Project Management: Methodologies, Gantt Chart, WBS, Stakeholder Analysis, Risk Analysis

This study material provides an overview of project management methodologies, including Agile, Waterfall, and Prince2. It also covers topics such as Gantt chart, network diagram, WBS, stakeholder analysis, and risk analysis. Suitable for students studying project management.

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Three project management methodologies.................................................................................1
TASK 2............................................................................................................................................2
Gantt chart...................................................................................................................................2
Network diagram.........................................................................................................................5
Critical path.................................................................................................................................5
TASK 3............................................................................................................................................6
WBS............................................................................................................................................6
Stakeholder analysis....................................................................................................................6
TASK 4............................................................................................................................................7
Risk analysis................................................................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Project management is the process of initiating, planning, executing and closing the
entire work. In the same way, present study is based upon the case study where Buck's Student
Union board wants to organize a Union Music Festival. Report will describe three project
management methodologies and network diagram, Gantt chart which shows EST and LST.
Further, report describe stakeholder analysis, WBS and risk analysis.
TASK 1
Three project management methodologies
Agile: It is the method which promotes continuous iteration of development and testing
that deliver the best value to their customers faster. Further, it is a type of process where
demands and solutions evolve using collaborative efforts (Joslin, 2019). This method is also
leads to accommodate changing requirement using development process.
Advantage:
 Flexible method and products are easily get in market that leads to customer satisfaction This method accepts uncertainty and faster review cycles (Different types of project
management methodologies, 2019).
Disadvantage:
 Sometimes project manager face difficulties to predict results
 This method is not fit for all the projects.
Waterfall: One of the traditional method where project is completed in different stages.
This method is not used in construction and manufacturing industry because software is
frequently changes (Joslin, 2019). This method is used for managing project, with team
members who are working in a linear way to attain goals.
Advantage:
 This method provides exact outcomes and each phase is describe with a clear timescale. This type deal with issue in design and companies get crystal clear outcome that is why,
most of the firm use the same.
Disadvantage: Sometimes it is difficult to define and takes long time to deliver the output.
Prince2: Mostly uses in private sector because it focus on efficiency and minimize risk
and error. This is a process based approach where each stage is clearly so that project manager
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provide clear results. This method focus on the business justification, define structure of an
organization for a team (Matos and et.al., 2019).
Advantage:
 Flexible method which clearly define the roles and responsibilities of a team. This is time and cost effective method and provide predictable results.
Disadvantage:
 It require senior management team members to run this method.
 Sometimes, provide results that lead to unfair reputation and supports other approach.
TASK 2
Gantt chart
Task
Mode Task Name Duratio
n Start Finish Predecesso
rs
Early
Finish
Early
Start
Late
Start
Late
Finish
1 Budget
Approval 1 day Sun
7/15/18
Sun
7/15/18
Sun
7/15/18
Sun
7/15/18
Sun
7/15/18
Mon
7/16/18
2
Hire
Publicity
Director
14 days Mon
7/16/18
Thu
8/2/18 1 Thu
8/2/18
Mon
7/16/18
Mon
7/16/18
Thu
8/2/18
3 Hire Set
Designer 14 days Mon
7/16/18
Thu
8/2/18 1 Thu
8/2/18
Mon
7/16/18
Fri
1/11/19
Wed
1/30/19
4
Hire Place
For
Auditions
7 days Fri
8/3/18
Mon
8/13/18 2 Mon
8/13/18
Fri
8/3/18
Fri
8/3/18
Mon
8/13/18
5
Advertising
To Hire
Crew and
Cast
7 days Fri
8/3/18
Mon
8/13/18 2 Mon
8/13/18
Fri
8/3/18
Fri
8/3/18
Mon
8/13/18
6
Hire
Production
& Publicity
Crew
34 days Tue
8/14/18
Mon
12/31/18 4,5 Mon
12/31/18
Tue
8/14/18
Thu
9/13/18
Wed
1/30/19
7
Set
Designed
and Built
42 days Tue
1/1/19
Wed
2/27/19 3,6 Wed
2/27/19
Tue
1/1/19
Thu
1/31/19
Fri
3/29/19
8
Train
Production
Crew
12 days Tue
1/1/19
Wed
1/16/19 3,6 Wed
1/16/19
Tue
1/1/19
Thu
3/21/19
Fri
4/5/19
9 Auditions
To Hire Cast 2 days Tue
8/14/18
Wed
8/15/18 4,5 Wed
8/15/18
Tue
8/14/18
Tue
8/14/18
Wed
8/15/18
2

