Project Management: Methodologies, Network Diagram, Stakeholder Matrix, Risk Analysis

This report discusses project management methodologies, including the critical path method and agile project management. It also covers the development of a network diagram, stakeholder matrix, and risk analysis for the Bucks Students Union Music Festival. The report emphasizes the importance of project management in achieving goals and completing tasks on time.

PROJECT MANAGEMENT

Table of Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................4
Compare and critically analyse three project management methodologies with their advantage and
disadvantage............................................................................................................................................4
TASK 2.......................................................................................................................................................6
Develop a network diagram.....................................................................................................................6
TASK 3.......................................................................................................................................................9
Develop a stakeholder matrix..................................................................................................................9
TASK 4.....................................................................................................................................................10
Prepare a risk analysis...........................................................................................................................10
CONCLUSION.........................................................................................................................................12
REFERENCES..........................................................................................................................................13

INTRODUCTION
Project management refers to a process of practicing the planning, organizing, initiating,
controlling and closing the task of a team after accomplishing the desired goals and it meets the
criteria on a specified time period. The main objective of project management is to achieve the
goals on time with the specified constraints. It is an activity that includes skills, knowledge, tools
and techniques that is helpful in achieving the requirements of the project to be completed. This
report is based on the Bucks students Union Music Festival. It includes various types of project
management methodologies that is helpful in completing the project within the specific time
period, that is very important for achieving the successful activities. It also develops the network
diagram that shows that the form which path task can be completed and in how much time. It
includes the shareholder matrix and work breakdown structure for the music festival that shows
the interest of the stakeholders in the events. this report also helps in making the risk analysis
that is useful to identify the risk and find and make some strategies to overcome this risk that was
present at the time of events(Kerzner, 2017).
TASK 1
Compare and critically analyse three project management methodologies with their advantage
and disadvantage
Project management – It refers the activity that is used to planning, controlling, managing,
initiating and organizing the entire task so that it can be achieved in time in a very effective and
efficient manner. It refers to a planning and organizing the company resources that is move
towards a specific goal. In bucks’ students Union Music Festival to maintains and organize all
the activities manager of an event can focusing on methodologies and select the appropriate one
form this. Some of the methodologies can be explained below (Fleming and Koppelman, 2016).
Basis Critical path method Agile project
management
Six sigma
Meaning It refers to the
analysis that set the
algorithm for a project
completion. It can
Agile project
management refers to
an approach that is
related to the iterative
It refers to a set of a
technique that is used
to improve the
business processes by

measure the time for
the project form
starting to finish. It is
the body of the
knowledge that shows
the scheduled
activities and the
duration of achieving
the project.
which is helpful to
planning and guiding
the processes of the
projects. This type of
project is based on the
completion of task in
a small section.
eliminating the
probability of error. It
is an statistical data
that is used to
eliminate the defect in
the processes, good
and services. it
includes define,
measure, improve,
analyze and
controlling stage to
remove the defect in
the processes.
Advantage The main advantage
of the critical path
method is that it make
the project easier and
make a manageable
team and efficiently
handling the
completion in a timely
manner(Kivilä,
Martinsuo and
Vuorinen, 2017).
An advantage of the
agile project
management is that it
can changes the
requirements and need
a regular adaptation to
circumstances that is
required changing.
The major advantage
of the six sigma is that
it is based on
proactive rather than
reactive and it is also
based on the customer
driven. It also shows
the proper track
record of the value
and examine the
quality of the firm in
the improvement of
the goods and
services.
Disadvantage the main disadvantage
of the critical path
method is that if it is
too long and lengthy
The disadvantage of
the agile project
management is that
there is a lack of
The major
disadvantage of the
six sigma is that it
requires the proper

then its maintenance
is very difficult and to
maintain this
company requires a
software.
contribution of
designing and
documentation.
skilled workforce na
dit is very hard to
control the whole
process and if is not
implemented properly
than it will create very
problem.
By using various project management methodologies Bucks Student Union Music can
adopts the critical path method because it shows the proper path from starting to end of the
projects. It also shows the clear presentation in a graphical form. It saves the time and the cost
and helps in complete the task on deadline. It automatically examines the important activities
that need proper attention(Turner, 2016).
TASK 2
Develop a network diagram
Network diagram- it refers to a graphical representation of all the projects,
responsibilities and their work flow for a project. It is an visual presentation of the structure that
shows a variety of symbols and line connections. For Bucks Students Union Music, this critical
path can be make to understand the time of completion. This can be done follow(Joslin and
Müller, 2015).

