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

This document provides a comprehensive guide to project management, covering methodologies, network diagram development, stakeholder analysis, and risk mitigation strategies. It includes detailed explanations, advantages, disadvantages, and practical tips for each topic. Perfect for students studying project management or anyone interested in learning more about effective project management practices.

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Describing three project management methodologies................................................................1
TASK 2............................................................................................................................................2
Developing a network diagram...................................................................................................2
TASK 3............................................................................................................................................5
Stakeholder analysis....................................................................................................................5
TASK 4............................................................................................................................................7
Five different type of risk with mitigation strategies..................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Project management is the practice of initiating, planning, implementation, monitoring
and closing the entire work. The current report is also helps to highlight the project management
and it is based upon the study of Union Music festival. Further, report describe three different
project methodologies with its pros and cons. Then it describe network diagram, critical path and
Work breakdown structure. Study also presents stakeholder analysis in which it includes internal
and external stakeholder who helps the project to deliver the best. Lastly, it describe five
different type of risk with its mitigation strategies that affect Music festival.
TASK 1
Describing three project management methodologies
Agile: This methodology is consider one of the best software development which is
actually used operate complex projects. This method is completely opposite of Waterfall method
and obtain results fast. It is that type of process where the demand and solution are evolve with a
collaborative efforts of project manager and cross- functional teams as well. Thus, it is
completely based upon the principles that helps to deliver the best project
Advantages:
 this method is completely focused on the requirements and helps to make changes as per
need.
 Well suited to deliver creative projects
 Project manager get regular feedback from stakeholder and as a result, it lower down risk
and failure of projects.
Disadvantages:
 the lack of any resource makes the project failed and it is less predictable
 Takes more time and commitment for its delivery.
Scrum: Another methodology which is based upon five values such that commitment,
courage, focus, openness and respect. Its main aim is to deliver and sustain the project through
better collaboration of a team (du Plessis, 2019). Thus, this method is best suited for those team
who have less than 7 people and who actually need a flexible approach as well.
Advantages:
 This methodology remove all mistakes and rectify them as well.
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 Easy visibility of all the stages and can cope up all the requirements of the client with
constant feedback.
 Helps to improve the quality of product development.
Disadvantages:
 This method is not followed by an individual person and it also did not care about the
final project deadline as well.
 Higher risk and lack of flexibility when project manager uses this method.
Hybrid: This methodology is the combination of Waterfall and Agile methodologies and
this method is used across all different projects (Jabar and et.al., 2019). Therefore, this method is
more suitable because it accept the fluidity of projects and also consider quick delivering of the
work.
Advantages:
 this method helps to increases flexibility because it did not changes substantially and
helps to make changes as requested.
 This method helps to deliver the structured planned that further leads to get bets
outcomes.
Disadvantages:
 this method is not suitable to track deliverable and did not meet the deadline as well
because it is time consuming method.
 Continuous team conflict resolution takes too much time and efforts and that is why, it is
generally avoid by project manager.
