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

This document provides an overview of project management methodologies, including a comparison of three methodologies. It also includes the development of a network diagram for the Bucks Music Festival, stakeholder analysis, and risk analysis. The document concludes with a summary of the key findings.

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Comparison addition to analyses of three project management methodologies or bodies..........1
TASK 2............................................................................................................................................2
Developing network diagram......................................................................................................2
TASK 3............................................................................................................................................6
Undertaking stakeholder analysis addition to structure of work breakdown..............................6
TASK 4............................................................................................................................................8
Preparing risk analysis for distinct types of risks........................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
The practice of supervising, monitoring and leading team work for meeting success
criteria at designated duration is known as project management. Main challenge related with
project management is to attain entire project goals within defined constraints (Kerzner, 2018).
The present report of project management is prepared on Music Festival that is organised by
Bucks Students Union. A student representation establishment has a team that is planning to host
musical festival for celebrating achievement of the Alumni. The report highlights information
about different project management methodologies, development of network diagram that shows
critical activities along with shortest time in completing the project. It also undertakes
stakeholders analysis along with risk analysis.
TASK 1
Comparison addition to analyses of three project management methodologies or bodies
Project management bodies are described as combination of logical practices and
procedures which determines about ways best to plan, develop, control and deliver project in
successful manner (Saxon, 2018). With these methodologies, events are organised properly with
sequenced tasks as well as tackling hurdles. Certain project management methodologies that can
be used by the project manager of the new musical festival are as compared:
Types of project
management
methodologies or
bodies
Critical path
methodology
Scrum project
management
Waterfall
methodology
Description Project management
body which includes step
by step scheduling fro
process of planning
which outlines critical
together with non critical
tasks for the project for
preventing time frames
challenges and
One of project
management body
that proposes
procedures together
with principles in
order to improve
delivery of the project
is termed to Scrum
project management
Project management
body which handles
things sequentially
ranging from
conceptualisation to
development as well
as project completion
is mentioned to
waterfall
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bottlenecks is said to
Critical path
methodology.
methodology (Bass,
Pejcinovic and Grant,
2016).
methodology.
Advantages By using critical path
methodology, project
managers achieve
advantage of identifying
crucial activities that may
impact schedule of
project.
Major advantage of
using Scrum project
management
methodology is that it
improves teamwork,
communication and
develops speed.
Advantage of using
waterfall management
body is that it provide
clear structure,
determines end
objectives early and
transfers information
in all stages.
Disadvantages Disadvantage of using
critical path body is that
it creates difficulty in
printing diagrams for
project networks.
Disadvantage of
working with Scrum
project management
body includes
involvement of
complex software and
delays in decision
making.
Disadvantages related
to waterfall
methodology are
makes changes
critical, excludes end
users or prospective
clients and delays
testing (Saukuma,
2016).
With the comparison, it is analysed that effective project methodology or body for Bucks
Music festival is methodology of critical path. With this methodology, all the activities will be
scheduled properly and unproductive activities that can hamper completion of project will be
identified earlier (Ladwig, 2016).
TASK 2
Developing network diagram
Network diagram refers to visual representation of activities and schedules of particular
project (Raadsen, Bliemer and Bell, 2016). Through network diagram, project managers identify
time sequences of all the events that are essential to objectives. It also involves different types of
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symbols that denote about durations and other necessary aspects. In context to Bucks Music
festival, network diagram is as developed:
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4

