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

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