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Simplify Savings Prototype Presentation Jacob Berlin, Travis Reid, - - PowerPoint PPT Presentation

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Simplify Savings Prototype Presentation Jacob Berlin, Travis Reid, Miranda Smith, Kele McKaig, Jon Buckner, Chevelle Sakyi Gold Group CS 410, Old Dominion University 15 December 2016 Team Gold Jacob Berlin Travis Reid Miranda Smith Kele

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Simplify Savings

Prototype Presentation Jacob Berlin, Travis Reid, Miranda Smith, Kele McKaig, Jon Buckner, Chevelle Sakyi

Gold Group CS 410, Old Dominion University 15 December 2016

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Team Gold

2 Jacob Berlin Travis Reid Miranda Smith Kele McKaig Jon Buckner Chevelle Sakyi

Old Dominion University, CS 410, Gold, 15-December-2016

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Mentor

Charlotte Donnell

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Old Dominion University, CS 410, Gold, 15-December-2016

  • 17 years experience in accounting

○ Corporate Controller and Auditor

  • Certified in Accounting and Fraud

Examining

  • Southwest Texas State University

Alumnus ○ BBA in Accounting

  • National American University

○ Master of Business Administration

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Outline

  • Societal Problem
  • Identification and Analysis of Customer

Base

  • Design Approach

○ Current Process Flow ○ Our Objectives to Modify the Current Process Flow ○ Modified Process Flow ○ Major Functional Requirements ○ Competition Matrix

  • Development Approach

○ Real World vs Prototype ○ Hardware and Software Requirements ○ Development Tools

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Old Dominion University, CS 410, Gold, 15-December-2016

  • Software Details and Logical Approach

○ WBS ○ Site Map ○ Homepage Mockup ○ Example Module Mockup ○ Algorithms

  • Risk Analysis

○ Risk Matrix ○ Technical Risks ○ Consumer Risks

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What is the problem?

American individuals of working age do not prepare adequately for retirement due to lack of long term financial knowledge (e.g. points of contact, investment opportunities and their mechanics).

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Old Dominion University, CS 410, Gold, 15-December-2016

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Identification & AnaLysis of Customer

  • Working age Americans
  • Financially inexperienced
  • 65% of Americans are financially inexperienced, unable to answer

three simple financial questions (Lusardi & Mitchell, 2011)

○ Understanding of Interest Rate ○ Understanding of Inflation ○ Understanding of Risk Diversification

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Old Dominion University, CS 410, Gold, 15-December-2016

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Social Security

  • In 2034, Disability Insurance (DI) & Old Age and Survivors Insurance

(OASI) Trust Funds expected to be depleted (Social Security and Medicare Boards of Trustees, 2016)

  • In 2017 an Eligible Individual will receive $735 (Social Security

Administration, 2016)

  • Average rent for one bed per month (Rent Jungle, 2016)

○ Norfolk: $1005 ○ Chesapeake: $1044 ○ Virginia Beach: $1000

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Old Dominion University, CS 410, Gold, 15-December-2016

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Design Approach

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Old Dominion University, CS 410, Gold, 15-December-2016

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Research Focus

  • Generation Y

○ 1982 - 2001 ○ Ages 34 - 15

  • Generation X

○ 1965 to 1982 ○ Ages 51 - 34

  • Baby Boomers

○ 1946 to 1964 ○ Ages 70 - 52

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Process Flow for problem in customer Domain

Old Dominion University, CS 410, Gold, 15-December-2016

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(Munnell, 2009)

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Project Goals & Objectives

  • Fewer people at risk of losing standard of living in retirement
  • Customers gain enough financial knowledge to go off on their own

and create retirement plans

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Old Dominion University, CS 410, Gold, 15-December-2016

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The simplify savings solution

Old Dominion University, CS 410, Gold, 15-December-2016

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(Munnell, 2009)

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Module content

Retirement Plans

  • IRA
  • 401k
  • Social Security

General Financial Knowledge

  • Interest

○ Simple ○ Compounding ■ Daily ■ Annual

  • Inflation

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Old Dominion University, CS 410, Gold, 15-December-2016

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Major Functional Component Diagram

  • Users connect to the

Internet using their prefered device.

  • Our dedicated

website will provide a database to all information related to saving for retirement

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Old Dominion University, CS 410, Gold, 15-December-2016

Users consist of Admin and Learners Devices with Access to the Internet Dedicated Website for Simplify Savings Database for all Data Related to Retirement Savings Implemented on Server

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Competition Matrix

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Financial Education Tool Provides a Comprehensive Retirement Education Provides A Personalized Financial Plan Does Not Assume Previous Financial Knowledge Low Cost Simplify Savings

X X X X

FDIC Money Smart

X X X

RetirePlan

X X X

Retirement plans 401k IRA roth

X X X

High Cost Classes

X X X

Old Dominion University, CS 410, Gold, 15-December-2016

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Development Approach

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Old Dominion University, CS 410, Gold, 15-December-2016

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Real World Product vs Prototype