TASK 2
Developing a network diagram
Task
Mode Task Name Duratio
n Start Finish Predeces
sors
Early
Finish
Early
Start
Late
Start
Late
Finish
1 Budget
Approval 1 day Sun
7/15/18
Sun
7/15/18
Sun
7/15/18
Sun
7/15/18
Sun
7/15/18
Mon
7/16/18
2
Hire
Publicity
Director
14 days Mon
7/16/18
Thu
8/2/18 1 Thu 8/2/18 Mon
7/16/18
Mon
7/16/18 Thu 8/2/18
3 Hire Set
Designer 14 days Mon
7/16/18
Thu
8/2/18 1 Thu 8/2/18 Mon
7/16/18
Fri
1/11/19
Wed
1/30/19
2

4
Hire Place
For
Auditions
7 days Fri
8/3/18
Mon
8/13/18 2 Mon
8/13/18 Fri 8/3/18 Fri
8/3/18
Mon
8/13/18
5
Advertising
To Hire
Crew and
Cast
7 days Fri
8/3/18
Mon
8/13/18 2 Mon
8/13/18 Fri 8/3/18 Fri
8/3/18
Mon
8/13/18
6
Hire
Production
& Publicity
Crew
34 days Tue
8/14/18
Mon
12/31/18 4,5 Mon
12/31/18
Tue
8/14/18
Thu
9/13/18
Wed
1/30/19
7
Set
Designed
and Built
42 days Tue
1/1/19
Wed
2/27/19 3,6 Wed
2/27/19
Tue
1/1/19
Thu
1/31/19 Fri 3/29/19
8
Train
Production
Crew
12 days Tue
1/1/19
Wed
1/16/19 3,6 Wed
1/16/19
Tue
1/1/19
Thu
3/21/19 Fri 4/5/19
9 Auditions
To Hire Cast 2 days Tue
8/14/18
Wed
8/15/18 4,5 Wed
8/15/18
Tue
8/14/18
Tue
8/14/18
Wed
8/15/18
10 Cast
Rehearsal 95 days Thu
8/16/18
Fri
4/5/19 9 Fri 4/5/19 Thu
8/16/18
Thu
8/16/18 Fri 4/5/19
11 Hire
Orchestra 7 days Mon
7/16/18
Tue
7/24/18 1 Tue
7/24/18
Mon
7/16/18
Thu
1/31/19 Fri 2/8/19
12 Music 7 days Wed
7/25/18
Thu
8/2/18 11 Thu 8/2/18 Wed
7/25/18
Fri
3/22/19
Mon
4/1/19
13
Photograph
Cast And
Crew &
Collect
Biographies
35 days Tue
1/1/19
Mon
2/18/19 6,9,11 Mon
2/18/19
Tue
1/1/19
Mon
2/11/19 Fri 3/29/19
14
Enter
Information
Into
Computer
1 day Tue
2/19/19
Tue
2/19/19 13 Tue
2/19/19
Tue
2/19/19
Mon
4/1/19
Mon
4/1/19
15 Printing 5 days Wed
2/20/19
Tue
2/26/19 14 Tue
2/26/19
Wed
2/20/19
Tue
4/2/19
Mon
4/8/19
16
Develop an
Advertising
Plan
7 days Tue
1/1/19
Wed
1/9/19 6 Wed
1/9/19
Tue
1/1/19
Thu
2/28/19 Fri 3/8/19
17 Advertising
Media 21 days Thu
1/10/19
Thu
2/7/19 16 Thu 2/7/19 Thu
1/10/19
Mon
3/11/19
Mon
4/8/19
18 Orchestra
rehearsal 4 days Fri
8/3/18
Wed
8/8/18 12 Wed
8/8/18 Fri 8/3/18 Tue
4/2/19 Fri 4/5/19
19 Order 7 days Thu Fri 9 Fri 8/24/18 Thu Thu Fri 3/29/19
3

Costumes 8/16/18 8/24/18 8/16/18 3/21/19
20
Costume
Parade And
Alterations
5 days Thu
2/28/19
Wed
3/6/19 7,19 Wed
3/6/19
Thu
2/28/19
Mon
4/1/19 Fri 4/5/19
21 Dress
Rehearsal 1 day Mon
4/8/19
Mon
4/8/19
8,10,18,2
0
Mon
4/8/19
Mon
4/8/19
Mon
4/8/19
Mon
4/8/19
22 Performance 10 days Tue
4/9/19
Mon
4/22/19 15,17,21 Mon
4/22/19
Tue
4/9/19
Tue
4/9/19
Mon
4/22/19
Gantt Chart
Critical path
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Path 1: 1 + 2 +4 + 9+ 10 + 21+22
= = 1+14+7+2+95+1+10 = 130 days
Path 2: 1 + 2 +5 + 9+ 10 + 21+22
=1+14+7+2+95+1+10 = 130 days
From the above, it is evaluated that the shortest path to complete the Music festival is as
mention above such that minimum 130 days are required to complete the project by project
manager in which is effectively deliver the project with well condition.
