Comparison and Critical Analysis of Project Management Methodologies

PROJECT
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Comparison and Critical Analysis of Project Management Methodologies..........................1
TASK 2............................................................................................................................................4
Development of a Network Diagram:....................................................................................4
TASK 3............................................................................................................................................6
Stakeholder Analysis..............................................................................................................6
TASK 4..........................................................................................................................................11
Risk Analysis........................................................................................................................11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Project management relates to all strategies, procedures and actions an organization
requires to efficiently carry out a project plan. Planning, implementation and supervision are all
essential elements of an organization's project management process (Poston and Richardson,
2019). Therefore, in this relationship, the study underneath is focused on Bucks Student's Union
Music Festival, that is festival of student group. The study therefore involves critical review of
multiple project management methodologies/techniques in this context, including the creation of
a systematic network diagram that would explain the direction to effectively organize the tasks.
In addition, the study will also conduct an overview of stakeholders that is linked to the
assessment of many individuals involved with project. Furthermore, a concise risk analysis
within project is also carried out.
TASK 1
Comparison and Critical Analysis of Project Management Methodologies
Project Methodologies relates to certain approaches which serve as a structure and
governing principles that enable entities and project leaders and team to effectively completion
of the project. There are multiple suitable methodologies for particular project that are expected
to be applied within a particular project (Daniel and Daniel, 2018). Furthermore, it is important
to assess the competency of same to determine the best approach which could enable project
management group to carry out the project tasks in an effective way.
Critical analysis of certain methodologies is discussed in the light of Bucks Student's
Union Music Festival, as below:
Waterfall:
Waterfall is among the most acceptable methodologies that is utilized in
the entire framework of project management. This approach operates in the premise that threats
inside the project have to be minimized since the very start. In addition, more emphasis needs to
be put on project's initial phases, which involves defining and developing the project's main
specifications (Fewings and Henjewele, 2019).
This methodology has some benefits and drawbacks to it that are discussed as below:
Advantages:
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 One of its crucial benefit of this approach is that it's very pretty easy to employ and offers
individuals with appropriate framework to operate with. Other benefit of this methodology is that it serves as an important guideline in
complicated and sensitive procedures.
Disadvantages:
 Its drawback is that concepts aligned with this approach are quite rigid, limiting the reach
of project's versatility.
 Other detrimental aspect of this methodology is that this is very time-consuming.
Agile:
This approach is one that offers and promotes flexibility or versatility in project
management related processes. This also allows the project leader and the group to easily change
many parameters during project's time-span. Here are several benefits and drawbacks of this
methodology, as follows:
Advantages: The benefits include increased versatility in initiatives that expand the variety of
innovative activities to be used.
 Another benefit connected with this methodology is that it integrates creativity into its
framework, which allows the organization to increase its project performance (Fleming
and Koppelman, 2016).
Disadvantages:
 This is an extremely realistic approach that needs to be approached sensitively.
 Under this approach, there are high degree of failure because creativity is its key essence,
which may also contribute to increased efforts and time.
Scrum:
This approach is related to high-end project-plan adaptation that emphasizes the project's
fast and quick delivers. In addition, it helps successfully to project because it extends the
duration of customers feedback that could be randomly responded to (Hornstein, 2015). Multiple
benefits and disadvantages linked to this are listed out below:
Advantages: One major advantage of this approach is adaptation and tolerance.
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