Comparison of Project Methodologies and Stakeholder Analysis

This report compares three different project methodologies: Agile, Waterfall, and Prince 2. It includes a Gantt chart, network diagram, and critical analysis points. The report also analyzes stakeholders and their levels of interest and influence. Additionally, it discusses the risk register for the project. The subject is project management, and the document type is a report.

PROJECT
MANAGEMENT –
BUCKS STUDENT’S
UNION MUSIC
FESTIVAL
1

EXECUTIVE SUMMARY
This report has highlighted the comparison between 3 different project methodologies. After that
the report has highlighted Gantt chart of project. After that the report has highlighted
Stakeholder analysis of the project. After that the report has highlighted the risk register for the
project.
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Table of Contents
Difference between 3 project Methodology...........................................................................4
TASK 2...........................................................................................................................................5
Developing network diagram, Gantt chart and critical analysis points..................................5
TASK 3...........................................................................................................................................8
Stakeholder Analysis..............................................................................................................8
WBS.....................................................................................................................................11
TASK 4.........................................................................................................................................12
Five different types of risk with their mitigation strategiesRisk Management....................12
REFERENCES..............................................................................................................................16
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TASK 1
Difference between 3 project Methodology
Agile project methodology is type of methodology where project solutions are used to evolve
through different efforts of self organizing.
Strength
 This methodology does not pay emphasis on focusing on different process of project.
They prefer to interact with many people and try to gather information from them. So
these methodologies give more humanistic result.
 Under this methodology various interests party interact with each other regarding project
which creates clarity among organizations.
Weakness
 This methodology is time consuming and employee also have to give good commitment
regarding project.
 This methodology is unpredictable which is disadvantage for organizations as it does not
aware firm regarding any unfavourable occurring of event.
Waterfall project methodology is the methodology where all the elements and process of project
are interconnected. This methodology are always flows in same direction i.e downwards
direction.
Strength
 This methodology increases the efficiency of the work as organisation can not shift to
next step or process without completing previous as they are interrelated.
 In this methodology client intervention are both required which save time.
Weakness
 Any error occurred can not be identify after completion of project, it
 can only be identified while doing the project.
 Small project can only be done effectively by this methodology whereas for big and
complex projects this methodology is not appropriate.

4

Prince 2 model is the methodology which is used when firm have to performing a project. These
projects include three prospects i.e event firm, controlling event from beginning to end and
accomplished projects effectively and effectively.
Strength
 This project is less time consuming and project can be accomplished within a certain
budget.
 This methodology can predict future occurrence accurately and appropriately.
Weakness
 The tool through which it gain effective result are not efficient as they only have 2
techniques and tools.
 Experience individual are required to properly implement the methodology ,which are
hard to find.
After analysis all the 3 methodology prince 2 is the best methodology for organizations to
complete its projects.
TASK 2
Developing network diagram, Gantt chart and critical analysis points
Gantt chart
5

6

Network diagram
7

Critical path
Path 1: 1 + 2 +4 + 9+ 10 + 21+22
Days= 1 +14 + 7 +2 +2+ 95+ 1 +10
= 132 days
Path 2: 1 + 2 +5 + 9+ 10 + 21+22
Days = 1 +14 + 7 +2 +2+ 95+ 1 +10
= 132 days
Above diagram helps in analyzing that path 1 and 2 may be opted in order to implement new
music festival as it will take the minimum time period. This path will only tale 132 days to
complete the project.
TASK 3
Stakeholder Analysis
Name Level of
Interest
Level of
Influence
Potential Management Strategies
8

Project
Manager
High High Project manager used to has high level
of interest in the project as they are
the one who used to have all the roles
and responsible to carry out different
operation of the project. Project
manager also used to bring different
clarity in the project, as they used to
pass on different guidelines and
command which all project managers
used to follow in an organization. At
the same time result of the project
used to influence the reputation of
project manager in the organization.
Project Sponsor High Moderate Project sponsor are another important
stakeholder who used to have a good
sort of the interest in the Project. They
generally used to provide monetary
support to carryout different operation
in the business. As a result they used
to look for good return out of
investment. Interest of different
sponsor can be improved in the
organization by providing clarity
about different information to project
sponsor.
Student High High Students are another important
stakeholder of the project. They used
to have good sort of the interest in the
project as they are the one for which
this music festival is organized in
nation. They cab influence the
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outcome of the project as their
participation is one of the thing which
is require for the project to be
successful in the market. Also, they
are the one who will pass on different
feedback about the project. Interest of
this type of the stakeholder can be
improved in the project by providing
good feature project in the
organization.
Project Team Moderate Moderate Project teams are the one in the
organization who generally used to
carry out different task of the project.
Growth of different employee are
interlink with the performance of the
project in the organization. So interest
of different team meber is generally
linked with the outcome of the project.
Interest level of team member can be
increased by providing them a good
amount of resources and different
rewards to carry out different
operation to carry out different
operation of the business. This will
eventually motivate them to work for
the project.
10

