Project Management: Methodology, Network Diagram, Stakeholders Analysis, Risk Analyses

This report provides an overview of project management in the context of organizing a music festival in college. It covers topics such as project methodology, network diagram, stakeholders analysis, and risk analyses. The report explores different project management methods like Prince2, Waterfall, and Scrum, and discusses their advantages and disadvantages. It also analyzes the stakeholders involved in the project and their roles. Additionally, the report identifies potential risks and suggests corrective actions. This comprehensive resource is recommended for students studying project management.

PROJECT
MANAGEMENT

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Project method methodology.......................................................................................................3
TASK 2............................................................................................................................................4
Network Diagram.........................................................................................................................4
TASK 3............................................................................................................................................5
Stakeholders Analysis..................................................................................................................5
TASK 4............................................................................................................................................7
Risk Analyses...............................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Product management refers to the formation and management of a project such that it
gets complete with time, effectively and efficiently. Project management involves the
management of resources which is required in the project. These resources may include human
resources, material resources, finances required, time taken and the so on. Managing the project
is very hard task as it required certain skills to handle the projects. In the report there is a project
which needs to be undertaken by the Team of college for handling a music festival in college.
The team here has to do the required arrangements right starting from collecting the funds,
planning the festival to closing of festivals (Burke, 2013). There are many events which the team
is planning to undertake into festivals such as band performance, solo singers performance and
much more. This report discuss about how the team would be planning and aligning the activities
which it will going to held at the festivals.
TASK 1
Project method methodology
Prince2: This method is a project management method to successfully deliver any size
or complexity of project. The main object is to divide the project into manageable way and
controllable stages. It is adopted by many countries like UK, Australia, western European
countries and the training for the languages is available for this method.
Advantages : This method has its own framework and the project management is a complex
work and such framework will not guarantee success. It helps in increasing the product quality of
the finished product and ensures optimum utilisation of resources.
Disadvantages: Prince2 is not appropriate for small projects that requires changes which might
be required.
Waterfall : It is technique that includes dividing the project into various phases pointing
downwards, in which each phase leads to the other, where one phase has to be completed in
order to move to the next one (Fleming and Koppelman, 2016). This method saves time and cost
of the project. This method requires proper documentation which ensures clear guidance. As the
method is structured it ensures stability and it can be easily understood. It can be used in the
projects that has fixed and rigid approach, that does not require changes.
Scrum: is another method that is used in order to manage a project. The objective is to break the
large project into small segments. There are various batches created and each batch is created on
the basis of feedback and learning that helps in minimising risks. The main objective is to reach
the customer satisfaction. This method of project management helps in getting maximum return
on investment for the business (Heagney, 2016). It helps in reaching the customer satisfaction, it

8s faster and involves less time and cuts the cost, it moves quickly and it also helps in increasing
the morale of the employees of the organization.
Disadvantages: This method requires specialist people to perform and which can lead to the
increase in the cost and maybe time consuming sometimes. People with specialized skills are
required to perform this type of method of the project management. This method is dependent on
the outside world, so it requires proper planning and study of the market
TASK 2
Network Diagram
Network diagram is a graphical representation of a project. In that graph the activities
that are need to undertaken in a project. These activities are connected with nodes which show
how and what activity needs to taken after the completion of previous activity. The graphical
diagram also shows the time taken by an activity. The network diagram helps the manager in
building up the flow for activities and from this network managers also can defines the total time
taken by the project to complete and finding out the short and effective path for finishing up the
project (Kerzner, 2017).
The network diagram for the project of organizing music festival in the college is as follows:

TASK 3
Stakeholders Analysis
Stakeholders are the people who have interest into the organization and are relative with
organization. These stakeholders may include customers, employees, directors, investors,
suppliers, retailers and the so forth. Shareholders are the people who directly or indirectly affect
the working and operations of business. In this project following can be the stakeholder:
Collage Dean: he is the one who is responsible for the working and operations of college (Leach,
2014). He runs the college and makes all the rules, regulations and policies which are required to
undertake for better performance of the college.
Students: Students are the people who are studying into the college for taking up their degrees
and for the development of their skills and knowledge.
Teachers: Teachers are the people who teach the students and make them capable enough by
inculcating the required education, skills and knowledge in them. Higher the reputed college
more would be the salary offered to them. But such reputed college only takes the teachers who
are brilliant in their skills and education.

