Project Management: Methodologies, Network Diagram, Stakeholder Analysis, Risk Analysis

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Comparison and analysis of three project management methodologies of knowledge...............1
TASK 2............................................................................................................................................3
Developing network diagram along with calculations related to earliest starting time, earliest
finishing time, latest starting time and latest finishing time for each activity.............................3
TASK 3............................................................................................................................................7
Stakeholders analysis addition to work break down structure.....................................................7
TASK 4............................................................................................................................................8
Preparation of risk analysis for five different risks which can affect the project........................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Project management is mentioned as procedure involving initiating, planning,
implementation, monitoring, controlling and closing activities of team in order to gain particular
objectives as well as meeting determined success criteria at defined period. Its main purpose is to
attain all goals of project in provided constraints. It has final deliverables which are restricted to
bounded budget together with timescale (Joslin and Müller, 2016). The present report is based on
an management of an event that is Bucks Student's Union Music Festival which is hosted by
Buck's Student Union for celebrating achievements of Alumni. The report addresses
differentiation and analysis among various project management methodologies, network
diagram, stakeholder analysis and risk analysis.
TASK 1
Comparison and analysis of three project management methodologies of knowledge.
Project management methodology is mentioned to the strictly illustrated aggregation of
logically affiliated processes, practices along with methods which determines best ways to plan,
develop and deliver a project via ongoing execution aspects till completing work successfully
(Kerzner and Saladis, 2017). By using methodologies for managing projects as they allows
controlling overall practices and actions through effective problem solving together with
decision making that ensures the success. By using various methodologies, Buck's Student
Union effectively conducts the event without overlapping activities as well as generates actions
in successive manner. The three project methodologies are as compared and analysed:
Project management
methodologies
Waterfall
methodology
Hybrid approach Critical path method
Definition It is considered as
oldest methodology to
manage any project. It
is defined as
sequential design
process wherein the
entire process is
Hybrid approach is
defined as the
methodology that is
best suited for the
projects which have
middling
requirements. It
The methodology in
which all activities are
categorised as per
needs associated with
project completion on
work breakdown
structure. Further,
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perceived as flowing
steadily downwards
via distinct stages that
are modifies as per
requirements.
combines attributes
related to certain other
frameworks for the
project (Kerzner,
2017).
projected duration
related to all activities
along with
dependencies between
them are mapped to
analyse which activity
will be completed
prior to start of other.
Advantages The methodology is
easy for usage as well
as understanding. It
provide clear
demarcation among
stages which helps the
organisers of project to
collect resources and
divide work
accordingly.
Hybrid approach
enhanced flexibility as
it do not changes
requirements in
substantial manner.
Moreover, it structures
al activities concerned
with the project in
most structured
manner.
It benefits in
scheduling duration of
activities in effective
manner. Along with
this, it also helps in
prioritising resources
better.
Disadvantage Waterfall
methodology involves
high risks and majorly
depends on
understanding of
requirements in correct
manner. It also lacks
flexibility in longer
projects.
Using hybrid
approach, various
types of compromises
are required on
requirements and
flexibility of project.
Along with this,
iterations results in
constraints in
budgeting and
scheduling.
Drawing diagram
related to critical path
takes huge time as
well as efforts.
Moreover, estimated
time for activities are
based on assumptions
that can adds huge
uncertainty risk in the
project
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