Comparison and Critical Analysis of Project Management Methodologies

This document provides a comparison and critical analysis of different project management methodologies. It explores the advantages and disadvantages of each methodology and provides insights on how to effectively analyze and compare them for successful project execution.

PROJECT
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Comparison and Critical Analysis of Project Management Methodologies...............................1
TASK 2............................................................................................................................................3
Development of a Network Diagram..........................................................................................3
TASK 3............................................................................................................................................3
Stakeholder Analysis...................................................................................................................3
TASK 4............................................................................................................................................6
Risk Analysis..............................................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Project Management refers to all the techniques, processes and steps which are required
by an organisation to accomplish a project in an effective manner. Furthermore, planning,
organising, execution and controlling are essential aspects of project management of an
organisation (Meredith, Mantel Jr and Shafer, 2017).
Hence, in this relation, the report below is based on Bucks Student's Union Music
Festival, which is a student union festival. Hence, in this relation, the assignment includes critical
analysis of several project methodologies, along with development of a network diagram, which
would be describing the pathway to organise the function effectively. Furthermore, the report
would also undertake stakeholders' analysis which is related to evaluation of several individuals
associated with the project. In addition, a brief risks analysis is also inclusive within the project.
TASK 1
Comparison and Critical Analysis of Project Management Methodologies
Project Methodologies are certain techniques which act as a framework and guiding
principles which help individuals and project teams to complete the project in an effective
manner (Schwalbe, 2015).
In context of Bucks Student's Union Music Festival, critical evaluation of several
methodologies is explored below:
Waterfall:
One of the most appropriate methodologies which is used in project management is
Waterfall. This methodology works in the notion that risks must be eliminated within the project
from the very beginning. Moreover, more focus must be implemented upon the initial stages of
the project, which includes outlining and designing the key requirements of the same. This
methodology is being used for a variety of uses and the major requirement of the usage of the
waterfall model includes that there must not be ambiguous requirement relating to the project.
Also, the client must be of high confidence and the project must be short and use of good
technology must be there.
There are several advantages and disadvantages associated with this methodology which
is explained below:
 Advantages:
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◦ One of the prime advantages associated with this methodology is that it is fairly easy
to use and provides an effective structure to individuals to work upon.
◦ Another advantage associated with the same is it functions as an effective guide
within complex and critical processes (Fleming and Koppelman, 2016).
 Disadvantages:
◦ Its disadvantage is that the principles associated with this methodology are very rigid,
which narrows the scope of flexibility within the project.
◦ Another negative element of the same is that it is quite time consuming.
Agile:
This methodology is the one which provides and induces flexibility in operations
associated with project management. Moreover, it also assists the project manager and the team
to modify several parameters throughout the timespan of the project in an effective manner. The
major use of the agile technology within the contemporary project is that this will assist the
company in identification of appropriate end user and their goal must be related with the process
of the project. Agile is applicable to any type of project as it involves the identification of proper
end user and if this is not possible then this will assist the person in identifying the better project.
Its advantages and disadvantages are stated below:
 Advantages:
◦ Its advantages include enhanced flexibility within the projects which enhances the
scope of including scope of creative practices.
◦ Another advantage associated with the same is that it includes innovation within its
structure, which helps the company in enhancing its effectiveness of the project.
 Disadvantages:
◦ It is a highly hands-on approach, which is required to be dealt with sensitively.
◦ There is a high scope of failure within this methodology as innovation is its main
crux, which also could lead to enhanced time and efforts (Binder, 2016).
Scrum:
This methodology is associated with high end adaptation within the project which
emphasises on sharp and short deliveries of the project. Furthermore, it contributes effectively
within the project as it enhances the time of feedbacks from clients which could be
spontaneously be tended to. The major use of the scrum technique is that this is primarily used
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the management of the software and its proper development. The major emphasizes of this is that
there is up front planning and also the scheduling of the activities is done on that basis only.
Several benefits and drawbacks related to the same are stated below:
 Advantages:
◦ Adaptation is one of the key advantages of this methodology.
◦ High productivity could be induced in this methodology due to regular modifications
promoted within the project.
 Disadvantages:
◦ Control is very difficult to be established within the project due to lack of definite end
date.
◦ Failure rate is usually high in this methodology because of challenging structure and
lack of commitment (Joslin and Müller, 2015).
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TASK 2
Development of a Network Diagram:
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Critical path
1, 2, 3, 8, 10, 12, 14, 15, 17, 20, 21, 22 = 175
1, 2, 3, 8, 9, 11, 14, 15, 17, 20, 21, 22 = 93
1, 2, 3, 8, 10, 12, 14, 16, 18, 19, 21, 22 = 162
Out of the above critical path the critical path is the path 2 which includes activity ‘1, 2, 3, 8, 9,
11, 14, 15, 17, 20, 21, 22 = 93’. This is the critical path as this takes the least time in the
completion of the whole project as compared to the other paths.