WBS
Activity description
Initial Budget Approval
Planning
Hire
All the different aspect of the music festival will be gather from the
market and on the basis of the same all the information will be
grouped in a way that project planner and manager will make
different plan
Implementation
Different strategy in the organization will be implementing by
organizing a meting in which all the employee will be getting the
different role and responsibility which has to be carried out by them
in the organization and on the basis of the same different project
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team member will carry out different task in an organization.
Monitor and
control
To monitor different operation benchmark tool will be used and to
control the same good skill set employee will be recruited in an
organization.
Closure
TASK 4
Five different types of risk with their mitigation strategiesRisk Management
Potential
Risk
Who faces
the risk
Existing
control
measures
Risk rating Preventative
measures
Responsibilities
Lack of
finance
It may occur
that there is
lack of
fiancé for
the project
team to
carry out
different
operation of
an
organization.
This risk
will impact
the
efficiency of
the business
in the long
This problem
will be faced
by the Project
team and
resource
allocator
Proper
authority is
appointed to
overlook
different
financial
operation of
the business.
High Organization
has to make
sure that they
used to
forecaster the
different
requirement of
the resources
in the
organization
and on the
basis of the
same different
finance need is
forecasted in
the nation.
Accountant
and Project
sponsor are two
stakeholder
which are
responsible for
this risk in the
nation. As they
will be
providing
different
finance to
project team to
carry out
different
operation.
12

run.
Error in
project
schedule
This type of
risk will
arise when
project team
will not able
to schedule
the different
activity of
the project.
This will
impact the
efficiency of
the business
in long run.
Team
member and
also owner of
the project
Project
planner was
given the
responsibility
of same
High Project
manager has to
make sure that
they used to
properly
investigate the
situation and
future
condition in
the
organization to
make different
schedule in an
organization
successfully.
This is the
responsibility
of all the
project
manager to
provide
different
information to
project planner
so that they can
schedule
different
activity in the
project
efficiently.
Wastage of
resources.
This type of
the risk will
occur in the
project at the
time
organization
will not able
to manage
different
resources in
the project.
Resource
allocator and
project team
Different
monitoring
tool of
resources
Medium This can be
improved in
the
organization
by proper
forecasting of
different
operation of
business and
allocating
different
resources
according to
Resource
allocator and
project
manager are
responsible
authority in the
project.
13

same.
Conflict in
team
member
This type of
risk may
occur in the
organization
when there
is unclariety
among the
employee
about the
different
task which
they have to
perform in
the
organization.
Employees
and leaders
who are
leading the
team.
By bringing
good sort of
clarity
among the
employee
about the
different task
which they
have to
perform in an
organization.
Medium It can be
reduce by
providing them
good
communication
tool to
maintain good
sort of clarity
in the project
to carry out
different
operation of
the project
Project team
member are the
one who are
mainly
responsible for
the same in the
organization.
Project
deadline
It is the type
of the risk
which may
occur in the
organization,
when project
team is not
able to
complete the
project on
Project Head Set up back
up planning
Medium By making
alternate plan
in the
organization.
So that if one
plan does not
work in then
project team
can implement
another plan in
an
organization.
Project
manager and
Project team is
responsible for
the same.
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time.
15

REFERENCES
Books and Journals
Eskerod, P. and Jepsen, A.L., 2016. Project stakeholder management. Routledge
Royer, P.S., 2018. Risk management: The undiscovered dimension of project
management. Project Management Journal. 31(1). pp.6-13
Adelakun, O. and et.al., 2017. Hybrid Project Management: Agile with Discipline. In CONF-
IRM (p. 14).
Brewer, J. L. and Dittman, K. C., 2018. Methods of IT project management. Purdue University
Press.
Conforto, E. C. and Amaral, D. C., 2016. Agile project management and stage-gate model—A
hybrid framework for technology-based companies. Journal of Engineering and
Technology Management, 40, pp.1-14.
Layton, M. C. and Ostermiller, S. J., 2017. Agile project management for dummies. John Wiley
& Sons.
Stoica, M. and et.al., 2016. Analyzing Agile Development-from Waterfall Style to
Scrumban. Informatica Economica, 20(4).
Zuñiga, M. G., Flores, E. A. and Merino, J. C. A., 2018, November. Hybrid System (Solar-
Wind) Management for Generating Electricity in High Andean Rural Regions in Peru.
In 2018 IEEE Sciences and Humanities International Research Conference
(SHIRCON) (pp. 1-5). IEEE.
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