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

This report provides a comprehensive overview of project management, including methodologies, project network diagram, stakeholder analysis, and risk analysis. It discusses the importance of managing a project effectively and provides insights into various tools and techniques that can be used.

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Project management methodologies.......................................................................................3
TASK 2 ...........................................................................................................................................4
Project network diagram.........................................................................................................4
TASK 3............................................................................................................................................8
Stakeholder analysis...............................................................................................................8
TASK 4..........................................................................................................................................10
Risk analysis.........................................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Project management is related with managing a project through all the stages of initiating,
execution, controlling and closing so that desired goals of project can be achieved and it can get
completed within a specific period of time and budget. In this report the project regarding
hosting a music festival at the local Town Hall to celebrate the achievements of alumni of Alpha
Student's union will be discussed. Various activities which are involved in completing the project
in a desired manner will be discussed in this report so that project can be effectively managed.
TASK 1
Project management methodologies
Various project management methodologies can be used so that the activities of project
can be completed efficiently of which some are: Critical path method: In this method all the activities of project are listed on a work
breakdown structure in reference to the duration required to complete them and also
determining their dependencies on each other (Mangla and et. al., 2019). Kanban: This is a visual project management approach where all the participants are
clear with the workflow and progress so that they can work towards completing the
project in a set direction.
 Waterfall: This method the progress of project must be downwards which means that the
next stage of project can be initiated only when the previous one has been successfully
completed.
Basis Advantages Disadvantages
CPM  Through this method the project
can be efficiently managed and
all the activities of project can be
completed within time.
 Through this method exact time
and cost of project can be
calculated.
 It cannot be applied in big
projects as it can make the project
complicated.
 It needs efficient skills so that
appropriate time can be allotted
to each tasks (Pheng and Meng,
2018).

Kanban  This method is simple to
understand.
 This system can help in direct
reduction in cost and waste of
company.
 It is difficult to apply if too many
activities or tasks are interrelated
in project.
 It cannot be applied in dynamic
environments.
Waterfall  This can be easily applied to
small projects where objectives
are clearly defined.
 It helps in determining end goals.
 Cannot be applied on large
projects.
 Change cannot be easily made
after the completion of project.
From the above methodologies CPM can be used while completing the project of
organising a music festival at the Town Hall by Alpha Students Union so that all the stages can
be completed within time by using WBS so that efficient results can be achieved.
TASK 2
Project network diagram
It is a graphical diagram which help in representing all the tasks related to the project and
their dependencies so that the time which is required in completion of project can be calculated
through a critical path method. This network is made with the help of symbols and arrows which
help in connecting lines that are to be followed so that the project can be completed in a desired
manner. This diagram also help in connecting all the activities so that a path can be established
which is to be followed while completing the project (Talagala and et. al., 2018).

TASK 3
Stakeholder analysis
In this analysis the stakeholders that are related to the project are identified before
starting the project so that their level of power and interest in project outcomes can be
determined so that the information which needs to be circulated can be analysed. Following are
the steps involved in stakeholder analysis:
Step 1: At this stage the stakeholders who are involved in the project are identified which
in the case of this project are students, government, suppliers and management of Alpha
Students' Union.
Step 2: At this stage the identified stakeholders are grouped based on the following
concepts: High power, high interest: These people must be highly engaged in the project and must
be satisfied by the progress of project like college management, students High power, low interest: These people are not interested in activities of project but exert
high power on the progress of project like government. Low power, high interest: These are the people who are highly interested in the end
results of project but do not have much power on the project like the suppliers (Kerzner,
2017).

