Project Management: Methodologies, Network Diagram, Stakeholders Analysis, Risk Analysis

This document provides a comprehensive guide to project management, covering methodologies, network diagram, stakeholders analysis, and risk analysis. It explains the importance of project management and provides insights into different methodologies. It also includes a step-by-step guide to creating a network diagram, analyzing stakeholders, and identifying and mitigating risks. Perfect for students studying project management or professionals looking to enhance their skills.

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Project management methodologies.......................................................................................1
TASK 2............................................................................................................................................2
Network diagram....................................................................................................................2
TASK 3............................................................................................................................................6
Stakeholders analysis and work breakdown structure............................................................6
TASK 4............................................................................................................................................8
Risk analysis...........................................................................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Project management refers to applying tools, knowledge, skills, methods, techniques
addition to framework for executing operations to meet essential requirements of specific project
on time (Gurjar, 2016). It is considered as a critical and major component of successful project.
The report is prepared on an event that is Bucks Students’ Union Music Festival that is organised
by Buck’s Student Union in order to celebrate achievements of the Alumni. The report includes
comparison among three project management methodologies, development of network diagram,
undertaking stakeholder analysis and risk analysis for various risks that can affect the project
organised by students Union.
TASK 1
Project management methodologies
In current project management era, forward thinking leaders as well as managers adheres
various types of methodologies to manage a project (Hornby, 2017). Following are the
comparison among three project management methodologies:
Project
management
methodologies
Agile Methodology Critical path method GTD Methodology
Meaning It is defined as successful
project management
methodology which
engrosses customer
within development
procedures and usage of
kanban cards or different
boards as management
system of project
(Kerzner, and Saladis,
2017).
It is said to the roadmap
which provides
directions related to
where and how
activities need to get
completed along with
explains the ways
projects potentially
overlaps.
The methodology is
based on the idea
related to moving
planned tasks as well
as projects out of
brains through
recording them
externally along with
breaking into
practicable work
items.
Benefits Its main advantage is that
it is flexible enough with
It highlights the tasks
that involve risks of
The methodology
benefits in prioritising
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changing objectives and
situations. Moreover, it
also facilitates habitual
feedbacks from
stakeholders.
falling that help in
making effective
changes and keeping
project on track. It also
helps in managing time
within entire project
(Kerzner, 2019).
tasks, writing them
and working on them
with ease. It also helps
in handling various
projects at a time.
Limitations Agile methodology fails
in providing accurate
structure to projects.
Along with this,
involvement of external
parties into projects
creates confusions
related to whose idea
should be used and
whose not.
Application of the
methodology is more
complex. The other
disadvantage is that it
do not involve much
information about
resources, equipments
and techniques that are
used in the project
which hampers
managing projects
effectively.
The limitation of GTD
methodology is that it
is not suitable as
separate methodology
to manage projects
(Laufer, 2016). It also
takes huge time in
starting a project as all
the things are first
stated, then written
down, plans are made
to execute them and
many more.
According to comparison, it has been analysed that the best suited project methodology
for Bucks Student's Union Music Festival is Critical Path Method. It is because this methodology
will help in establishing all tasks or activities along with defines which activity is to be started
after ending of one activity.
TASK 2
Network diagram
Network diagram addition to various activities of Bucks Student's Union Music Festival is
underneath:
2

