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

Project Management

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Compare and critically analyse any THREE project management methodologies/bodies
of knowledge and its advantage and disadvantage.................................................................3
PART 2............................................................................................................................................6
Develop a Network Diagram.....................................................................................................6
PART 3............................................................................................................................................8
undertake a Stakeholder analysis.............................................................................................8
PART 4..........................................................................................................................................10
Risk analysis.............................................................................................................................10
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Project management may be defined as the process of leading and managing all the activities of
team in order to attain all the objectives of project within the set period of time. This basically
comprises of all the activities as well as the strategies which are essential for achieving the
project objectives (Alghail and et, al., 2021). All these information is describing under the
project documentation which are developed at the beginning of the project. The aim of this report
is to solve the issues related to the project management of Bucks Student’s Union Music
Festival. The following report is going to covers the different types project management
methodologies with their advantages as well as disadvantage. This report also covers the Gang
chart, network diagram and five risk associated with project along with its impact. This report
also covers stakeholder’s analysis, risk matrix and the strategies in order to mitigate the risk.
TASK 1
Compare and critically analyse any THREE project management methodologies/bodies of
knowledge and its advantage and disadvantage.
Project management methodologies are basically the set principles, techniques and procedures
which are used in order to work in a discipline manner. There are different types of project
management methodologies which are used by the project organizer in order to manage the event
from which some of them discussed below: -
 Agile methodology: - agile project management methodology is basically a way to
manage the event or project by dividing the task into the several stages. This comprises of
continuous collaboration with the stakeholder’s and improvement in the each and every
phase of event (Bergmann and Karwowski, 2018). The organiser can make the changes
in the events at any time. The advantages and disadvantages of this methodology has
been discussed below: -
o Advantages: -
The biggest advantage of this methodology is that this is very flexible in
nature. The user can make changes in the middle of the project.
o Disadvantages: -

The disadvantage which is associated with this is that the user of this
methodology cannot effectively predict the expected result because of the change
in the requirements on regular basis.
 Waterfall methodology: - this is basically a project management approach which assist
the user to paid focus on the progression of event from beginning to end in linear manner.
In this model the activities are breakdown in linear sequence and each stage of the event
is depending on the outcome or result of the previous event. The pros and cons of this has
been discussed below: -
o Advantages: -
If organisers of the event in local town hall uses this method then they can plan
extensively, easily track the dependencies of tasks and can accurately estimate the
budget and timeline.
o Disadvantages: -
This methodology is very rigid in nature, once the event or project is planned then
no changes can be made in it and it is not suitable for complicated projects.