Project Management: Planning, Stakeholders, Risk Register, Cost Benefits Analysis

This document provides a comprehensive guide to project management, covering topics such as project planning, stakeholders concern, risk register, and cost benefits analysis. It is perfect for students studying project management.

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Project management plan.................................................................................................................3
Stakeholders concern..................................................................................................................3
Risk register................................................................................................................................7
Cost benefits analysis................................................................................................................10
Time scale.................................................................................................................................11
Project execution challenges.....................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES .............................................................................................................................15

INTRODUCTION
Project management is known as adoption of various practices which is associated with
planning, controlling and execution of a particular project by which project goals can be
achieved in prominent manner (Akkermans and et. al., 2020). Closure of a project is wholly
dependent on closing of the project so that activities of a project is aligned in order to complete
the same within specified time frame. One of the primary objective of a project is to attain high
efficacy and to manage all the coming risk in such a manner that cost can be controlled and
complexities can be handled. The following report is based on project plan of wedding in the
background of Firebird Events Ltd. which consists of decoration planning, management of
catering, invitation, engagement ceremony, pre wedding events, and wedding ceremony. This
report is going to cover risk register in which explanation of risks which are associated with this
report is being demonstrated. Similarly stakeholder analysis is explained which is covering
interest of various stakeholders which are having interest in this wedding event.
MAIN BODY
Project management plan
A project management plan is categorised as a formal document in which various aspects
of the proposed project is inculcated. This plan includes budget, time and other deliverable of the
project by which project can be kept on track along with ease can be provided within project. In
the process of project execution the project management plan is a essential documents in which
plan of action for the project is written and the same is followed within overall journey of
project. For the project of wedding which is taking place in this report in order to execute the
same in most proficient manner and to get high success. With the help of project management
plan high efficiency can be attained in wedding project by which this is highly beneficial for
wedding planner and the parties which are related to this wedding. Numerous dimensions are
existed within project management plan and the same are elaborated as under:
Stakeholders concern
Stakeholders are known as the parties which are having high interest with the running
project and those are having direct impact from the event. These are known as the personnel with
the help of them project activities are carried out (Borkovskaya, 2018). For wedding event their
major stakeholders are suppliers, resources manager, government ad many more. Stakeholders

analysis is one of the crucial process which is associated with managing programs in such a way
that high efficacy can be attained while executing project. This analysis is helpful in designing
program in a way that all the associated parties to the project can be benefited by which impact
on the project can be easily enumerated. In order to examine interest of stakeholders in proper
manner this is necessary that stakeholders are managed in a proper manner. Firebird Events Ltd
is one of the prominent event planner in UK and their stakeholder are their staff, directors,
government, suppliers and many more. The interest and relationship of various stakeholder are
elaborated as under:
Stake holder's name Reason stating their
Interest
Whether they are in
or against Against
What is done to
manage them
Staff These are having
high interest in the
project as these are
the individuals who
are responsible for
appropriate execution
of the project. Staffs
are helping the
company in
managing brand
image of the
company as their
work is the reflection
of Firebird Events
Ltd. Staffs are highly
emphasised on
gathering
information from
various resources so
that wedding event
can be made
This project is giving
positive implications to
the staff in which their
career opportunities can
be enhanced. Similarly
this project is leading
the staff of Firebird
Events Ltd to grow with
their career and
enlighten the same
(Darling and Whitty,
2016)
The entire workforce
of Firebird Events Ltd
is obtained with high
benefits from this
project.

successful.
Managers Managers are
associated with high
level of interest in
this project as these
are the person who
are inhaling new and
innovative ideas in
the project by which
distinct features can
be provided to the
business and project
as well.
Managers are obtained
with high inclination
form the project as in
the process of project
initiation innovative
ideas are rendered by
them and these ideas
are assisting the project
through out its path
(Gomes and Romão,
2016)
Managers are provided
with high level of
interest by which
benefits are given to
Firebird Events Ltd in
execution of their
project and objective of
the project can be
accomplished.
Owner The owner of
Firebird Events Ltd
is directly linked
with the project as by
successfully
execution of this
wedding project this
would help them in
attracting more
customers for using
their services
effectively.
Owner of Firebird
Events Ltd is tend
towards initiation of the
wedding project.
For the major purpose
to examine interest of
owner, benefits of their
company is mentioned
in their booklet and the
same are conveyed
before starting of
project.
Suppliers Supplier are the
parties who are
supplying material to
Firebird Events Ltd
by taking money. For
Suppliers are working
in the favour of
wedding event and they
are having high
benefits from the
Suppliers can be
managed in the way in
which quality of the
raw material can be
managed and this leads