10 Cast
Rehearsal 95 days Thu
8/16/18
Fri
4/5/19 9 Fri
4/5/19
Thu
8/16/18
Thu
8/16/18
Fri
4/5/19
11 Hire
Orchestra 7 days Mon
7/16/18
Tue
7/24/18 1 Tue
7/24/18
Mon
7/16/18
Thu
1/31/19
Fri
2/8/19
12 Music 7 days Wed
7/25/18
Thu
8/2/18 11 Thu
8/2/18
Wed
7/25/18
Fri
3/22/19
Mon
4/1/19
13
Photograph
Cast And
Crew &
Collect
Biographies
35 days Tue
1/1/19
Mon
2/18/19 6,9,11 Mon
2/18/19
Tue
1/1/19
Mon
2/11/19
Fri
3/29/19
14
Enter
Information
Into
Computer
1 day Tue
2/19/19
Tue
2/19/19 13 Tue
2/19/19
Tue
2/19/19
Mon
4/1/19
Mon
4/1/19
15 Printing 5 days Wed
2/20/19
Tue
2/26/19 14 Tue
2/26/19
Wed
2/20/19
Tue
4/2/19
Mon
4/8/19
16
Develop an
Advertising
Plan
7 days Tue
1/1/19
Wed
1/9/19 6 Wed
1/9/19
Tue
1/1/19
Thu
2/28/19
Fri
3/8/19
17 Advertising
Media 21 days Thu
1/10/19
Thu
2/7/19 16 Thu
2/7/19
Thu
1/10/19
Mon
3/11/19
Mon
4/8/19
18 Orchestra
rehearsal 4 days Fri
8/3/18
Wed
8/8/18 12 Wed
8/8/18
Fri
8/3/18
Tue
4/2/19
Fri
4/5/19
19 Order
Costumes 7 days Thu
8/16/18
Fri
8/24/18 9 Fri
8/24/18
Thu
8/16/18
Thu
3/21/19
Fri
3/29/19
20
Costume
Parade And
Alterations
5 days Thu
2/28/19
Wed
3/6/19 7,19 Wed
3/6/19
Thu
2/28/19
Mon
4/1/19
Fri
4/5/19
21 Dress
Rehearsal 1 day Mon
4/8/19
Mon
4/8/19 8,10,18,20 Mon
4/8/19
Mon
4/8/19
Mon
4/8/19
Mon
4/8/19
22 Performance 10 days Tue
4/9/19
Mon
4/22/19 15,17,21 Mon
4/22/19
Tue
4/9/19
Tue
4/9/19
Mon
4/22/19
3