3

4

Figure 1: Network diagram
Figure 2:. EST, LST, EFT and LST
The above diagram is prepared through underneath basis
Early Start Activity Number Early finish
Slack ACTIVITY NAME
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time
Late Start Duration Late Finish
Critical path is the shortest distance among start as well as finish of particular project which
involves all tasks together with durations that provides clear picture of actual schedule of the
project (Marchewka, 2016). The above mentioned is network diagrams for Bucks Student's
Union Music Festival that is represented with orange arrows and blue arrows in Figure 1. As per
figure 2, shortest time that is taken by activities is 1,2,4,5,9,10,21 and 22. In order to complete all
the activities, shortest possible time required is 1 + 14 + 7 + 7 + 2 + 84 + 1 + 10 days = 116 days
in total.
TASK 3
Stakeholders analysis and work breakdown structure
Stakeholder analysis
It is a tool that helps in identifying level of interest addition to powers of each stakeholder in
the project (Martinelli and Milosevic, 2016). In case with the Music Festival Event that is hosted
by Bucks Students’ Union, main stakeholders are investors, audiences, town hall committee,
participants and organisers. Below is stakeholder analysis for the event:
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For the purpose of understanding stakeholder analysis, it is important to take two aspects
which are level of interest and level of powers that are with the stakeholders whether they are
internal or external stakeholders. The grouping of stakeholders as per power and interest level for
the event is as follows:
High power and high interest: In this category, investors are grouped. These are generally
external stakeholders who have high power along with high interest in the activities performed at
the events being organised by the Bucks Students’ Union.
Low power and low interest: Herein, audiences are grouped for whom the event is hosted.
These are also external stakeholders and it is analysed that they have less powers to change any
activity of the event and less interest in what is going on.
High power and low interest: In this category, Town Hall Committee is categorised for
Bucks Student's Union Music Festival. These are majorly considered as external stakeholders
who have low interest in contribution of people but have huge powers to make decisions
(Maylor, Blackmon and Huemann, 2016).
Low power and high interest: Within it, participants and organisers are categorised. These
are internal stakeholders that have low powers in devising and changing decisions. However,
these have huge interest in implementing decisions on time.
Work breakdown structure
In context to Bucks Student's Union Music Festival, work breakdown structure is
underneath:
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TASK 4
Risk analysis
It is defined to process that involves analysing, determing as well as mentioning risks that
are involved in a project (Rendon and Snider, 2019). Risks are inherent with all types of
activities in an event. It is the tool that is majorly used for identifying along with assessing
diverse factors which can jeopardise success of project addition to objective attainment. In case
with Bucks Student's Union Music Festival event, there are various risks associated with that that
can become roadblocks in competing all activities. For this purpose, risk register is prepared by
the organisers that involves list of identified risks along with mitigating strategies that will be
undertaken while actual occurrence of the risks. Following is the risk register:
Identified
risk
Likelih
ood of
risk
Impact Team that
will
manage
the risk
Mitigation
strategy
Pre-
action
weighin
g score
Post-
action
score
Miscommun
ication
High It will impact on
workings as
there will no
coordination of
activities and
even various
tasks will be
done twice is
miscommunicati
on occurs in the
event.
Event
manager
To mitigate the
risks, proper
authority
responsibility
relations will
be made and
groups will be
formed in
which a team
leader will
monitor
communicatio
n among
people in
entire event
(Vanhoucke,
4 out of
10
8/10
8

2016).
Shortage of
funds
High It will result in
hurdles in
carrying out
other activities
for the event.
Finance
manager
To mitigate the
risk, finance
manager will
keep some
monetary
resources with
them that will
be used in
shortage of
funds.
4 out of
10
8 /10
Injury to
organisers
Modera
te
It will impact in
burden on other
people who are
organising the
event as they
have to
complete the
work that was
assigned to them
and the work of
the injured
people (Young,
2016).
Human
resource
manager
In order to
mitigate from
the risks,
managers of
the event will
keep safety kit
and various
equipments
with them so
that safety
precautions
and measures
will be
provides on
time.
6 out of
10
7 /10
Spillage
addition to
lose cables
Low It will injure
staff along with
visitors if they
will trip on
some tangible
Housekee
ping
managers
In order to
mitigate the
risk, the
organisers will
allot tasks to
3 out of
10
9 /10
9

things or slip
over spillages.
effective
people who
have skills to
handle lose
cables.
Last minute
cancellation
by
prominent
speakers
and
musicians
Low It will impact on
overall activities
as when
speakers or
musicians will
cancel at last
minute then the
event will not
gain any
success.
Event
organiser
committee
To mitigate the
risk, the event
planning team
has prepared
some dance
performances
and speeches
to honour the
achievements
of Alumni.
7 out of
10
9 out of
10
CONCLUSION
The above discussion concludes that project management is about planning, implementation,
controlling and ending work to attain particular objectives as well as meet the criteria of success
related to an event. Project management methodologies that can be used in successful
management of project are critical path method, GTD methodology and Agile methodology.
Critical path method states about the least time required in completing all activities. Major types
of risks involved in any event are miscommunication, last minute cancellation, shortage of funds
and injury of organisers.
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REFERENCES
Books and Journals:
Gurjar, N., 2016. A forward looking approach to project management: tools, trends, and the
impact of disruptive technologies. Springer.
Hornby, R., 2017. Commercial project management: A guide for selling and delivering
professional services. Taylor & Francis.
Kerzner, H., 2019. Using the project management maturity model: strategic planning for project
management. John Wiley & Sons.
Kerzner, H. and Saladis, F. P., 2017. Project management workbook and PMP/CAPM exam
study guide. John Wiley & Sons.
Laufer, A., 2016. Breaking the code of project management. Springer.
Marchewka, J. T., 2016. Information technology project management: Providing measurable
organizational value. John Wiley & Sons.
Martinelli, R. J. and Milosevic, D. Z., 2016. Project management toolbox. John Wiley & Sons,
Incorporated.
Maylor, H., Blackmon, K. and Huemann, M., 2016. Researching business and management.
Macmillan International Higher Education.
Rendon, R. G. and Snider, K. F., 2019. Management of defense acquisition projects. American
Institute of Aeronautics and Astronautics, Inc..
Vanhoucke, M., 2016. Integrated project management sourcebook. Basel: Springer International
Publishing.
Young, T. L., 2016. Successful project management. Kogan Page Publishers.
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