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

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.
1

 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