Trustees: Trustees are the people who invests their money in college. They are the people who
actually fund the college to make it run. They are the people who build up the infrastructure,
facilities and much more into the college (Meredith, Mantel and Shafer, 2017). Basically they are
the actual funds providers to the college.
All the above stated people are considered as shareholders as they can affect the
operations, activities and performance of the college. The project is divided in number of
activities and these activities are align in a flow in which the activities need to be undertaken.
Organizing such a big event into the college involves all these stakeholders. For example, the
trustees would be concerned about the total cost that would get incurred in organizing the event,
students would be concerned about the events which would be undertaken by the college, dean
would be concern about the responsibility which he would be having in organizing of such a
festival whereas teachers would be concern about management and monitoring of work in the
music festival. Therefore, all these stakeholders have their own interest and responsibility which
they undertakes in the project (Mir and Pinnington, 2014). And all these stakeholders can also
affect the project. For example, if the trustees allots only small or comparatively low funds to the
college for organizing such a big festival then the students or the team who are responsible for
managing and organizing the project would undertake their activities and event according to it.
There is a matrix called stakeholders matrix which has differentiate the stakeholders on the basis
of their interest and power they exercise in the project. The stakeholder matrix is divided into
four categories which is as follows:
High power, highly interested people: these are the people who have the power to influence the
activities which are taking place into the project. These people also are very much interested in
the work or events which are taking place in the music festivals. In this category, college dean
can included because he runs the college and as a dean he has the power to take any decision or
to run any project. They are interested in every activity or event which has organized into the
college.
High power, less interested people: In this the stakeholder exercises the high power but they
are very less interested about the activities, events or festivals that are taking place into college.
Trustees come in such category (Morris, 2013). They are the people whose role is to provide
funds to college.
Low power, highly interested people: These are the people who exercise very low power but
are very much interested into the activities, events and festivals which are organizing into the
college. Students come into this category as they as the people who are highly enthusiastic about
the music festival but have very low power over the activities.
Low power, less interested people: these people are the ones who does not care about festival
and also exercise very low power in the event (Pinto, 2013). Teachers may come into this

category as they are not so much interested into the event and also they don’t have any power
over it.
TASK 4
Risk Analyses
For analyzing the risk, there is a tool called risk register. Risk register is a table in which
the project manger anticipates and writes about all the risks which he thinks there project might
be able to face during the preparation or process (Walker, 2015). The risk register helps the
manager in knowing about the risk and taking the action or corrective measures to eliminate it.
Risk Effects Corrective action Person responsible
Financial risk Shortage in the
funds for music
festival can cause
loss to the event.
And it is also
possible that some
events needs to get
cancel because of
such shortages into
the funds.
Proper plan and budget
needs to get made by
the team and present it
before the trustees.
Before making the
budget a proper plan
should be made first,
so that the people
should have the clear
cut idea about the cost.
The finance handing
team.
Resource risk If the resources
which are needed
at the festival get at
risk or shortage.
The proper planning
must be done also apart
from this the group
must be ready for the
plan B if their primary
plan gets failed
The resource team
Schedule The events should
be organized at
their schedule time.
The team should make
sure that all the events
should be allotted with
a particular time and
must get held within
that time only. So it do
not create any delay
into the festival
Organizing team
Music Performers If that music
performers
cancelled to come
at the event.
The team should make
sure that the bands or
singers who would be
going to perform at the
event must come and
proper arrangements
must to taken for them.
Organizing team

CONCLUSION
From the report discuss above, the project management has been high lighten. The
project of organizing a music event or festival into the college has been taken. In that project the
team needs to make a plan about how they would going to take this project. The project is
divided into activities and are presented into a network diagram. Also the stakeholders along
with their interest and power they exercise are also mentioned into the report.

REFERENCES
Books and Journals
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA, 26.
Fleming, Q. W. and Koppelman, J. M., 2016, December. Earned value project management.
Project Management Institute.
Heagney, J., 2016. Fundamentals of project management. Amacom.
Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Leach, L. P., 2014. Critical chain project management. Artech House.
Meredith, J. R., Mantel Jr, S. J. and Shafer, S. M., 2017. Project management: a managerial
approach. John Wiley & Sons.
Mir, F. A. and Pinnington, A. H., 2014. Exploring the value of project management: linking
project management performance and project success. International journal of project
management. 32(2). pp.202-217.
Morris, P. W., 2013. Reconstructing project management. John Wiley & Sons.
Pinto, J. K., 2013. Project management: achieving competitive advantage (No. s 57). Upper
Saddle River, NJ: Pearson.
Walker, A., 2015. Project management in construction. John Wiley & Sons.