TASK 3
Stakeholder analysis
Stakeholder analysis is the process that determine the people when the project starts and
also group them as per the level of participation, interest and influence in the project. It also
determine how the best they easily communicate each of them groups (Arango-Osorio and et.al.,
2019). Therefore, to deliver Music Festival, there are two types of stakeholders, such as:
Internal stakeholder: This type of stakeholder perform the duties in the business and
directly or indirectly involves in operational process as well. These are, designer, director
manager and employees.
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External Stakeholder: This are those stakeholder who did not perform the work inside
the business but they take action and decision for the welfare of a business. These are suppliers,
government, partners, customers, competitors, investors etc.
Stakeholder Matrix
Keep satisfied Manage closely
 Designer
 Directors
 Managers
 Employees
 Customers
 suppliers
Monitor Keep informed
 Government
 Competitors
 Business partner
 shareholders
 Investors
Communication strategies: Project manager should make sure that all the information
regarding the project is presented in transparent way such that it is communicated in effective
way so that it will work best for them (Derakhshan, Turner and Mancini, 2019). Always value
the stakeholder, instead to underestimate them. Project manager should also leverage teammates
and also build relationship outside the work meetings so that they involve in the project
effectively.
Work Breakdown Structure: It is the hierarchical decomposition of the work which is
executed by the project manager in order to accomplish aim and objectives. Further it also
estimated, schedule and budget the work with required deliverable. In order to organize music
festival, the WBS is as mention below:
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TASK 4
Five different type of risk with mitigation strategies
Type of risk Mitigation strategies
Cost Project manager should forecasting the budget in proper way and collect the
fund as per requirements. If there is any shortage, then make sure there is
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further substitution available for the project.
Time To meet deadline, project manager make sure that roles and responsibilities
are properly delegated and if they require may hire other person who manage
the work accordingly (de Oliveira and Rabechini, 2019).
Technical risk Project manager make sure that there is a proper communication and for that
they may use advance technology in order cope up technical risk and
communicate effectively.
Lack of human
resource
Project manager should ensure that there is a substitution of every team
members so that the work not got affected.
Operational risk In order to reduce operational risk, project manager should assign roles and
responsibilities as per their abilities so that they deliver best Music festival
(Kliem and Ludin, 2019).
CONCLUSION
By summing up above report, it has been concluded that all three project management
methodology have their own importance to complete the project and in order to deliver Music
festival in better way, Agile methodology is best suitable. Further, study also concluded that the
critical path of the project is 130 days and to deliver the music festival in better way, both
internal and external stakeholder assist project manager to meet the specific deadline. Lastly,
report concluded five different types of risk that affect the project such that time, cost, lack of
human resource etc and define its mitigation strategies as well.
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REFERENCES
Books and Journals
Arango-Osorio, S. and et.al., 2019. Methodology for the design and economic assessment of
anaerobic digestion plants to produce energy and biofertilizer from livestock
waste. Science of The Total Environment.685. pp.1169-1180.
de Oliveira, G .F. and Rabechini Jr, R., 2019. Stakeholder management influence on trust in a
project: a quantitative study. International Journal of Project Management. 37(1).
pp.131-144.
Derakhshan, R., Turner, R. and Mancini, M., 2019. Project governance and stakeholders: a
literature review. International Journal of Project Management.37(1). pp.98-116.
du Plessis, H., 2019. Facilitation of construction project management through building contracts:
A South African perspective on the locally developed suites of contracts. Acta
Structilia.26(1). pp.120-147.
Jabar, M. A. and et.al., 2019. Adaptive and Dynamic Hybrid Model for Software Project
Management: A Review on its Clarity and Usage to Improve Project Success. In Applied
Mechanics and Materials (Vol. 892, pp. 38-45). Trans Tech Publications Ltd.
Kliem, R. L. and Ludin, I. S., 2019. Reducing project risk. Routledge.
Online
Different types of project methodologies. 2018. [Online]. Available through:
<https://www.workamajig.com/blog/project-management-methodologies>.
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