4

Network diagram
Critical path
Path 1: 1 + 2 +4 + 9+ 10 + 21+22
= 1+14+7+2+84+1+10
=119 days
Path 2: 1 + 2 +5 + 9+ 10 + 21+22
= 1+14+7+2+84+1+10
=119 days
As per the network diagram, it has been analyzed that in order to complete the entire
task, the critical path or shortest distance is 119 days in which project manager complete the
entire project.
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TASK 3
WBS
Stakeholder analysis
Using stakeholder matrix, it is clearly analyzed the internal and external stakeholder of
the project which are as mention below:
Power
Keep satisfied Manage closely
 Project sponsor  Students
 Parents
 Project team members
 Volunteers
Monitor Keep informed
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 Government
 society
 Performers
 News reporters or media
Interest
From the above, it is analyzed that internal stakeholder are those people who are highly interest
within a business, therefore, in order to introduce new Music festival, the internal stakeholders
are students, parents, project team members who come and enjoy the entire festival. Thus, they
are more influence than external stakeholder (Jones, Wicks and Freeman, 2017). On the other
side, external stakeholder are those group who work outside a firm, but they are also affected
when a firm take any decision. Therefore, for the current situation, external stakeholder are
media, government, society who are also affected when any decision are taken by Buck's union
students.
Project manager also uses Communication strategy in order to keep their team members
aware about any change. Therefore, project manager may use verbal, written, electronic and face
to face interaction as a communication strategy so that it will help to maintain the flow of
information which in turn leads to make project successful (Harrison, Felps and Jones, 2019).
Moreover, project manager can conduct meeting as a form of verbal communication in order to
convey the important message to their members for the successful completion of music festival.
TASK 4
Risk analysis
S.no Risk description Likelihood Impact Mitigation strategies
1 Technical risk
In this, suddenly internet issue arises
or music system may failed are
related to this risk.
Low high In order to avoid technical
risk, project manager
should make sure that they
have a plan B that mean any
substitute. Therefore, in this
situation, project manager
should make testing before
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using (Stoyanova, 2017).
2 Natural hazard
Raining is a type of natural hazard
that cause affect to the entire project
High High Project manager may
mitigate this type of risk, by
make sure that the venue
must have party indoors and
also take the action within
10 minutes.
3 Financial issue
Due to sudden increase in task,
project manager face issue with
regards to low budget and this in
turn affect the project
High High To mitigate this risk,
project manager should
make plan or budget and
distribute the same to their
team members so that they
come to realize allotted
money for each task and
thus they spend accordingly
(Liu and et.al., 2017). So,
proper budget should be
maintain and standard may
set to check the
performance.
4 Shortage of food
During music festivals, high number
of attendees come and as a result,
there is a shortage of food.
Low low This situation shows the
improper management of
project manager because
they have a list of attendees
and if extra member come,
proper arrangement should
be reviews again and test
everything to avoid risk.
5 Scheduling risk High high In order to manage the
situation, project manager
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Due to not having proper
communication plan, project
manager did not manage each task in
proper scheduling, as a result,
project got delay
should make sure that they
set KPI and keep checking
the progress of each task.
Also, review
communication plan to
make sure that work is in
proper direction.
CONCLUSION
By summing up above it has been concluded that project there are three types of project
management methodologies, among all, Agile is used in order to introduce new Music festival.
Further, report also concluded that the shortest path to complete the whole project is 119 days as
per network diagram specified. Moreover, report concluded internal and external stakeholder
who may assist to meet the define aim and objectives. Further, report concluded different types
of risk with their mitigation strategies such that scheduling risk, natural hazard, financial issue,
shortage of food and technical risk.
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REFERENCES
Books and Journals
Harrison, J. S., Felps, W. and Jones, T. M., 2019. Instrumental Stakeholder Theory Makes
Ethically Based Relationship Building Palatable to Managers Focused on the Bottom
Line. Academy of Management Review. 44(3). pp.698-700.
Jones, T. M., Wicks, A. C. and Freeman, R. E., 2017. Stakeholder theory: The state of the
art. The Blackwell guide to business ethics, pp.17-37.
Joslin, R., 2019. Project Management Methodologies, Governance and Success: Insight from
Traditional and Transformative Research. CRC Press.
Joslin, R., 2019. Project Management Methodologies, Project Success, Project Governance,
Contingency Theory, Agency Theory, and Stewardship Theory. In Project Management
Methodologies, Governance and Success (pp. 17-30). Auerbach Publications.
Liu, J. and et.al., 2017. Improving risk assessment in financial feasibility of international
engineering projects: A risk driver perspective. International Journal of Project
Management.35(2). pp.204-211.
Matos, P. V. and et.al., 2019. The adoption of project management methodologies and tools by
NGDOs: A mixed methods perspective. Journal of Business Research.101. pp.651-659.
Stoyanova, Z., 2017. Risk assessment of project management in water sector in
Bulgaria. Scientific Papers: Management, Economic Engineering in Agriculture & Rural
Development.17(1).
Online
Different types of project management methodologies. 2019. [Online]. Available through:
<https://www.projectsmart.co.uk/7-project-management-types-and-when-to-use-
them.php>.
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