Project Management Methodologies and Risk Analysis for Hosting a Music Festival

BM522 Project
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Task 1...............................................................................................................................................3
Three project management methodologies/bodies of knowledge and their advantages and
disadvantages..............................................................................................................................3
TASK 2............................................................................................................................................5
Development of network diagram...............................................................................................5
..........................................................................................................................................................6
..........................................................................................................................................................7
..........................................................................................................................................................7
TASK 3 ...........................................................................................................................................8
Stakeholders Analysis.................................................................................................................8
Work Breakdown Structure.........................................................................................................8
TASK 4 ...........................................................................................................................................9
Risk analysis and their mitigation strategies...............................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Project Management is the process which focuses on properly managing the activities and
strategies which are essential for successful completion of project. It also involves systematically
guiding the team towards achievement of objectives of the organisation within specified time.
There are various factors which need to be considered when making planning of the project such
as available resources, time period and contractual agreement(Aanbari and Kwak, 2018). The
report will address the issue related to the project management. The project will be on hosting a
new music festival at the local town hall. The three methodologies which are used in project
management along with their advantages and disadvantages. The other essential things such as
stakeholder's analysis, network diagram and work breakdown structure is also covered in this
report. The risk analysis which covers the various risks and the mitigation strategies for avoiding
these risks is also examined in the report.
MAIN BODY
Task 1
Three project management methodologies/bodies of knowledge and their advantages and
disadvantages
Methodology Number 1- PRINCE2
This methodology primarily focuses on controlling and organising the project in a systematic
manner. It is best suited for the teams which are doing the management of the project for the first
time. The process and principles of this project management will assist in developing some
essential skills such as time management skill, communication skill and other problem solving
skills. It has become a very popular methodology worldwide for the businesses(Bjorvatn and
Wald, 2018).
Methodology Number 2- Agile Methodology
It is a method which can be used by the businesses for managing a project by dividing it into
various stages. It involves constant involvement with the stakeholders which lead to continuous