17 User accounts View previous test scores Resume module activity Navigate through modules Directed through modules Save a file containing module information Email a file containing module information RWP Fully functional Fully functional Fully functional Fully functional Fully functional Fully functional Fully functional Prototype Eliminated Eliminated Eliminated Fully functional Fully functional Fully functional Fully functional

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Real World Product vs Prototype

18 Each module has an interactive element All modules are implemented “What if” analysis Send feedback to an administrator RWP Fully functional Fully functional Fully functional Fully functional Prototype Fully functional Partially functional Fully functional Fully functional

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Real World Product vs Prototype

19 Change module information Delete user accounts Force user password reset Email inactive users RWP Fully functional Fully functional Fully functional Fully functional Prototype Fully Functional Eliminated Eliminated Eliminated

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Hardware & Software requirements

Hardware

  • Web Server
  • Device That Can Access a Browser

Software

  • Web Browser
  • IDE: Eclipse
  • Git Repository
  • Testing Harness

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Old Dominion University, CS 410, Gold, 15-December-2016

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What will it use?

  • Web browser
  • CSS/JavaScript template framework
  • JavaScript Visualization framework
  • Manual content collection
  • Minimal server side processing

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Software Details & Logic Approach

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Old Dominion University, CS 410, Gold, 15-December-2016

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User Roles

Editor

  • Managing information

○ Create new modules ○ Edit information in the modules Consumer

  • Ability to use the program

○ Read through modules ○ Take tests

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Work Breakdown Structure

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Work Breakdown Structure: Database

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Work Breakdown Structure: User Interface

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Work Breakdown Structure: Algorithms

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Old Dominion University, CS 410, Gold, 15-December-2016

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Site Map

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Old Dominion University, CS 410, Gold, 15-December-2016

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HomePage Mockup

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Example Module Mockup

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Old Dominion University, CS 410, Gold, 15-December-2016

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Algorithm: ‘Contact Us’

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Algorithm: Module Activity

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Old Dominion University, CS 410, Gold, 8-December-2016

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Algorithm: Reports

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Risk Analysis

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Risk Matrix

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Old Dominion University, CS 410, Gold, 15-December-2016

  • Red: Severe

Yellow: Medium Green: Low

  • “C” and “T” refer to

the kind of risk

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Technical Risks

Technical Risks T1: Little or no API support for data T2: API is costly T3: API source shuts down T4: Time constraints related to learning new APIs T5: Unexpected personnel changes

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Old Dominion University, CS 410, Gold, 15-December-2016

Technical Risk Mitigation T1: Find credible sources for information T2: Search for third party project funding T3: Choose a high profile API T4: Independent skills training and practice T5: Schedule for the same CS 411W course

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Consumer Risks

Customer Risks C1: The information presented is not detailed enough for most consumers C2: The information presented is too detailed for most consumers C3: Information from unreliable source C4: Customer possesses low level of technical expertise

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Old Dominion University, CS 410, Gold, 15-December-2016

Customer Risk Mitigation C1 & C2: Beta Testing and customer surveys C3: Using a credible API C4: Creating a help section and tutorial

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The Wrap Up

  • Societal Problem
  • Identification and Analysis of Customer

Base

  • Design Approach

○ Current Process Flow ○ Our Objectives to Modify the Current Process Flow ○ Modified Process Flow ○ Major Functional Requirements ○ Competition Matrix

  • Development Approach

○ Real World vs Prototype ○ Hardware and Software Requirements ○ Development Tools

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Old Dominion University, CS 410, Gold, 15-December-2016

  • Software Details and Logical Approach

○ WBS ○ Site Map ○ Homepage Mockup ○ Example Module Mockup ○ Algorithms

  • Risk Analysis

○ Risk Matrix ○ Technical Risks ○ Consumer Risks

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References

1. Rhee, N. (2013). The Retirement Savings Crisis. Washington DC: National Institute on Retirement Security. 2. Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and retirement planning in the united states. Journal of Pension Economics & Finance, 10(4), 509-525. doi:http://dx.doi.org.proxy.lib.odu.edu/10.1017/S147474721100045X 3. Lusardi, A. (2004, January 9). Saving and the Effectiveness of Financial Education. SSRN Electronic Journal SSRN Journal. doi:10.2139/ssrn.476022 4. Munnell, A., & Webb A., & Golub-Sass, F. (2009). The National Retirement Risk Index: After the

  • Crash. Center for Retirement Research.

5. Rent trend data in Norfolk, Virginia. (2016, October). Retrieved from https://www.rentjungle.com/average-rent-in-norfolk-rent-trends/ 6. Social Security. (2016). Retrieved from https://www.ssa.gov/OACT/COLA/SSI.html 7. Social Security and Medicare Boards of Trustees. (2016, July 12). Social Security. Retrieved from https://www.ssa.gov/OACT/TRSUM/

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Appendix

Modules to be Implemented:

  • Inflation
  • Interest
  • Risk Diversification
  • Amount to Save
  • IRA/ Roth IRA
  • 401k/ 403B
  • Pension Plans

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  • Stocks
  • Social Security
  • Annuity
  • Keogh Plan
  • Bonds
  • Certificate of Deposit
  • Mutual Fund