 Low power, low interest: These are the people who are neither affected by the progress of
project nor are interested in the project like students of other colleges.
Step 3: After completing all the stages it is important that all the stakeholders of project
are communicated about the goals of project and the way in which it will proceed to complete
the project on time.
Stakeholder matrix: It is a tool which can be used while starting the project so that the
interest of stakeholders can be identified so that they can be involved appropriately in the events
that are to take place while the completion of project (Sánchez, 2015).
INVOLVEMENT LEVEL
POWER LEVEL
HIGH LOW
HIGH College Management,
Students of union
Government
LOW Suppliers Students of other
colleges
Communication plan: It is a plan which help in communicating the objectives of project and the
direction in which the project will proceed to the stakeholders in an efficient manner so that they
can be involved in decision making and can be involved in the project (Fleming and Koppelman,
2016).
Communication Kind Conferences & group discussions.
Communication Objective To communicate about the activities which are involved in
project so that all the members can perform their roles in an
efficient manner.
Medium Face to face conversation, emails
Frequency As and when required
Audience Students, Project manager, team members.
Project WBS: This is an effective tool which is used while managing a project so that the
complete project can be divided into smaller components as per the time which is required to

complete the project on time. Breaking the large and complex project into smaller components
help in making the project look more easy and achievable within a set time-frame.
TASK 4
Risk analysis
Risk analysis help in analysing the risks which can be faced during the execution of
project so that they can be timely identified in accordance with their likelihood to occur so that
appropriate strategies can be formulated to mitigate the risk (Hornstein, 2015).
Risk Risk
Level(L/M/
H)
Likelihood
of events
Mitigation strategy
Financial risk-This is the risk
of managing the complete
project within the financial
resources which are available
so that the project objectives
Medium It may be
possible.
It is important that the costs of all
the resources which are required
ion completion of project are
properly calculated.

can be efficiently achieved.
Changes in the cost or prices
of goods, services material
can affect the financial
resources allocated to project.
Time scale of project-It is the
risk of not being able to
complete the project within
the specified time duration.
High It may be
certainty.
It is important that WBS is used in
an efficient manner so that the
activities of project can be aligned
with the time required to complete
the project on time.
Unrealistic estimation of
cost-It is the risk of
miscalculation of cost of the
project which can lead to
losses from completion of
project.
Low It may be
unlikely.
It is important that the cost of all
the stages are calculated
appropriately by using the project
management tool of CPM so that
the cost of all the activities can be
known and accurately calculated.
Availability of project team-It
is the risk associated with the
non-availability of skilled and
enthusiastic team members
who can help in completion of
the project on time so that all
the project activities can be
efficiently completed.
Medium It may be
possible.
Continuous review process can be
used by the project team so that the
performance of all the team
members can be evaluated and
improvements which are necessary
can be done so that project can be
completed in a desired manner.
Technical risk- These are the
risks associated with the
technical failures like failure
of mikes during music
festivals etc. which can affect
the overall project and its
Medium Likely
possible
This risk can be managed by
checking and testing the quality of
all the technical equipments so that
the risk can be mitigated and
project can be effectively

completion in desired manner. completed.
CONCLUSION
From the above report it can be said that there are various stages which are involved
while managing a project which needs to be followed effectively so that the project can be
completed within time and stipulated budget. All the tools that are discussed can help in
improving the quality of project and also help in completing the project on time and in a desired
manner.

REFERENCES
BOOKS & JOURNALS
Mangla, S.K. and et. al., 2019. Logistics and distribution challenges to managing operations for
corporate sustainability: Study on leading Indian diary organizations. Journal of
Cleaner Production. 238. p.117620.
Pheng, L.S. and Meng, C.Y., 2018. Managing productivity in construction: JIT operations and
measurements. Routledge.
Talagala, N. and et. al., 2018. Systems and methods for managing storage compression
operations. U.S. Patent 9.875.180.
Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Sánchez, M. A., 2015. Integrating sustainability issues into project management. Journal of
Cleaner Production. 96. pp.319-330.
Fleming, Q. W. and Koppelman, J. M., 2016, December. Earned value project management.
Project Management Institute.
Hornstein, H. A., 2015. The integration of project management and organizational change
management is now a necessity. International Journal of Project Management. 33(2).
pp.291-298.