Comparison of Project Management Approaches

This document provides a comparison of three project management approaches: Agile, Hybrid, and Waterfall. It discusses the advantages and disadvantages of each approach and their impact on project outcomes. The document also includes information on developing network diagrams, Gantt charts, and stakeholder analysis. Additionally, it covers risk management strategies and mitigation plans. The content is relevant to project management courses and is suitable for students studying business, management, or related subjects.

PROJECT
MANAGEMENT
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TASK 1
Comparison between project management approach
Agile: Agile project management approach proves crucial for manager in planning and guiding
different activity of project in project management. Agile project management approach prove
crucial in manager in dividing total work of project into small units by accruing the quality. This
approach focuses on adopting policies of continuous development by using autonomous
techniques ( Layton and Ostermiller ,2017).
 Advantages: This methodology provide good supporting hand in adjusting in changing
environments and prove crucial in developing strategies to overcome problems of
changing business environments and getting outcome faster. It prove crucial in
improving costumer satisfaction
 Disadvantages: This methodology is difficult to understand by every manager. As
Result occurs from agile is difficult to predict. Senior programmers can only use this
method as this need proper knowledge for taking decisions.
Hybrid: This method provide better chance of resolving the project as it is combinations of both
formal and agile methodologies. It create a new project management method. (Zuñiga , Flores
and Merino , 2018 ) .
 Advantages: This method focus on product features as compared to final result of the
project. Also, provide good supporting hands to understand project in much efficient
way.
 Disadvantages: Accurate and reliable results are not occurred by this methodology it is
the methodology which is oldest in the nature. This method is not suitable for carrying
out long term projects.
Waterfall: It is the method in which manager collect all the information regarding customer and
stakeholder needs and take necessary steps to fulfil such needs. It is mainly used in constructing,
IT and software industries (Stoics and et.al, 2016).
 Advantages: In comparison to other projects it takes less effort in term of money and time.
It is also easy to operate. It provide good supporting hand to understand project in better
way and prove crucial in proper management.
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 Disadvantages: this firm is not used by many firms as it is rigid process i.e. it does not
permit to changes any thing which has been already done in the project ( Brewer and
Dittman; 2018 ). End use and client requirements are also excluded from this method.
TASK 2
Developing network diagram, gantt chart and critical analysis points
Gantt chart
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Network diagram
TASK 3
Stakeholder analysis
Stakeholder matrix is analyse variety of kinds of stakeholder which are associated with the
project in the project.
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Stakeholder Role Influence
Power
Interest
level
Way to increase
interest
Project Manager Project manager
play a vital role in the
project.
As they are the one
who have the
responsibility to carry
out variety of
operation of the event
in the University.
They will work as a
mediator in between
the project team and
client
High High Interest level of
variety of stakeholder
in the project can be
improved in the project
by providing them
good sort of resources
to carry out variety of
event in the nation.
Project Sponsor Project sponsor at the
same time provide
monetary support to
the project. They are
the one who looks for
good return from the
investment which
they have made in the
project
High Moderate Interest level of project
sponsor can be
improved in event by
giving good amount of
the clarity upon the
variety of task which
has to be performed in
the project, This will
prove crucial in the
project sponsor in
carrying variety of
activity very efficiently
in the project.
Project team They are the one in
the project who
carry out variety of
Moderate Moderate To improve the interest
of project team
member in the event.
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operation of the event
for the university.
Growth of variety of
project team member
depends upon the
outcome of the
project. They are the
one who follow the
variety of guideline
pass on by Project
team.
Project manager in the
University has to make
sure that they
maintain good sort of
the clarity in the
project. So that variety
of employee can carry
out variety of
operation very
efficiently in the
project.
Third party
Agency
They are one in the
market who will
generally provides
the variety of raw
material to the project
team in the
University.
Low Moderate Interest level of these
stakeholder can be
improved in the
University by showing
good sort of clarity in
the project.
TASK 4
Risk Management
Risk Impact Responsible
Authority
Mitigation strategy
Financial risk
It is the risk which
may occur in the
event when Project
team is not able to get
the adequate amount
of the money to carry
High Project sponsor To overcome this
problem in the
University company
has to look that they
maintain a good sort
of the relationship
with the project
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out the variety of
operation of the task.
This eventually slow
down the variety of
operation of the
business.
sponsor in the project
so that they can
provide all the type
of the support
whenever require in
the project. This will
provecrucial in
company in
overcoming the same
in the project.
Scheduling Risk
It is the risk which
may occur in the
event when event
when there is
confusion in the
employee about the
work which they have
to perform in the
project. This risk in
the project create the
issue of duplicity of
work in the event.
This impact the
efficiency of the
work.
High Project manager and
Planner
To overcome this
issue cited firm has
to make sure that
they include all the
stakeholder and
manager at the time
of making variety of
scheduling in the
project. This will
eventually
provecrucial in the
company in
preparing the variety
of schedule very
effectively in the
event.
Resource Wastage
It is the Risk which
generally occur in the
project when event is
not able to optimum
Moderate Resource allocator To overcome the
impact of this risk in
the project has to
make sure that they
forecast the variety
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utilizes the amount of
resources in the
project. This
eventually increase
the cost of the
company in the long
run.
of task of the event in
the university and on
the basis of the same
only allocate the
resources in the
project. This will
provide good
supporting hand them
in overcoming the
same issue in
company.
Employee conflict
It is another risk
which will be occur in
the project at the time
when employee in the
project will be unclear
about some or the
other topic in the
project. This will
eventually creates the
variety unclarity in an
cited firm.
Moderate Employee This can be
overcome by the
company by
clarifying the variety
of task which has to
be performed by the
project team in the
project this will
eventually provide
good supporting hand
the individual in
reducing the amount
of the conflict which
generally occur in
the project.
Legal Risk
This risk may occur in
the event when
variety of operation of
the business is not
Low Project manager This risk can be
reduced in the project
by recruiting the
employee who can
look at all of this
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compiled with variety
of rules and regulation
in the project.
thing and can notify
project manager at
times.
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REFERENCES
Books and Journals
Eskerod, P. and Jepsen, A.L., 2016. Project stakeholder management. Routledge
Royer, P.S., 2018. Risk management: The undiscovered dimension of project
management. Project Management Journal. 31(1). pp.6-13
Adelakun, O. and et.al., 2017. Hybrid Project Management: Agile with Discipline. In CONF-
IRM (p. 14).
Brewer, J. L. and Dittman, K. C., 2018. Methods of IT project management. Purdue University
Press.
Conforto, E. C. and Amaral, D. C., 2016. Agile project management and stage-gate model—A
hybrid framework for technology-based companies. Journal of Engineering and
Technology Management, 40, pp.1-14.
Layton, M. C. and Ostermiller, S. J., 2017. Agile project management for dummies. John Wiley
& Sons.
Stoica, M. and et.al., 2016. Analyzing Agile Development-from Waterfall Style to
Scrumban. Informatica Economica, 20(4).
Zuñiga, M. G., Flores, E. A. and Merino, J. C. A., 2018, November. Hybrid System (Solar-
Wind) Management for Generating Electricity in High Andean Rural Regions in Peru.
In 2018 IEEE Sciences and Humanities International Research Conference
(SHIRCON) (pp. 1-5). IEEE.
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