Figure 1: NETWORK DIAGRAM
Figure 2: LST, EST, EFT and LST
Critical path method shows the shortest time to finish the projects that includes the whole
project together with time durations and also provides the clear picture of the schedule that is
done for the task. The above diagram shows the path for the Bucks Student’s Union Music it can

be included in two colors i.e. orange and blue. Orange lines shows the various activities such as
1+2+4+5+9+10+21+22 and blue line shows 1+14+7+7+2+84+1+10 that includes 116 days.
TASK 3
Develop a stakeholder matrix
Stakeholder’s matrix-
In Bucks Students Union Music can determine and analyze the interest and power of different
stakeholders in an event. The grouping can be shown below(Hornstein, 2015).
 High power and high interest – This type includes the investors that contains high
power and high interest in the events because they invest their money in the project and
successful completion of the event can give benefits to them of the Bucks Students Union
Music.
 High power and low interest – In this town hall committee is involved that is
constituted the Bucks Students Union Music. They contains the high power because they
are the owner of the place and they have the power to take decisions(Conforto and et. al.,
2016).
 Low power and high interest – In this category participants and organizers have
included in this. They are based on internal factor and have a huge amount of interest in
executing the decision making.

 Low power and low interest- in this audience are involved which have low power and
low interest in the events because they do not invest their money or participate in the
events. they have not included in the decision making.
Work breakdown structure
It refers to a hierarchical representation of the work and can be executed by the team of
the project to achieve the objectives of the projects. Below diagram shows the level of work done
in the project for accomplishing the events.
TASK 4
Prepare a risk analysis
Risk analysis – It refers to an identifying and analyzing the major issues that could negatively
affect the business activities in their completion. This process is helpful to avoid the risk and
manages the activities very smoothly. It defines the uncertainty that was arising in the projects in
the institute. In Bucks Students Union Music, event manager can identify and examine the risk
that was present at the time of the event is conducting. To reduce this risk manager can select the
area where the risk can be occur so that they can make strategies to overcome this problem. This
can be follow in the below table(Badewi, 2016).
Identified risk Severity of risk Consequences of the
risk
Overcome to
reduce the risk
Team that
manages the
events

Not a proper
communication
High severity of
risk
Because of improper
communication there
is coordination is
possible between the
members who are
involved in the events
and because of this
there is no successful
completion of
events(de Carvalho
and et. al., 2015).
To overcome this
risk event manager
can take all the
responsibility and
properly transfer
the information for
this they hire a
leader who can
lead all the
activities and
maintains the
coordination
between the team
members.
Event
management team
Last minute
cancellation
Moderate
severity of risk
Because of cancel the
event in a last minute
it contains the loss of
money like u need to
cancel the contract
with musicians,
dancers and their
image is also spoils.
To reduce the risk
manager can
properly manages
the whole events
by motivating and
encouraging the
peoples to
effective work so
that thought of
cancellation is not
arrived again.
Event committee
Shortage of
financial resources
Low severity of
risk
Because of shortage
of funds it will create
a hindrance in
managing and
organizing the events.
To reduce the risk
of shortage of
funds manager can
examine all the
resources and
arrange the funds
Financial manager

previously.
CONCLUSION
From the above report it is to be concluded that project management is a very prominent
term to manage, organize, directing and scheduling the project from starting to end. It is an
essential term to involve a project management in completion of a task and goal. By focusing on
the task completion this is very effective tool and activities it enhances the work performance of
an employees. This whole project is based on the Bucks School Union Music that is a big event.
To organize and successful completion of this event institute can use project management
methodology so that the task can be achieved on specified time in an effective manner. Further it
shows the critical path method that is useful to show the path from starting point to end point and
suggest the path that contains less time in achieving this. It also explains the stakeholders matrix
to know the power of interest i.e. based on high or low. At last it explains the risk analysis matrix
that shows the various risk and their degree and also gives the suggestion to overcome this risk.

REFERENCES
Books & Journal
Badewi, A., 2016. The impact of project management (PM) and benefits management (BM)
practices on project success: Towards developing a project benefits governance
framework. International Journal of Project Management. 34(4). pp.761-778.
Conforto, E.C. and et. al., 2016. The agility construct on project management
theory. International Journal of Project Management. 34(4). pp.660-674.
de Carvalho and et. al., 2015. Project management and its effects on project success: Cross-
country and cross-industry comparisons. International Journal of Project
Management. 33(7). pp.1509-1522.
Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management.
Project Management Institute.
Hornstein, H.A., 2015. The integration of project management and organizational change
management is now a necessity. International Journal of Project Management. 33(2).
pp.291-298.
Joslin, R. and Müller, R., 2015. Relationships between a project management methodology and
project success in different project governance contexts. International journal of project
management. 33(6). pp.1377-1392.
Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Kivilä, J., Martinsuo, M. and Vuorinen, L., 2017. Sustainable project management through
project control in infrastructure projects. International Journal of Project
Management. 35(6). pp.1167-1183.
Turner, R., 2016. Gower handbook of project management. Routledge.