Figure 1: Network diagram
Figure 2: EST, LST, EFT and LST
The above diagram is developed by considering underneath basis:
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Critical path refers to shortest time involved in start and finish of the project including all
tasks and timings which presents accurate picture about true project schedule (Ghanbarian,
2020). It helps managers and members of project in identification of tasks which do not allow
any flexibility in duration. In above developed Fifure1, lines in orange and blue color represent
new music festival of Bucks Union. Along with this, Figure 2 states about shortest time taken is
1,2,4,5,9,10,21 and 22 for completing entire activities in possible shortest duration that is 1 + 14
+ 7 + 7 + 2 + 84 + 1 + 10 days = 116 days as whole.
TASK 3
Undertaking stakeholder analysis addition to structure of work breakdown
Stakeholders analysis
Stakeholders are the people that have interest and influences on some project along with
wits results (Ramus and Vaccaro, 2017). Analysis of stakeholders for Bucks Music Festival is as
follows:
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Stakeholders analysis involves level of powers along with level of interest which are
associated with distinct stakeholders. There are internal and external stakeholders associated with
any project type. Classification of stakeholders of Bucks Musical Festival is underneath:
High power, high interest: The stakeholder types which have high power and huge interest
in the project of Bucks Music Festival are Investors and sponsors which are external stakeholders
for the event.
High power, low interest: Clients and audiences are those external stakeholders which have
high powers for making decision for the event but low interest in who are involved with Bucks
Music Festival.
Low power, high interest: Contestant and organisers are those stakeholder types which has
low powers in any event. In relevance to Bucks Music festival, participants and premiers are the
one which are internal stakeholders for the festival.
High power, low interest: Town hall members that are related to Bucks Music festival have
high powers in changing activities but low interest in making certain contributions. They direct
in what is to be done despite of arranging funds for it.
Work Breakdown structure
It is grid schedule which involves series of activities that are to be performed at different
durations (Block, 2018). For Bucks Music festival, following is work breakdown structure:
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TASK 4
Preparing risk analysis for distinct types of risks
A technique that is adopted for recognising, identifying along with assessing types of risks which
can jeopardise project success along with attaining objectives is said to risk analysis (Modarres,
Kaminskiy and Krivtsov, 2016). With this technique, preventive measures are identified for
reducing chances or possibilities of occurrence of risks. It also assists in identifying counter
measures in order to successfully deal with constraints at the time of developing avert possible
drastic impacts on work completion. In association to Bucks Musical festival, different risk types
are connected with it that may become hurdles in performing activities and completion of tasks.
In this aspect, team has prepared risk register which encompasses risks involved and strategies to
deal with all effectively. The prepared risk register for the event is underneath:
Type of
risk
Managem
ent team
Likeliho
od
Impacts Strategies to
mitigate risks
Pre
action
score
Post
action
score
Fund
shortage
Financial
manager
High It will
impact in
negative
manner to
carry out
tasks in
the event.
To mitigate fund
shortage, managers
of the event will
keep some reserves
and will also
source funds from
different banking
institutions
(Alsharif, 201).
7/10 6/10
Technology
failure
Informatio
n
technolog
y team
High This will
result in
drastic
impacts
due to
software
failures
For mitigating
technology failure
risks, information
technology team
will secure
computers and
passwords as well
as use data
6/10 8/10
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backups.
Last minute
cancellation
Marketing
team
Moderat
e
It will
result
drastic
impacts on
the
popularity
of event.
To mitigate the
risk, marketing
team will create list
of all participants,
establishing clear
cancellation policy
and filling spots to
alleviate
cancellations.
5/10 8/10
Reputationa
l risk
Operations
team
Low It will
impact
negatively
on
reputation
of the
event
company.
For mitigating
reputational risk,
operations manager
will build goodwill,
monitor social
media, become
prepared for crisis,
become vigilant for
mishaps (Floreddu
and Cabiddu,
2016).
3/10 6/10
Injuries to
organisers
Human
resource
team
Low This can
impact
drastically
on
employees
and their
motivation
.
To mitigate the risk
type, managers will
provide effective
kits and proper
training to
manpower. Along
with this,
immediate actions
and measures will
also provided to the
2/10 5/10
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injured person.
CONCLUSION
From above discussion, it is concluded that project management is associated to lead and
manage entire working of team for attaining objectives together with meeting criteria of success
in specified time. Major project management methodologies that an event can adopt include
waterfall methodology, scrum project management body and critical path methodology. These
are defined combinations of reasoned related methods and practices which states about the best
to plan, control and implement project with ongoing aspects. Stakeholders analysis is one of
technique that helps in weighing interest and powers associated with people involved in the
event. Risk analysis is essential technique which protects the event from various risks that can
help in controlling occurrence of risks types. Various risk types that can occur in the event
includes injuries to organisers, technology failure, fund shortage, last minute cancellation and
reputational risk.
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REFERENCES
Books and Journals
Alsharif, M.H., 2017. Optimization design and economic analysis of energy management
strategy based on photovoltaic/energy storage for heterogeneous cellular networks
using the HOMER model. Solar Energy. 147. pp.133-150.
Bass, R. B., Pejcinovic, B. and Grant, J., 2016, October. Applying Scrum project management in
ECE curriculum. In 2016 IEEE Frontiers in Education Conference (FIE) (pp. 1-5).
IEEE.
Block, P., 2018. Community: The structure of belonging. Berrett-Koehler Publishers.
Floreddu, P. B. and Cabiddu, F., 2016. Social media communication strategies. Journal of
Services Marketing.
Ghanbarian, B., 2020. Applications of critical path analysis to uniform grain packings with
narrow conductance distributions: II. Water relative permeability. Advances in Water
Resources. 137. p.103524.
Kerzner, H., 2018. Project management best practices: Achieving global excellence. John Wiley
& Sons.
Ladwig, J. G., 2016. Academic distinctions: Theory and methodology in the sociology of school
knowledge. Routledge.
Modarres, M., Kaminskiy, M. P. and Krivtsov, V., 2016. Reliability engineering and risk
analysis: a practical guide. CRC press.
Raadsen, M. P., Bliemer, M. C. and Bell, M. G., 2016. An efficient and exact event-based
algorithm for solving simplified first order dynamic network loading problems in
continuous time. Transportation Research Part B: Methodological. 92. pp.191-210.
Ramus, T. and Vaccaro, A., 2017. Stakeholders matter: How social enterprises address mission
drift. Journal of Business Ethics. 143 (2). pp.307-322.
Saxon, E. D., 2018. Introduction and Methodology. In Peacemaking and Transformative
Mediation (pp. 1-7). Palgrave Macmillan, Cham.
Saukuma, S., 2016. Development of Transition Plan from Waterfall to Agile Project
Management Methodology in SIA Visma Enterprise.
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