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TASK 3
Stakeholder Analysis
Identification of Stakeholders:
In context of Bucks Student's Union Music Festival, there are several stakeholders that
are stated below: Project Manager: This individual is associated with overall management of the project. Employees: They are the ones who would be performing several tasks related to the
festival. Customers: The attendees of the reunion music festivals are the customers of the project. Investors: These individuals would be investing in the development of music festival. Government: The government would be having a keen insight onto the festival to ensure
that legislative requirements are effectively adhered.
 Suppliers: These are the ones which provide raw materials to he firm to accomplish the
project (Hornstein, 2015).
Classification of Stakeholders:
It is essential that the stakeholders are appropriately classified in order to appropriately
and effectively ensure different categories of these stakeholders basis on their power and interest.
Hence, for this purpose, Mendelow's Power-Interest Matrix is stated below:
Hence, based on the above analysis these stakeholders are classified into two groups: Internal Stakeholders:
◦ Project Manager: Their interests and power within the project are quite high as they
are responsible to ensure a complete development and execution of the project.
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◦ Investors: They invest their money on the project and hence, their interest and power
to control the operations are high.
◦ Employees: Their interest is very high in the festival as they support the manager in
its development. However, the power of these individuals is low as the major
decisions would be taken by the Project Manager.
◦ Customers: These are the attendees of the festival and hence, their interest is very
high with respect to the project. External Stakeholders:
◦ Suppliers: Since they supply the raw material, they are not interested not have any
influence on how the project would be developed and executed.
◦ Government: While the government has minimal interest, their power is quite high in
shaping up the event in a legislative manner (Todorović and et. al., 2015).
Assessment of responses of Stakeholders:
There are several responses of different stakeholders in context of different situations,
which are stated below:
 Supply Chain Regulations:
Government regulates the regulations related to supply chain and hence, if scenario arises
that he regulations are not in the favour of the company, the investors would want that minimal
prices are paid for raw materials, however, the project manager would want high priced and
quality materials. Hence, the response of both these parties must be to ensure effective raw
materials based on contractual basis, which provides effective value of money.
 Land Acquisition:
For instance, if the land suitable for the event is at a location where there is
environmental protection issues, then despite of desires of customers and investors, the response
of employees and project manager would be to adhere to legislations related to environment and
choose appropriate location for the event.
Work Breakdown Structure
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Communications Strategy:
It is important to set up a communications strategy amongst stakeholders to ensure
regular flow of crucial information. It is important to ensure that performance on the final event
meet with the standards set before. Hence, the communication strategy of the event would
include channels like intranet, social hubs and private networks. Also for the better and effective
communication major focus will be laid over written communication. This is majorly because of
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the fact that written communication is much better as compared to the other channels of
communication. The major reason underlying this fact that written communication is better as
this can be used in future for reference as well. If in case some points of the projects are missed
then the person can use this written communication and because of this it can be used in future as
well.
TASK 4
Risk Analysis
Risks refer to the activities or contingencies which could cause disadvantage or a
complete demolition of the overall projects. Hence, for Bucks Student's Union Music Festival,
risk analysis of the project is explained below:
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The above risks are very important to be dealt with effectively, which ensure
effectiveness within the project. However, the risks associated with infrastructure under-
development and accidents are required to be assessed to a great extent, by deploying safety
management teams and keeping ambulances throughout the closure of events. Moreover,
effective equipments must also be hired for the same. Moreover, in context of performers,
contractual basis must be one of the most appropriate methods to ensure that consistency within
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the performers is appropriately managed. Moreover, hiring professionals would ensure that each
position is filled throughout the festival in case of contingencies (Fewings and Henjewele, 2019).
CONCLUSION
Thus, it is concluded that project management is one of the most effective aspects to be
concluded by individuals which is required to ensure planning and appropriate execution of the
projects. Comparison of methodologies enhance the scope of selecting one of the most effective
and essential technique to commence the project. Furthermore, development of effective and
essential network diagram explores different pathways to complete the project. In addition,
stakeholders analysis helps in identifying key individuals related to the project along with the
level of influence and interest they possess. Lastly, risk management is very important to ensure
that no contingencies gets in the way of accomplishing the project in an effective manner.
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REFERENCES
Books and Journal
Binder, J., 2016. Global project management: communication, collaboration and management
across borders. Routledge.
Fewings, P. and Henjewele, C., 2019. Construction project management: an integrated
approach. Routledge.
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.
Meredith, J.R., Mantel Jr, S.J. and Shafer, S.M., 2017. Project management: a managerial
approach. John Wiley & Sons.
Schwalbe, K., 2015. Information technology project management. Cengage Learning.
Todorović, M.L., and et. al., 2015. Project success analysis framework: A knowledge-based
approach in project management. International Journal of Project Management. 33(4).
pp.772-783.
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