Project Management: Methodologies, Activity List, Gantt Chart, Stakeholder Analysis, Work Break Down Structure, and Risk Analysis

This report on Desklib covers project management methodologies, activity list, Gantt chart, stakeholder analysis, work break down structure, and risk analysis. It provides insights on how to manage projects effectively and efficiently. The report includes a detailed analysis of different project management methodologies, a list of activities, Gantt chart, network diagram, critical path, stakeholder analysis, work break down structure, and risk analysis. It also highlights the importance of project management and its applications in real-time project management.

Project management

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
Methodologies of project management..................................................................................1
Task 2...............................................................................................................................................3
List of activity.........................................................................................................................3
Gantt Chart.............................................................................................................................5
Network Diagram...................................................................................................................5
Critical path............................................................................................................................7
Task 3...............................................................................................................................................7
Stakeholder Analysis..............................................................................................................7
Work Break Down Structure..................................................................................................8
Task 4...............................................................................................................................................8
Risk analysis...........................................................................................................................8
CONCLUSION................................................................................................................................9
References......................................................................................................................................11

INTRODUCTION
Project management can be defined as the leading and directing the project according to
the goals and objectives in a successful manner. It has several constraints within which the
project can be accomplished such as time and cost along with the scope are the major three
constraints which are to be met as expectations set at the time of the initiation of the project
(Brewer and Dittman, 2018). The current scenario is based on the music festival event to be
organization with the help of various stakeholders and while using the different methodologies of
the project. Therefore, the following discussion is based on the analysis of the project
management methodologies and activity list along with the Gantt chart and network diagram.
Moreover, discussion is also made on the critical path and stakeholders analysis along with the
work break down structure and risk analysis. All such criteria are important to consider for
developing the good practices of project management so that it can be successful within the
deadline and without any extra expenses as well. Thereby, such calculations are made of critical
path and analysis is being conducted for better in depth examination of the project and to achieve
it successfully.
Task 1
Methodologies of project management
Waterfall Methodology Concept
It is one of the type of project management methodology which focuses on the
implementation of the chronological stages which are strictly has the compilation with each and
every step. This methodology segregates the team of employees who work independently. It has
the concept that next step will not get started until the previous stages are successfully completed
(Stoica and et.al., 2016). Advantages
It has several advantages such as it helps in the identification of the errors on the earlier
basis which further supports in elimination of the risks before initiation of the stage. It has
another benefit that it easily measures the progress with suitable outcomes and also determines
the improvements for further studies. Disadvantages
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It has several disadvantages such as every project requires modifications and changes in
the middle of the project for better improvements, it cannot be implemented due to the
restrictions in the middle of the amendments. If the previous stages got delayed then it can result
in other steps also to be get delayed (Zaky, 2018).
Agile Methodology Concept
It is an another type of project management methodology which focuses on the
uninterrupted integration of the stages at the time of completing the entire process of the project.
Every stage requires testing and error rectification so that the final project can be completed in a
perfect manner with improved productivity and output (Sapapthai and et.al., 2020). Advantages
It has several advantages such as it is easy for the project manager to administer the
changes at each and every stage which helps in maintaining the project quality because
evaluation is done at every stage in order to modify the changes accordingly (Octavian and et.al.,
2021). Disadvantages
It has several disadvantages such as this methodology involve the experts which are very
high in number that ultimately increases the overall completion time of the Project. Initial setting
of the objective is unclear which can result the project to get off the track.
Prince2 Methodology Concept
It is also one of the type of project management methodology which focuses on the
detailing of the project that involves the detailed process. This type of methodology is highly
suggested at the level of nation wide as it required in depth analysis of each and every aspect of
the project management (Rai, Verlinde and Macharis, 2018). Advantages
It has several advantages such as it is highly flexible in nature which incorporate changes
for better implementation of the project. Project manger has the major focus on the outputs
which further targets the progress and improvised results of the project. Disadvantages
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It has several disadvantage such as it has a complicated work of documentation which
increases at every stage of the project that results in delay and also issues in documentation
management as well. There is a lack of seniors involvement that results in the slow down of the
project (Dudek, Krzykowska-Piotrowska and Siergiejczyk, 2020).
Task 2
List of activity
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4

