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.