Project Management: Methodologies, Stakeholder Analysis, and Risk Analysis

This report provides an overview of project management methodologies, including agile, waterfall, and Prince 2 models. It discusses stakeholder analysis and the impact of stakeholders on the project. Additionally, it covers risk analysis and mitigation strategies for a music festival event project. The report is relevant for students studying project management or anyone interested in understanding project management principles.

Project management
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Executive summary
It has been described in report about a project of music festival event to be organized. Also, it is
discussed about the project methodology of agile, waterfall and prince 2 model. In addition, there
pros and cons are explained as well. In this report it is also discussed about stakeholder analysis
of event that who are they and how it impact on event. Besides that, risk analysis of project has
been described which contains types of risk and mitigation measures to overcome it.
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Table of Contents
Executive summary..........................................................................................................................2
INTRODUCTION...........................................................................................................................4
METHODS USED...........................................................................................................................4
CONCLUSION & RECOMMENDATIONS..................................................................................7
REFERENCES................................................................................................................................8
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INTRODUCTION
Project management is process of planning, organising, completing, etc. of tasks to attain
specific goals and objectives. Its main purpose is to break down project so that it is easy to plan,
organise and carry out activities. Basically, for large and complex project this concept is applied.
Also, it gives insight to manager about goals and objectives. There are 3 major components in
project that is time, scope and cost ( Burga, LeBlanc and Rezania, 2019)
This report will describe about various project methodology to be used. Also, it will provide
network diagram of project with activities. Alongside, stakeholders analysis will be discussed
and at last risk analysis is done for music festival event.
METHODS USED
In every project there is a specific method used which enable in effective completion of
project. The method helps in providing a systematic procedure by breaking down project into
various stages. It is useful for project manager to do planning accordingly. However, the use of
methods depend on nature and type of project. There are various methodologies used in it which
is defined as : (Cakmakci, 2019)
Prince 2- in present time, it is most common method which is been used in projects. This is
because it is based on certain principles that are applied within project. They are learning from
experience, product quality, roles and duties, etc. there are several pros and cons of this method.
The pros are it focus on documentation which helps in mitigating risk. Whereas its cons is it
consumes a lot of time in documentation, also changes made in it are difficult to implement
within project.
Waterfall- it is a traditional method which is based on sequential process of completing a project.
In this requirement are fixed and on basis of it activities are planned (Miguel, Madria and
Polancos, 2019)
Its advantage is as it contain a fixed structure so the task are organised and divided in specified
way. On contrary disadvantage is a high risk is involved in it as requirement are fixed, thus any
change in one stage will led to change in overall project.
Agile - this methodology is suitable for large and complex projects as it is iterative and
incremental based. Here, demand and solution is generated by having a collaborative effort with
cross functional team and customers. Its advantage is that agile method is flexible and easily
adopted in every project. Moreover, it is less risky as compared to other method. Disadvantage is
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as it do not have a fixed requirement so changes may occur in any stage of project. So, it leads to
planning it again.
However, for this, project agile methodology can be applied. This is because as it is a
music event so changes can be made easily in it. Moreover, the risk involved in it will be less as
compared to other methodologies (Palmer-Trew and Taylor, 2019)
Network diagram
Stakeholder analysis
In a project there are different types of stakeholders associated with it. They are having
various requirement and expectation related to project. Therefore, it is necessary to identify their
needs so that accordingly goals and objectives can be developed. Usually, there are two types of
stakeholder in project that are internal and external. Internal are those which exists within
business whereas external exists outside and highly impact on project goals. Thus, in music
festival project they are identified as:
Internal – project manager, students and trustee of organisation, investors, etc.
External – government, suppliers, etc. (Poston and Richardson, 2019)
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furthermore, stakeholder analysis is process of finding out relevant people or entities
which is related to project. Then, on basis of their interest, participation level, impact on project,
etc. they are grouped together. With help of that, it becomes easy for organisation to develop
strategies accordingly. Also, they are able to set communication strategies that how to interact
with them. Thus, for music festival project as well the stakeholder analysis is done which is as
below :
Low interest and low power- in this those stakeholder are kept which is having low interest and
low power. Here, alumni is kept as they are not involved in preparing of festival nor having
much power to influence on it. But they must be informed about progress of event via
communicating it through social media or e mail.