the wedding event
varied raw materials
are purchased by the
company and their
suppliers are highly
inclined towards
success of the event.
project. in improving overall
performance of future
events for Firebird
Events Ltd.
Contractors High interest is hold
by contractors as
contractors are
receiving
commission and
brokerage.
They are working in
appropriate manner so
that to execute the
project in proper
manner (Lock, 2020).
By giving more
opportunities to
contractor their quality
of services can be
improvised in the
favour of Firebird
Events Ltd.
Government By earning profits
Firebird Events Ltd
is required to pay
high amount of taxes
and this is major
source of income for
government.
Government is having
huge favour in this new
proposed wedding
event by which
government is going to
earn revenue.
By gathering all of
information which is
associated with the
project. With the help
for high assistance of
government future
projects of Firebird
Events Ltd can be
managed in most
effective way. On the
other hand in order to
obtain high assistance
of government Firebird
Events Ltd is required
to pay taxes on time.
Resource Managers In order to achieve Resource managers are By creating healthy

high efficacy in
wedding project
Firebird Events Ltd
is required to manage
their resources in
appropriate manner
and for this the
company is highly
focused on
maintaining quality
of their resources so
that objective of
coming events can be
attained in significant
manner (Martens and
Carvalho, 2016).
responsible for
rendering high quality
in the project.
relationship with
resource manager as by
maintaining healthy
relationship by
encouraging
interpersonal skills.
Risk register
This is considered as the tool in which management of Firebird Events Ltd can utilise
their all the resources by which risk can be ascertained and managed in appropriate manner. For
Firebird Events Ltd this aspect is related with management of various risk by which they can
manage their wedding project in order to get high efficacy. The explanation of the risks are
elaborated as under:
Risk Risk Level(L/M/H) Likelihood of events Mitigation strategy
Financial risk: This
risk is associated with
arrangement of
resources in order to
properly utilise their
resources in optimal
Medium This may be possible. The management team
of Firebird Events Ltd
is required to make
budget and before
initiation of any project
they are needed to

manner (Martinelli
and Milosevic, 2016).
Similarly by changing
of needs of customer
good and services and
this is the reason that
overall costing of the
project may be
increased and lead the
company to face
financial risks.
make a sheet of
estimated cost and the
same is given to their
customer. In the
context of wedding
event this is having
high financial risk as at
the time of execution
of certain activities
requirement of high
money is associated
and in order to mitigate
the same contingency
plan is to be made by
Firebird Events Ltd.
Time scale of project:
This is associated
with completion of
the project within
given time frame. In
this management of
Firebird Events Ltd is
organising various
activities for the event
so as to standardise
the project.
High This is having high
certainty of
occurrence.
For the major purpose
to deal with managing
time within project
coherent plan is
required to be made. In
the context of wedding
project high
uncertainty of delays
are existed as so many
guests are involved in
event so in order to
manage this risk event
managers are required
to adhered to the time
plan (Newton, 2016).

Unrealistic
estimation of cos:
This is related with
estimating cost in
wrong manner by
which consumption of
wrong resources in
adverse manner and
by this high risk can
be exerted in wedding
project.
Low It is unlikely In order to tackle this
risk high planning is
needed and these are
required to be included
by Firebird Events Ltd
in their wedding plan
so that to eliminate this
risk. By managing this
risk in more impactful
manner cost efficacy
can be attained by
Firebird Events Ltd in
their project.
Availability of project
team:
This is known as
availability of
efficient team which
are required to
achieve objectives of
wedding project. The
new project of
Firebird Events Ltd is
a wedding project in
which quality of the
project can be
managed in proper
manner (San
Cristóbal, 2017).
Medium This can be possible. For the major purpose
of managing this risk
this is imperative that
their performance is
being examined. For
team in order to
manage market
demand in proper
manner this is essential
that in project of
wedding high efficacy
is required to
maintained so that
customer satisfaction
can be attained.

Technical risk: This
is one of the
prominent risk which
is faced by Firebird
Events Ltd in their
wedding project as tin
this project so many
dimensions are
associated and high
quality and
technology so at the
time of execution
there are number of
technological issues
which can be faced
by Firebird Events
Ltd.
Medium Likely certain This risk can be
mitigated by Firebird
Events Ltd by
maintaining their
equipments and
keeping additional
equipments so that any
contingencies can be
mitigated (Teslia and
et. al., 2016).
Cost benefits analysis
This is a procedure in which organisational decisions are analysed by Firebird Events Ltd
in order to examine their intangibles. Cost benefit analysis is used by Firebird Events Ltd.
Cost analysis
In the context of Firebird Events Ltd. Cost allocation of this project is explained as under:
Cost Amount
Research and development 20000£
Marketing cost 10000£
Technological cost 10000£
Event host cost 10000£
Total 50000£

