Project manager – Oversee day-to-day project operations as well as manage

project staff.

IT director – Develop the system

Marketing director – Publicize the system

Project Scope

Cosmo, Inc will develop an addition to its current wearable, including a heart

rate monitor to its current wearable products. Add heart rate monitoring to

Cosmo, Inc, existing health monitoring app. The social media marketing plan

leverages all popular networks such as but not limited to Facebook, Twitter,

Instagram, etc. High School promotion gives 500 of our new wearable to

select school athletic programs to expand our young adult market. They will

also employ their design and marketing department to produce eye-catching

and sharable content for this marketing push. Items such as electronic

badges, Instagram friendly using Ripl will be used to make content that is

beautiful and effective at drawing in new customers.

Deliverables

• Develop an addition to its current wearable, including a heart rate

monitor to its current wearable products.

• Add heart rate monitoring to Cosmo, Inc, existing health monitoring

app.

• High School promotion, give 500 of our new wearable to select school

athletic programs to expand our young adult market.

Constraints

Time may be a factor and require that teams from many departments come

together using Agile and Scrum techniques for effective project management.

Budgetary, we have $150,000 to produce this project, but effective and

efficient project management will be critical.

Dependencies

Successful integration of the new heart rate monitor chip, successful testing of

the new product, and successful feature addition to the HealthLink application

marketing strategy needs to target the market correctly to grow excitement

for our new product line.

Assumptions

The $150,000 we have budgeted will be static and will need to be allocated

successfully throughout this project. We assume an amount of excitement

from our existing customer base and will use that in marketing to create a

further viral campaign targeting new untapped markets.

Mitigation Strategies

Reporting and using the Agile project management framework will provide

weekly checks in on the project and its teams. During these meetings, we will

mitigate any issues and work through a solution to challenges encountered.

Work Breakdown Structure

Project Budget

Item	Description	Cost
Material	Gadget parts	$50,000
Labor	Technicians/Developers	$70,000
Miscellaneous	Other cost that may arise	$30,000

Reference

Kerzner, H. (2017). Project management: A systems approach to planning, scheduling, and

controlling.

Heerkens, G. R. (2018). Project management. Place of publication not identified: Mcgraw-Hill

Education.

Roberts, P. (2016). Effective Project Management: Identify and Manage Risks Plan and Budget

Keep Projects Under Control. London, England: Kogan Page Publishers.

Davis, B. (2018). Agile Practices for Waterfall Projects: Shifting Processes for Competitive

Advantage. Plantation, FL: J. Ross Publishing.