Low interest and high power- the stakeholder having low interest and high power. So, in this
trustee of organisation is kept into this. It is because they are not having interest in event but can
highly impact on project. They need to frequently communicated and updated about progress of
music festival (Schultz, Graw and Kock, 2019)
Highh interest and low power- here, those entities are kept which are highly interest but having
low power. The students are kept in this as they are involved in preparing and carrying out
activities of music event. But they are having low power to influence project. In this event
progress can be shared by conducting meeting or via e mails. Along with it, there needs or
changes can be identified a well.
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High interest and high power - in this category government and investors are kept as they are
closely related to event. Any change in investor need will highly impact on entire project.
Alongside, government is closely involved in monitoring of event and its overall goals and
objectives.
Risk analysis
In undertaking a project there are several types of risks which can occur. These can
directly affect on performance of overall project. Hence, it is necessary to identify those risk so
that mitigation strategies can be developed and risk impact can be reduced. However, risk
analysis is process of determining risk and containing all info related to degree of risk, its impact,
etc. on project. Similarly, in music festival project as well there are some risk which can occur
(Fleming, 2019). They are explained as below :
Risk Impact Risk rating Strategy
Increase in cost There may be rise in
cost of event so it will
highly impact on
project. This will lead
to delay in carrying
out activities.
4 For that an additional
cost may be included
in budget as well.
Also, risk costing may
be done to find out
how much extra cost
can be required.
Technical failure risk It can highly affect on
project as technical
error may occur in
software used in
sound, light, etc. it will
led to delay in project
2 All the software and
application used in
sound and lighting
must be checked and
tested to ensure they
are working properly.
Moreover, a back up
plan can be prepared
to handle technical risk
or expert can be hired
for it.
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Delay in project This can result in
cancel or postponed of
music event which can
led to low profit
generation.
5 For that a schedule can
be prepare which will
help in giving info
about start and end of
each activity.
Furthermore,
volunteers must be
given training on how
to handle delay issue
in event so that task is
completed on time.
Change in requirement Any change in
requirement of event
will either increase its
cost or delay in
completion of project.
s
4 For this stakeholder
requirement needs to
be analyzed properly.
Besides, if there is any
change occurred then
it has to be evaluated
and then only applied
otherwise not.
Lack of resources In this the tasks will
not be started and
completed on time. So,
it will affect on further
project stages and
delay music festival
completion.
3 The resources must be
properly allocated on
basis of tasks
requirement. Also,
project manager
should closely monitor
utilization of
resources.
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CONCLUSION & RECOMMENDATIONS
From above it can be summarized that project management is technique to undertake and
complete a project. For this there are various types of methodology such as agile, waterfall, etc
apart from it, there are two types of stakeholders internal are student, investor, and external are
suppliers, government, etc there are certain risks which can occur like rise in cost, technical
failure, lack of resources, and others.
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REFERENCES
Books and journals
Burga, R., LeBlanc, J.E. and Rezania, D., 2019, July. Exploring Project Management as a Career
Path for Contemporary Emerging Adults. In Academy of Management Proceedings (Vol.
2019, No. 1, p. 15874). Briarcliff Manor, NY 10510: Academy of Management.
Cakmakci, M., 2019. Interaction in Project Management Approach Within Industry 4.0.
In Advances in Manufacturing II (pp. 176-189). Springer, Cham.
Fleming, Q.W., 2019, January. Project procurement management: contracting, subcontracting,
teaming. Project Management Institute.
Miguel, A., Madria, W. and Polancos, R., 2019, April. Project Management Model: Integrating
Earned Schedule, Quality, and Risk in Earned Value Management. In 2019 IEEE 6th
International Conference on Industrial Engineering and Applications (ICIEA) (pp. 622-
628). IEEE.
Palmer-Trew, S. and Taylor, P., 2019. Project Management: It's All Bollocks!: The Complete
Exposure of the World of, and the Value of, Project Management. Routledge.
Poston, R.S. and Richardson, S.M., 2019. Designing an academic project management program:
A collaboration between a university and a PMI chapter. Journal of Information Systems
Education, 22(1), p.6.
Schultz, C., Graw, J. and Kock, A., 2019. How Project Management and Top Management
Involvement Affect the Innovativeness of Professional Service Organizations—An
Empirical Study on Hospitals. Project Management Journal, 50(4), pp.460-475.
Shirley, D., 2020. Project management for healthcare. CRC Press.
Shirley, 2020
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