Gantt Chart
Network Diagram
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Critical path
Task 3
Stakeholder Analysis
Stakeholder matrix has four quadrants such as keep satisfied or latent is the first quadrant
which has high power and low interest. In context of current project, stakeholders involved are
co-producers and suppliers along with the audiences and employees. Manage closely or
promoters is the second quadrant which has high power and high interest. In context of current
project, stakeholders involved are marketing team and sponsors along with the promoters.
Monitor or apathetic is the third quadrant which has low power and low interest. In context of
current project, stakeholders involved are singer and performers along with the students. Keep
informed or defenders is the fourth quadrant which has low power and high interest. In context
of current project, stakeholders involved are dean and head of the departments (Layton and
Ostermiller, 2017).
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Work Break Down Structure
Task 4
Risk analysis
Likelihood and Impact Rating: 1= Very Unlikely, 2 = Slight, 3= Feasible, 4= Likely, 5= Very
Likely
Risk Rating: 1-2 = Minimal, 3-9 = Low, 10-15 = Medium, 16-20 = High and 25 = Extreme
Risk Likelihood
(a)
Impact
(b)
Risk Rating
(a) * (b)
Action
Overrun of the
cost
4 4 16 It is importance to
prepare the flexible
budget for better
adoption of the
changes later.
Legal hazards 5 3 15 It is essential to hire
the legal experts so
that they can fulfil all
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the legal requirements
related with the
project.
Project
completion
delay
5 5 25 It is vital to formulate
the proper timelines
and Gantt chart and
also to monitor it on a
frequent basis.
Fire Hazrds 5 5 25 It is imperative to
transfer the risk to the
third party for example
insurance for better
mitigation.
Performance
Hazards
4 4 16 It is crucial to take up
the responsibilities of
monitoring the entire
project life cycle so
that the project can be
implemented in a
strategic manner.
CONCLUSION
It is concluded that project management is an important concept to learn and study so that
its applications can be applied in the real time project management. This is because managing the
projects contains several stages which helps the project manager to implement in a systematic
manner strategically. It also helps the project manager to complete the project in the given
constraints of the project. Therefore, it is important to analyse the different project management
methodologies so that best suitable can be selected for the current management of the project. It
is necessary to determine the list of activities that are to be carried out in the entire duration of
the project so that tasks can be divided accordingly. It is essential to examine the Gantt chart and
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network diagram along with the critical path so that best path can be identified to carry out the
activities of the project. It is significant to assess the stakeholder analysis so that the internal and
external stakeholders can be identified while placing them on the matrix power and interest. It is
vital evaluate the work break down structure so that the tasks can be divided into smaller tasks
for better effectiveness and efficiency maintenance. It is imperative to study the risk analysis so
that risks can be mitigated accordingly. Hence, the above report covers all such areas in order to
better understand the conception of project management.
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References
Books and Journals
Brewer, J. L. and Dittman, K. C., 2018. Methods of IT project management. Purdue University
Press.
Dudek, E., Krzykowska-Piotrowska, K. and Siergiejczyk, M., 2020. Risk management in (air)
transport with exemplary risk analysis based on the tolerability matrix. Transport
Problems. 15.
Layton, M. C. and Ostermiller, S. J., 2017. Agile project management for dummies. John Wiley
& Sons.
Octavian, A. and et.al., 2021. Risk Analysis of Islamic State (IS) Network Development in
Southeast Asia Based on 3D Matrix.
Rai, H. B., Verlinde, S. and Macharis, C., 2018. Shipping outside the box. Environmental impact
and stakeholder analysis of a crowd logistics platform in Belgium. Journal of Cleaner
Production. 202. pp.806-816.
Sapapthai, S. and et.al., 2020. A stakeholder analysis approach for area business continuity
management: A systematic review. Journal of Disaster Research. 15(5). pp.588-598.
Stoica, M. and et.al., 2016. Analyzing Agile Development-from Waterfall Style to
Scrumban. Informatica Economica, 20(4).
Zaky, M. M., 2018. Risk analysis using fuzzy system based risk matrix methodology. Arab
Journal of Nuclear Sciences and Applications. 51(4). pp.204-212.
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