Here is a project charter for a new product line that will expand a home security company’s product offering to including do-it-yourself (DIY) systems (please note that all financial values are for example purposes only). The company presently offers professionally installed home security systems that require long term contracts (to offset professional installation costs). The market for DIY security systems is driven by consumers wanting to build and expand their own systems, at minimal cost with no long term contracts (here is the charter template) –
Here are a few notes that go with this charter –
- Note the clear and concise Project Description that draws the reader in immediately, noting the size and projected growth rate of the DIY home security market: “The DIY home security market is estimated at $3.5B with anticipated growth at 22% per year over the next five years.”
- The Business Need section further builds on the project’s compelling nature by highlighting the financial benefit: $70M incremental operating income the second year after the product is launched.
- The team has highlighted a major project risk in red, which represents the R&D team’s concerns about working around existing intellectual property owned by competitors. In this case, a secondary slide outlining this risk and supporting mitigation plans would make the charter presentation go more smoothly.