Integrated Project Risk Management

Running head: PROJECT MANAGEMENT
Project management
Name of the Student
Name of the University
Author’s Note

PROJECT MANAGEMENT
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Executive Summary
The paper mainly reflects on Buck Student Music Festival. In this paper, different project
management methodologies are compared in order to select the best methodology. In addition to
this, the paper reflects on critical path analysis of the project in order to reflect early start, early
finish, late start and late finish. Moreover, the paper also reflected proper schedule that helps in
showcasing tasks that are necessary for making arrangement for the Music Festival. Lastly, the
paper also elaborates communication management strategies as well risk management strategies
so that Music festival can be organized successfully.

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Table of Contents
Task 1...............................................................................................................................................3
1.1 Analysis of three project management methodologies..........................................................3
1.1.1 Waterfall.............................................................................................................................3
1.1.2 Agile...................................................................................................................................3
1.1.3 PRINCE2............................................................................................................................4
Task 2:.............................................................................................................................................5
2.1 Develop a network diagram with early start, early finish, late start and late finish..............5
2.1 Early start time and late start time.........................................................................................5
2.2 Early finish time and late finish time.....................................................................................6
2.3 Critical path...........................................................................................................................6
Task 3:.............................................................................................................................................7
3.1 Stakeholder analysis..............................................................................................................7
3.2 Importance of stakeholder analysis.......................................................................................8
3.3 Communication strategies.....................................................................................................9
3.4 Work breakdown structure....................................................................................................9
Task 4:...........................................................................................................................................10
4.1 Risk analysis for five different risk that could affect the project........................................10
Bibliography..................................................................................................................................16

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Task 1
1.1 Analysis of three project management methodologies
1.1.1 Waterfall
Chauhan, Rana and Sharma (2017) stated that the Waterfall project methodology is a
project approach where both the customers and the project stakeholders related needs are
properly assembled and then proper successive plan of the project is formed for accommodating
those project necessities. The main advantage of waterfall development is that it generally helps
in allowing departmentalization as well as control. Furthermore, the schedule can generally set
with proper deadlines so that each of the stage of development can generally proceed through the
entire development process of model phases. This methodology is mainly suited for smaller
project where various types of requirements are properly defined (Ali et al. 2018).
On the other hand, all the different types of requirement must be known prior to the
development of the project that further delays the kick off phase of the project. It further has low
level of flexibility that makes it quite difficult for making different types of changes while
developing the project successfully (Balaji and Obaidy 2016). Furthermore, one of the major
disadvantages is that there is a requirement of strict management as well as regular monitoring
for meeting the deadline of the project. Moreover, client faces a lot of challenges in getting
opportunities for successfully acquainted within the system.
1.1.2 Agile
According to Peroni (2016), agile assists in giving a lot of chances to stakeholder as well
as team management before as well as after the execution of each sprint. By proper involving the
project client in each particular step of the project, there is high degree of collaboration between