Project Management Methodologies, Network Diagram and Stakeholder Analysis for Bucks Student's Union Music Festival

This report evaluates project management methodologies, network diagram and critical path for Bucks Student's Union Music Festival. It also covers stakeholder and risk analysis associated with distinct threats which can impact project.

Project Management

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Comparison and investigation of project management methodologies of knowledge................1
TASK 2............................................................................................................................................3
Network diagram outlining description of critical path...............................................................3
TASK 3 ...........................................................................................................................................6
Stakeholder analysis for this project............................................................................................6
TASK 4............................................................................................................................................8
Analysis of risks for project.........................................................................................................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Project is a compilation of task that are completed to carry out certain outcome. It is
termed as any temporary venture with a fix beginning and end date (Goel, Ganesh and Kaur,
2020). Project management is utilisation of specific knowledge, skills, equipments and
techniques to deliver something of value. It consists of level like planning, initiation, execution,
reviewing and ending of a project. Its main purpose is to plan and organise a project successfully
to meet its defined goals. To explore more on project management, the chosen project is Bucks
Student's Union Music Festival which is going to organise by Bucks Student's Union to ensure
that students reckons a broad scope of topics and challenges.
This report highlights evaluation of three project management attributes of knowledge,
network diagram and critical path way. It covers stakeholder and risk analysis associated with
distinct threats which can impact project. It determines internal and external stakeholders
according to their power and interest.
TASK 1
Comparison and investigation of project management methodologies of knowledge
A set of methods and practices which leads group of individuals to manage their project
effectively which helps them to attain highest performance possible is termed as project
management methodologies (Jugdev, Mathur and Cook, 2018). It assists members of project to
give more importance to work which is essential in project completion and to derive how entire
project will be completed in time. In project of Bucks Student's Union Music Festival, project
management methodologies plays high role as it outlays structure on how to manage work in a
team. Analysis and comparison of three project methodologies which can be use by Bucks
Student's Union Festival are mentioned underneath:
Analysis basis Waterfall Lean Agile
Function Waterfall methodology,
covers all levels of
project along with its
scope, cost and time. It
takes required time to
Application of lean
methodology increases
value by reducing
waste. It helps in
minimising overall
Agile methodology
facilitates managers of
project to work in
short spans and at end
provided the defined
1

plan beginning phases
of project to reduce
challenges which can
occur in later stages in
project management.
costs of project by
eliminating
unnecessary activities.
It helps in identifying
project value and map a
value stream through
ideal workflow.
outcomes. This
provides members
chance to modify
project as new and
better ideas occur.
Advantages This methodology is
simple to take into
practice by project
managers. It facilitates
them to segregate
project work in levels so
that members can
understand it with
complexity (Kerzner,
2019). It helps them to
efficiently managing,
organising and splitting
project work.
Lean methodology
helps in reducing lead
time in project and
minimise inventory as
well as storage costs of
supplies. It enhances
productivity and
efficiency of project
and results in greater
quality.
This profits project
managers to performs
flexibility and
independence in
activities which lead to
more innovative
results. In this,
managers can get
frequent response of
every step which
reduces threat of
failure.
Disadvantages Significant disadvantage
of this methodology is
that it is not flexible. If
at any stage, project
managers face any
problem which they did
not analysis at starting
stage, then they might
need to begin project
from zero level which
In this, any tool failure
can lead to creating
significant
inconsistencies. As it is
a complete overhaul of
project, it ends up
taking lots of time and
can become disruptive.
Agile methodology's
major aim is to make
changes as new better
idea arrive which
results in no definite
action plan. This
method also needs
close group work
which often results in
problems.
2

ends up wasting time of
group members.
From above analysis, it has been evaluated that Agile methodology is highly relevant to
Bucks Student's Union Music Festival because it offers ceaseless review of tasks which
facilitates project managers to monitor every activity of project and performance quality. It
provides unlimited flexibility which allows project managers to do alterations as per
requirement.
TASK 2
Network diagram outlining description of critical path
In terms of project, network diagram shows temporal order of actions graphically where
milestones events are accomplished (Koke and Moehler, 2019). In project of Bucks Student's
Union Music Festival, network diagram defines project workflow. A network diagram for Bucks
Student's Union Music Festival is prepared below:
Figure 1: Self created, 2022
(Source: Self created, 2022)
3

Figure 1: Self created, 2022
(Source: Self created, 2022)
Critical pathways determines tasks or actions within project which can be performed
together in project. Utilisation of critical path in project of Bucks Student's Union Music Festival
helps manages to evaluate major and essential attributes which will give effective base to attain
end results. Figure 1 represents that network diagram comprises of activities which are arrowed
in blue and orange colour. Whereas, Figure 2 shows advance latest start time and late completion
time for every task. Bucks Student's Union critical path involves 1→2→4→5→9→10→21→22
which shows that whole work will be completed in 116 days.
4

