Homework: Project Management Foundations
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.
Introduction
This portfolio work project, a project charter, is based on your selected business and is the first key component of your project management plan. You may base your plan on Cosmo, Inc., a developer and distributor of wearable technology, or use a business of your choice.
A project charter describes the approved project objectives and project management. It authorizes the project manager to use resources to complete and deliver a specific deliverable, result, or product.
Scenario
For this homework, choose either Option 1 or Option 2. You do not need to do both. Your instructor will grade both options using the same scoring guide.
Option 1: Based on the analysis completed by a task force at Cosmo, Inc., the marketing department must develop, implement, and test a new marketing campaign focused on maintaining current customer levels and increasing their customer base through the utilization of new technology. Refer to the Cosmo, Inc. Business Case document for more information.
Option 2: Choose a business of your own. The business must include (but is not limited to) the following criteria:
1. Clear business objective and a specific completion outcome.
2. Project team has at least three members (not including you, the project manager), each with defined roles and responsibilities.
3. Completion window of 180 days.
4. Cost estimates that serve as the basis for a budget are used as part of the plan development process.
Your Role
For both Options A and B, you are the project manager.
Requirements
Using the Project Plan Template, develop the Project Charter section of the Project Management Plan, including the following:
1. Business Need.
• Briefly describe the business need for Cosmo, Inc. or your selected business. Indicate how this will align with organizational strategic goals and objectives. Include quantitative information that supports the severity of the problem (performance metrics, costs metrics, customer satisfaction metrics, and so on).
2. Project Objectives.
• Provide a brief statement regarding the implementation of the project, and then use bullet points regarding the major deliverables.
3. Project Approach.
• Describe the business requirements for the project. How will the project be managed? For example, this project will be managed in accordance to the PMI approach as modified. Provide specific tools or techniques that will be utilized per project phase.
4. Project Assumptions.
• Explain project assumptions. For example, it is assumed that the budget will be available to support the project and will require no update.
5. Project Constraints.
• Explain project constraints. For example, the resources for the project may not be available as needed, and alternative solutions may be required. Provide mitigating strategies for each constraint.
6. Project Dependencies.
• Explain project dependencies. For example, this project is dependent on the construction feasibility project (name) to be completed before this project can proceed. Provide mitigating strategies for each dependency.
7. Initial Risk Factors.
• Analyze initial risk factors to the project. Include the impacts and mitigating strategies. For example, city permit application and approval occurs once a month. This could delay the ground-breaking tasks. Mitigation: Request a special meeting with the city planning department to gain approvals.
8. Regulatory Costs and Impacts.
• Analyze the impact of regulations and costs to the project. For example, SOX, HIPAA, GLB, SEC rules, local and state licensing, permits, et cetera.
9. Roles and Responsibilities.
• Explain who the project stakeholders are, their roles, and their responsibilities.
10. Signoffs.
• Not required for this portfolio work project.
11. Comments.
• This area is for stakeholder comments and is not required for this portfolio work project.
Evaluation
By successfully completing this homework, you will demonstrate your proficiency in the following course competencies through corresponding guide criteria:
1. Competency 1: Analyze project management methodologies and frameworks.
• Explain project assumptions, constraints, and dependencies.
• Analyze initial risk factors to the project.
• Analyze the impact of regulations and costs to the project.
2. Competency 3: Analyze the application of various project management frameworks.
• Describe the business requirements for the project.
3. Competency 4: Analyze how leadership characteristics and behaviors affect project quality and success.
• Explain who the project stakeholders are, their roles, and their responsibilities.
4. Competency 5: Communicate project management needs, opportunities, and strategies with multiple stakeholders.
• Communicate in a manner that is professional and consistent with expectations for members of the project management profession
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.