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

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
1

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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