SST101: Describe key steps in defining a project and explain how you would apply these steps to Acme Corp’s new product development project: Principles of Project Management Assignment, SUSS, Singapore

Acme Corp, a multinational technology company, has decided to develop a new product, an innovative smart home security system. The goal of the project is to create a user-friendly, affordable, and cutting-edge system that integrates seamlessly with existing smart home devices. The project’s success will depend on its ability to meet strict deadlines and budget constraints while ensuring high-quality standards.

Acme Corp has hired you as the project manager to lead a diverse, cross-functional team in the development of this new security system. The project is expected to last 18 months, with a budget of $3 million.

To achieve the project’s objectives, Acme Corp has outlined several key milestones and deliverables:

Market research and customer needs analysis (Months 1-3): The project team will conduct comprehensive market research to identify customer needs, preferences, and pain points related to smart home security systems. This research will help inform the design and functionality of Acme Corp’s new product.

Concept development and prototyping (Months 4-6): The team will develop an initial concept for the smart home security system, taking into account the findings from the market research. Once the concept is finalized, the team will create a functional prototype to test its feasibility and performance.

Product testing and iteration (Months 7-10): Acme Corp will conduct rigorous testing of the prototype to identify any areas for improvement. This phase will involve iterating on the product design and incorporating user feedback to ensure that the final product meets customer expectations.

Manufacturing and supply chain development (Months 11-14): The project team will work closely with suppliers and manufacturing partners to establish efficient production processes and a reliable supply chain. Ensuring the timely delivery of quality components and materials is crucial for meeting the project’s strict deadlines and budget constraints.

Marketing and sales strategy (Months 15-16): Acme Corp’s marketing department will develop a comprehensive marketing and sales strategy for the smart home security system, targeting key customer segments and channels. This strategy will include product positioning, pricing, promotional campaigns, and distribution plans.

Product launch and post-launch support (Months 17-18): The project team will oversee the successful launch of the smart home security system in the market, coordinating with sales, customer service, and technical support teams to ensure a seamless customer experience. Post-launch, the team will continue to monitor product performance, gather user feedback, and implement any necessary improvements.

Throughout the project, Acme Corp’s management will regularly review progress against key performance indicators (KPIs), such as budget, timeline, quality, and customer satisfaction. The project manager will be responsible for managing risks, mitigating any potential issues, and ensuring that the project stays on track to deliver a successful smart home security system that meets the needs of Acme Corp’s customers.

Questions

1. Describe key steps in defining a project and explain how you would apply these steps to Acme Corp’s new product development project.
2. Analyze the importance of aligning Acme Corp’s new product development project with the organization’s strategy. Show how this alignment affects the project selection and the role it plays in the overall success of the project.
3. Develop a Work Breakdown Structure (WBS) for Acme Corp’s new product development project, listing the main deliverables and their components. Discuss the difficulties faced by the team when creating the WBS.