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

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).