For calculating benefits following is the process which is adopted by Firebird Events Ltd.:
Identifying benefits: In the context of Firebird Events Ltd. Benefits of the projects are
required to be calculated by them for their project of wedding. In order to get technological
benefits Firebird Events Ltd. Is making use of highly efficient equipments so that high efficacy
in their wedding project can be attained (Willumsenand et. al., 2019).
Execute benefits: After determination of benefits in this stage benefits are to be realised so that
to prepare realisation plan. Within this step plan is made by Firebird Events Ltd. Which is
explained as under:
 For the major purpose of recognise project benefit value chain is being analysed by
Firebird Events Ltd. So as to judge overall efficacy of the project.
 Similarly KPI is required to be managed by Firebird Events Ltd so by which project can
be designed in such a way that high effectiveness can be rendered through out the
wedding project.
 After this a communication plan is to be made by Firebird Events Ltd so that benefits can
be ascertained by them in wedding project.
Sustain benefits: This is a step which is followed by Firebird Events Ltd in order to make
continuous improvements in their wedding project.
Time scale
This is defined as noticing of time consumed in order to complete the project and in order
to bring efficacy in wedding plan time management is highly required by Firebird Events Ltd so
that any complexities and delays can be avoided (Zwikael, Chih and Meredith, 2018). In order to
initiate the project 2 weeks are required and planning process is taking approximately 3 weeks.
In stage one of execution 6 weeks were taken and in second execution stage 6 weeks were taken
by the company in order to complete the project. Controlling process was completed in 2 weeks
and in order to complete the project in final stage this took 2 weeks.
Work Break down structure: This is known as he structure in which whole the project gets
divided into different segments in order to design the project in most effective manner.

Gantt Chart: This is known as the chart which is considered as controlling tool in which
graphical representation is demonstrated and this is prepared by Firebird Events Ltd so that to
accomplish success in their wedding project.

Project execution challenges

In the process of executing the project so many difficulties were faced and these are
providing negative implications to the wedding project. As this project is associated with
wedding and in current time high up-gradation is seen during weddings execution. The major
issue which were faced by Firebird Events Ltd in wedding project is selecting efficient staff by
whom overall efficacy can be attained in the project (Young, 2016). By taking help of effective
leadership skills performance of each and every staff can be managed in such a way that success
can be achieved in wedding project. Some of the faced issues are explained as under: Resource conflicts: The major issue is associated with effectualness in completing the
project and in this path the major challenge which was faced by Firebird Events Ltd is
resources conflicts. In this context in a wedding project there are some activities in which
similar resources are required and these are leading in creation of conflicts. Ineffective communication which can lead to conflicts: This is very essential that
project manager is managing communication between their staff so that to convey any
important information in appropriate time frame. By generation of ineffective
communication inner conflicts can be collected and this is hampering project efficacy in
negative manner. Increased dependency among team members: In wedding projects team members are
highly dependent on each other and this is affecting efficiency of wedding plan in
negative manner. This is essential that in decision making power dependency must be
eliminated so that effective decision cane be taken.
 Difficulty in decision-making: In the project of wedding decision making is the process
which is having high implications on ability of the project. This is highly essential for the
wedding project that prominent decisions are to be taken so that execution can be handled
in effective manner.
CONCLUSION
From the above discussion this can be concluded that project management is one of the
essential tool which is required to be managed in success of any proposed project. With the help
of appropriate plan all the activities of the project can be arranged in such a way that proposed
project can be completed in given time frame. By using stakeholder analysis all the associated
stakeholders can be examined and their impact can be recognised from the given project. Risk

register is known as a document in which all the prominent risks are written along with their way
of mitigation.

REFERENCES
Books and journals
Akkermans and et. al., 2020. Crafting project managers’ careers: Integrating the fields of careers
and project management. Project management journal 51(2). pp.135-153.
Borkovskaya, V., 2018. Project management risks in the sphere of housing and communal
services. In MATEC Web of Conferences (Vol. 251, p. 06025). EDP Sciences.
Darling, E.J. and Whitty, S.J., 2016. The project management office: It’s just not what it used to
be. International Journal of Managing Projects in Business.
Gomes, J. and Romão, M., 2016. Improving project success: A case study using benefits and
project management. Procedia Computer Science, 100, pp.489-497.
Lock, D., 2020. Project management. Routledge.
Martens, M.L. and Carvalho, M.M., 2016. The challenge of introducing sustainability into
project management function: multiple-case studies. Journal of Cleaner
Production, 117, pp.29-40.
Martinelli, R.J. and Milosevic, D.Z., 2016. Project management toolbox. John Wiley & Sons,
Incorporated.
Newton, R., 2016. Project management step by step: how to plan and manage a highly
successful project. Pearson UK.
San Cristóbal, J.R., 2017. Complexity in project management. Procedia Computer Science, 121,
pp.762-766.
Teslia and et. al., 2016, August. Control of informational Impacts on project management.
In 2016 IEEE First International Conference on Data Stream Mining & Processing
(DSMP) (pp. 387-391). IEEE.
Willumsen and et. al., 2019. Value creation through project risk management. International
Journal of Project Management. 37(5). pp.731-749.
Young, T.L., 2016. Successful project management. Kogan Page Publishers.
Zwikael, O., Chih, Y.Y. and Meredith, J.R., 2018. Project benefit management: Setting effective
target benefits. International Journal of Project Management. 36(4). pp.650-658.
Zwikael, Chih and Meredith, 2018