5

6

TASK 3
Stakeholder analysis for this project
Agencies, individuals and group who have significant curiosity in project and who puts in
varied resources to form influence in project are known as stakeholders (Lai, Deng and Chang,
2019). Methods that aids in evaluating needs and expectations of significant individuals in
project is termed as stakeholder analysis. In relevance to Bucks Student's Union Music Festival,
analysis of stakeholder is explained underneath:
7

Level of Interest Level of interest
Level of power High Low
High Investors Government
Low Organising members Media
Stakeholders Internal or
External
Power or
Interest
Influence on
project
Strategy of
communication
Investors Internal High power and
high interest
Investors have
high impact on
Bucks Student's
Union Music
Festival as they
take investment
related decisions
to make sure they
get suitable return
on investment.
Use multiple
methods of
communication
which takes place
frequently where
they track project
progress.
Government External High power and
low interest
On Bucks
Student's Union
Music Festival,
government
influence is high
as it places more
pressure on
managers by
intervention.
Project managers
used
communication
strategy with
government by
delivering details
about festival and
data about
outcome of each
task.
Organising Internal Low power and Bucks Student's Internal
8

members high interest Union Music
Festival's
organising
members
influences project
by reviewing and
monitoring
activities as well
as assigned
duties.
communication
where project
status, network
diagram, relevant
information etc is
transferred with
seniors and
members of
project.
Media External Less power and
low interest
To promote
Bucks Student's
Union Music
Festival, media
performs
significant part.
They increases
project popularity
by promoting it.
Strategy of
communication
with media is
giving them brief
information about
project and its
details by
managers.
TASK 4
Analysis of risks for project
Risk analysis includes evaluating how project result and goals might modify due to
occurrence of risk event (Silva, Pereira and Magano, 2021). This process is undertake by project
managers to analyse potential challenges so that they can timely mitigate those threats. Project
managers of Bucks Student's Union Music Festival can use effective risk analysis to analyse
risks and contrive coherent decisions. In relevance to Bucks Student's Union Music Festival,
risks analysis is examined below:
Risk Responsible Likelihood Influence Mitigation strategy or
9

professional action
Budget risk Finance manager Moderate High To eliminate risk
associated with project
funds by examining
micro and macro
attributes effectively
which can create
obstacle later in
project.
They required to keep
in fix amount of cash
and other reserves to
meet financial problem
in future.
Human resource
risk
Human resource
manager
Moderate High The managers needs to
take facilitates project
details to all group
members.
Human resource
managers are
responsible to fix dates
for task that needs to be
performed early (Zhou,
Irizarry and Guo, 2021)
.
Honour risk Marketing
manager
High High The managers of Bucks
Student's Union Music
Festival are responsible
to eliminate risk
associated with
10

reputation of project.
They are liable to
protect data from theft,
being ready to solve
any problem of
audience and carries
out ethical practices.
Rivals risk Project manager Low High Rival risk in Bucks
Student's Union Music
Festival project can be
reduced by having
proper R&D tasks,
understanding
competition, create
proper marketing
techniques and making
sure that right
advertisement leads to
right audience.
Communication
risk
Departmental
managers
High High Every head of
departments in the
project requires to form
efficient
communication plan by
taking into account
audience preferences
and align them with
objectives of project.
They are responsible to
set up efficient channel
11

of communication with
all departments head to
reduce overlapping of
work and to strengthen
standardisation.
CONCLUSION
From the information presented above, it has been concluded that project management is
essential task as it improves efficiency, team work and mitigate confusion. It involves creating
network diagram with clearly created critical path which help teams in assessing in advance of
actions that is needed to be done in limited time possible and with optimum planning of
resources. Stakeholder analysis facilitates project managers the opportunities to comprehend
interested users to explicit their power and concerns for project. Risk analysis aids in analysing
challenges that project managers might face in future and improves communication within
project.
12

REFERENCES
Books and Journals:
Goel, A., Ganesh, L. S. and Kaur, A., 2020. Project management for social good: A conceptual
framework and research agenda for socially sustainable construction project
management. International journal of managing projects in business.
Jugdev, K., Mathur, G. and Cook, C., 2018. Linking workplace burnout theories to the project
management discipline. International Journal of Managing Projects in Business.
Kerzner, H., 2019. Using the project management maturity model: strategic planning for project
management. John Wiley & Sons.
Koke, B. and Moehler, R.C., 2019. Earned Green Value management for project management: A
systematic review. Journal of Cleaner Production. 230. pp.180-197.
Lai, H., Deng, X. and Chang, T. Y. P., 2019. BIM-based platform for collaborative building
design and project management. Journal of Computing in Civil Engineering. 33(3).
p.05019001.
Silva, C. S., Pereira, C. and Magano, J., 2021. The value of project management to
competitiveness: Key factors from a holistic and practical perspective. International
Journal of Managing Projects in Business.
Zhou, Z., Irizarry, J. and Guo, W., 2021. A network-based approach to modeling safety accidents
and causations within the context of subway construction project management. Safety
science. 139. p.105261.
13