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

This document provides an overview of project management methodologies, including waterfall, Six Sigma, and Crystal method. It also includes a network diagram for a music festival project, stakeholder analysis, and risk analysis for different risks. The document concludes with a discussion on project management techniques and strategies. Subject: Project Management, Course Code: N/A, Course Name: N/A, College/University: N/A

Project management

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
1. Three project management methodologies..............................................................................1
TASK 2............................................................................................................................................3
2. Network diagram....................................................................................................................3
TASK 3............................................................................................................................................3
3. Stakeholder analysis.................................................................................................................3
TASK 4............................................................................................................................................5
4. Risk Analysis for FIVE different risks....................................................................................5
CONCLUSION ...............................................................................................................................5
REFERENCERS .............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The process of planning and organisation of useful company resources in order to make a
certain task, project more effective is known as project management (Gale and et.al., 2016). The
particular project is related with hosting a new musical festival in season of Autumn in Local
town to celebrate the achievement of Alumni.
The project covers, three project management methodologies, creation of appropriate
network diagram, stakeholder analysis for music festival and risk analysis for different risk to the
project.
TASK 1
1. Three project management methodologies
A technique is a framework used by project managers to develop, schedule, execute and
accomplish the project goals. Some important methodologies of project management are
discussed below:
Waterfall:
It is consider to be the most commonly used project managing method that is a linear
sequence model in which progress flows towards down in a specific direction (Crawford, 2014).
Manager of music festival follow the important stages of waterfall in systematic manner such as:
 System and software requirements
 Analysis
 Design
 Coding
 Testing
 Operations
Advantages:
 It is best suited for the project in which requirement are well described for smaller
projects.
 Manager are helpful with this methods as they can easily perform quality assurance
analysis after ending of every stage.
Disadvantage:
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 The waterfall method includes testing phase which comes very late in developing process
of a project. The main drawback of this methodology is that it is not effective for complex task in
which requirement keeps on changing.
Six Sigma:
This is an important methods of project in which manager mainly focus to develop
different valuables steps in order to improve the quality of respective project by eliminating
number of problems (Six sigma, 2019). They first determine the process that are not performing
in profitable manner and make adjustment or replace the activity with new one. This
methodologies includes DMAIC for business activities to get improved and DMADV for the
creation of new systems, goods or services. To make music festival event free of error manager
uses the concept of DMAIC that help in following ways:
 Define the difficulty and the main goals.
 Measure the specific elements of the present system in depth
 Analyse information to identify the source of faults in a system, along with other things
 Improvement within the process
 Control the system to meet future requirement.
Advantages:
 This describes the whole cycle behind manufacturing a product or a project being
completed instead of just the final results.
 It is proactive, as it seeks to assess whether possible improvements can be made well
before flaws and vulnerabilities are identified (Marcelino-Sádaba and et.al., 2014.).
Disadvantage:
 This methodology can make a project activity delay and stifle creativity because of
bureaucracy and rigidity. It also impact the main objective of a project as company manager are more focused on
Six sigma endorsed policies.
Crystal method:
The main objective of this methodologies is to give more importance to other elements of
project rather then developing effective ways for project processes. In crystal method manager
mainly focuses on team communication, skill development, making interaction between people.
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Advantages:
 This method is more tolerant and company follow them regularly in order to create
effective network among team member involved in particular project.
 Crystal method includes face to face meeting among team which help to remove
differences between them to achieve the project requirement (Taylan and et.al., 2014).
Disadvantage:
 It is not useful for team which are distributed on different project stages.
 Manager move from one crystal to another that make project process delay.
TASK 2
2. Network diagram
A network diagram is being used to construct a schematic map of a network in electronic
telecommunications. This style of diagram is especially beneficial for collecting comprehensive
network documents for project manager and designers. The following discussed below is the
