Project Management: Methodologies, Stakeholder Analysis, and Risk Analysis

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Analysis of various PM methodologies with advantages and disadvantage...............................1
TASK 2............................................................................................................................................4
Network diagram which shows the relation among all activities...............................................4
TASK 3............................................................................................................................................4
Stakeholder analysis for the project............................................................................................4
..........................................................................................................................................................7
TASK 4............................................................................................................................................7
Risk Analysis..............................................................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Project management is a process through which activities form initiating of a project to
its effective completion is performed, managed and controlled. Managing all the activities are
initiated so that goals and objectives for completing a business objectives are achieved. A project
manager uses number of processes, methodologies and concepts so that level of efficiency in
order to accomplish project is achieved. In order to increase chances for success of project
effective project management is introduced so that stakeholder analysis, work breakdown
structure and assessment of all the risk can b made to manage them effectively (Gitolendia,
2018). In this project report project management technique is implemented to a Bucks Music
Festival which will be discussed with the support of different PM methodologies, proper
Network diagram, WBS. Together with this stakeholder analysis will be performed to know their
interest and impact of risk involved in project to these stakeholders.
TASK 1
Analysis of various PM methodologies with advantages and disadvantage
Project management methodology is a strictly defined combination of logically related
practices, methods and processes so that best actions can be taken or developed in order to
accomplish business practices. These methodologies provides scope of continuous improvement
so that completion of project can be made in successful manner. Various project management
methodologies which are used in order to accomplish an event for Bucks Music Festival is as
follows-
Scrum: It is a framework that helps team of project management to work together and
perform number of business activities. This methodologies focuses on providing opportunity to
all the team members to enhance their learning skills and get new experiences while resolving
various issues involved in the project (Phillips, 2019). This leads to make a continuous
improvement in the quality of the work performed by all the team members. With the effective
development cycle all the loops will be turned out to be an strength of business.
Advantages:
 This methodology helps in completion of the project management in quick and efficient
manner with continuous improvement.
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 Usage of time and money in the project is made in effective manner so that each project
is completed in most profitable manner. Projects are managed into small portions so that completion of the activities can be
performed appropriately.
Disadvantage:
 This methodology do not provides a specified period for completion of the project.
 Large teams are established and managing these teams becomes a challenging task.
 Many team members leave the project in middle and this creates negative impact on the
whole project.
Lean: This methodology promotes maximisation of consumer value while accomplishing
the project activities in effective manner (Saleem, Tan and Buchanan, 2017). Consumers value is
maximised through this method by minimising waste in all the activities which is performed in
order to accomplish project. Resources are utilised in the best manner so that completion of the
musical festival generates good experience all the the members.
Advantages:
 Through this methodology wastage involved in the process of completion of the project is
minimised and efficiency is improved.
 Competitive advantages are created to businesses when wastage is minimised and level of
efficiency is improved. High amount of work satisfaction is created among the team members.
Disadvantage:
 High amount of perfection in work leads to generate frustration among project
management team.
 When any error is created then there is no scope to make improvement.
Waterfall: In this project management approach progress of the project flows in one
direction like a waterfall. This project methodology is based on the simple theme that effective
planning must be performed so that each task is accomplished in most appropriate manner in first
attempt (SATIROĞLU, MISIR and MISIR, 2018). This form of methodology is suitable for
projects which are not affected to changes or involves less chances of changes. Planning if made
and tasks are assigned and completion of each activity is made in order to complete them in
effective manner.
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