Service Quality in the Banking Sector

BM522
Project Management
Student name
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Table of Contents

Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
Key methodologies and their key benefits...................................................................................3
Project methodologies:.............................................................................................................3
Scrum methodology:................................................................................................................3
Critical Chain Project Management.........................................................................................4
Waterfall methodology.............................................................................................................5
Task 2...............................................................................................................................................6
The Network Diagram:................................................................................................................6
Completion date.......................................................................................................................7
EST EFT LST LFT...................................................................................................................7
Activities of Critical Path.........................................................................................................8
GANTT chart.........................................................................................................................10
Task 3............................................................................................................................................11
Stakeholder Analysis..................................................................................................................11
Work Breakdown Structure....................................................................................................12
Task 4.............................................................................................................................................13
Analysis of risk:.........................................................................................................................13
Conclusion.....................................................................................................................................14
Reference.......................................................................................................................................15

Introduction
The goal of this research is to assess and explain the most influential aspects, as well as project
management performance criteria. These project management skills will be used for the module's
assigned project to assess this assignment. Scrum is a method of project management for agile
projects. The critical chain project management framework is similar to the critical route
strategy, but it goes further, making it one of the most complete solutions [ CITATION Wel19 \l
1033 ]. A network diagram indicates a graphical statement of a project that form with a series
of connected arrows and boxes that exhibit how the project's operations are interconnected. To
celebrate achievements, the plan calls for a new music festival to be held this fall at the local
Town Hall. The success of project management was assessed using key methods, a network
diagram, and a work breakdown structure, as well as risk analysis and project quality evaluation
[ CITATION LeS18 \l 1033 ].

Task 1
Key methodologies and their key benefits
Project methodologies: According to [ CITATION May18 \l 1033 ] the project
management technique provides a detailed project roadmap that details all of the steps required
to successfully finish a project. These project approaches or strategies define the governance
structure, process standards, test activities, processes, and deliverables. A methodology is a
collection of rules that project teams must follow when they begin and manage projects.
Scrum methodology: It's more of a plan for project management than a full-fledged project
management approach. Scrum divides work into short "sprints" that can last anywhere from one
to two weeks.
Figure: Scrum methodology [ CITATION May18 \l 1033 ]
Advantages:
1. Scrum help a team to finish a project deliverables more swiftly and effectively.
2. Scrum assure more effective use of time frame and resources.
3. The Projects are separated into smaller sprints.
4. It's perfect for tasks that need urgent attention.

Disadvantages:
1. Because there is no predetermined finish time in Scrum, opportunity creep is as usual.
2. In case one is not devoted or helpful, it’s a great probability the project will fall off.
3. Scrum may be difficult to implement in large businesses.
4. Only experienced team members can utilize the framework.
The Critical Chain Project Management: It offers real-time requirements for each
activity in addition to a work breakdown structure similar to CPM [ CITATION Sha171 \l 1033
]. It also employs resource leveling, which distributes work among available resources to handle
heavy workloads.
Figure: Critical chain management phases [ CITATION wel19 \l 1033 ]
Advantages:
1. It assists the project manager in determining which components of the project are the
most critical.
2. CPM may be able to aid with new project management administration.
3. When used correctly, CPM may improve a team's viewpoint.
Critical Chain Project Management Disadvantages:

1. The CPM is not in charge of employee scheduling.
2. The critical approach in CPM is not always clear.
3. In CPM, the key path must be properly identified.
Waterfall methodology: Each step of the project must be finished before going on to the
next, therefore activities and stages must be accomplished in a logical, sequential order (Armenia
et al., 2019). However, much like a genuine waterfall, this might swiftly become devastating.
Figure: Waterfall methodology [ CITATION Kum19 \l 1033 ]
Advantages
1. Each phase must be finished before going on to the next level of growth.
2. Smaller initiatives with well-defined goals are a good fit.
3. They should execute a quality assurance test before completing each stage.
Disadvantages
1. Only during the phase may errors be remedied.
2. It isn't appropriate for applications with a lot of moving parts.
3. Testing takes place at the end of the development process.

Task 2
The Network Diagram:
The Bucks Student Union has planned a musical event with 22 activities spread out over 321
days. The project network diagram was created using the following steps:
Figure: Network Diagram [ CITATION Wel19 \l 1033 ]
Completion date: According to project details, the project will begin on October 11th, 2021,
and will take 98 days to complete. As a result, the project's completion duration will be delayed.
Inauguration date Finished time Project duration
11th october,2021 17th january,2022 98th days
EST EFT LST LFT: (EST) An early start is recommended. (LST) It's going to be a late start.
The latest time at which an activity may begin while still allowing the project to be finished on
schedule is referred to as the time limit.
Activities (EST) (Early Finished
time) EFT
(Late start time)
LST
(Late Finished
time) LFT
1 0 1 1 1
2 1 14 0 14
3 2 13 3 13

4 14 22 16 23
5 21 29 23 30
6 28 58 30 58
7 2 9 1 5
8 16 28 18 28
9 28 30 30 30
10 30 2 33 33
11 1 18 1 9
12 8 30 9 16
13 56 67 56 93
14 93 92 92 92
15 58 93 96 97
16 63 56 56 65
17 64 65 65 86
18 16 16 14 20
19 30 35 35 39
20 9 13 13 12
21 18 20 20 21
22 18 94 84 94
Activities of Critical Path: Key route activities are the actions that define the project
schedule's completion date. If one of the project management tasks or activities is late by at least
one day, the project's end date will be pushed back one day [ CITATION Jon191 \l 1033 ].
Here’s the most important route diagram:
Figure: Critical path activities [ CITATION Kum19 \l 1033 ]