network diagram for Music event with critical path and activities.
TASK 3
3. Stakeholder analysis
In modern dynamic business environment, an effective analysis of stakeholder is one of
the most crucial step made by manager in order to make project success at reach the desired
results (Uysal, 2016). In context of music festival manager consider a stakeholder analysis that is
discussed below:
Project
Name: Music Festival
Project Manager Name: Keven Peterson
Name Title Job role Type Interest Power
Mark
Henry
Finance
manager Budget Approval Internal
To best use the
project funds High
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Develop an Advertising
Plan
Stuart
broad HR manager Hire Publicity Director Internal
Employee best
resources to project
Hire Set Designer
Guide and manager
employed personnel High
Hire Place For
Auditions
Hire Production &
Publicity Crew
Hire Orchestra
Parminder
Bajaj
Marketing
manager
Advertising To Hire
Crew and Cast Internal
Manage and develop
effective strategies
Mediu
m
Develop an Advertising
Plan
Advertising Media
Alex Singh
Art Designer Orchestra rehearsal Internal
Determine the total
need of project
resources
Mediu
m
Order Costumes
Costume Parade And
Alterations
Dress Rehearsal
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Chris
brown Trainer Set Designed and Built Internal
Train and guide
participant High
Train Production Crew Analyse performance
Cast Rehearsal
Music
Phillis
william Photographe
r
Photograph Cast And
Crew & Collect
Biographies External
Gather specific
information about
event
Mediu
m
Enter Information Into
Computer
Make sure entire
music event get
captured
Printing
Blair
Tickner
visitors
External
Martin
Guptill
Colin Munro
TASK 4
4. Risk Analysis for FIVE different risks
Risk analysis is the study of the underlying uncertainty of a given course of action and
refers to the uncertainty of forecasted cash flow streams, the variance of portfolio or stock
returns, the probability of a project's success or failure, and potential future economic states
(Yavuz and Altay 2015). Manager to look into each aspect of project before selecting any project
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so that any kind of risk are determined and effective ways are made to remove these risk.
Manager of Music event analysis and determine the different risk related with Musical event and
make valuable strategies to remove these risk.
Risk analysis
Name of risk Risk rate Risk Ranking
1 Hearing Damage or Loss 2 5
2 Personal Theft 4 5
3 Slip and Fall Injuries 3 5
4 Fire and Smoke Inhalation 5 5
5 Violence and Altercations 4 5
Ways to manage the risk relevant to the specific event.
Accept The Risk Acceptance of threat discuss that manager need to take any action
after identifying it and reporting it into the risk management system.
Manager of music event simply acknowledge that if this risk happen,
it could hamper the overall project. Such as manager accept the risk
of Personal Theft, Slip and Fall Injuries and Fire and Smoke Inhalation
etc.
Avoid The Risk Manager in this stage make plans to completely avoid these accepted
risk. Such as manager to avoid accepted risk at first stage, make
crucial strategies like making arrangement of fire extinguisher at
specific distance to avoid the fire risk at event (Yavuz and Altay, 2015).
Transfer The Risk Transfer is most crucial risk management technique which most
frequently used and appears to become more popular in multi-party
projects. At this manger use to shift the effect and risk management
to someone else such as to control the risk of Violence and Altercations
project manager transfer the managing and controlling duty to security
agency.
Mitigate The Risk Risk reduction is actually a very common method used to mitigate
risk. It's the simplest to grasp as well as the simplest to execute. All
reduction suggests seems to be that manager restrict a risk's effect
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and in case if it happens the issue causes becomes simpler and easier
to solve. Like, project manager of music event tries to cover floor with
carpet so that Slip and Fall Injuries can be avoided (Yavuz and Altay,
2015).
Exploit The Risk Exploitation is the technique for managing risk to be used in such
circumstances when a risk have a positive impact on the project.
Manager mainly use to determine the ways to bring about the risk or
manner to maximize the influence in case of any risk to the project.
CONCLUSION
In end of this report, it has been concluded that proper assuring of effective tools and
techniques to make a project successful in respective time is known as project management. In
order to reach predetermined objective of Music event manager use to analyse the stakeholder
interest and power and make proper assessment of total risk that can be happen to event.
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REFERENCES
Books & Journals
Crawford, J. K. 2014. Project management maturity model. Auerbach Publications.
Gale, J. and et.al., 2016. Student nurse selection and predictability of academic success: The
Multiple Mini Interview project. Nurse education today, 40, 123-127.
Marcelino-Sádaba, S. and et.al., 2014. Project risk management methodology for small
firms. International journal of project management. 32(2). 327-340.
Taylan, O. and et.al., 2014. Construction projects selection and risk assessment by fuzzy AHP
and fuzzy TOPSIS methodologies. Applied Soft Computing. 17. 105-116.
Uysal, A. K. 2016. An improved global feature selection scheme for text classification. Expert
systems with Applications. 43. 82-92.
Yavuz, M., and Altay, B. L. 2015. Reclamation project selection using fuzzy decision-making
methods. Environmental earth sciences. 73(10). 6167-6179.
Online
Six sigma. 2019. [Online] Available through:
<https://medium.com/@aarakapur/what-is-six-sigma-define-the-pros-and-cons-of-six-sigma-
methodology-a1d3f77fe438>.
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