Project Management: Methodologies, Planning, Stakeholder Analysis and Risk Analysis

This report discusses project management methodologies, project planning, stakeholder analysis, and project risk analysis. It includes a case study of the Bucks Students' Union Music Festival and provides insights into the strategies adopted by project managers to overcome project risks and achieve project goals.

Project Management

Table of Contents
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Task 1...............................................................................................................................................3
Project management methodologies.......................................................................................3
Task 2...............................................................................................................................................4
Project planning......................................................................................................................4
Task 3...............................................................................................................................................8
Stakeholder analysis...............................................................................................................8
Task 4.............................................................................................................................................11
Project risk analysis..............................................................................................................11
Conclusion.....................................................................................................................................11
References .....................................................................................................................................12

Introduction
Project management refers to the strategy adopted by project managers in respect to
derive maximum advantages from project tasks performed in the firm. The given strategy adopts
management strategies with an aim to overcome project risk and impact of internal as well as
external factors affecting project industry. In the provided project report, hosting of new musical
festival at the local Town Hall this autumn to celebrate the achievements of Alumni will be taken
into consideration (Upjohn, 2019). For the provided report document analysis of project
methodologies, stakeholder analysis, project planning and various project risks will be taken into
consideration. Following report will be based on 'Bucks Students' Union Music Festival; Case
study (Pritchard, 2020).
Main Body
Task 1
Project management methodologies
Project management methodologies refers to methods adopted by project managers to
develop better understandings of project goals and ensures their effective attainment. The
provided technique allows managers of the project firm to avoid wastages of resources and attain
project goals as per desired standards of the project firm. In relation to given context, project
manager can take consideration of following methodologies (Mosely, Wright and Wrigley,
2018);
 Waterfall: As the name suggest, waterfall methodologies suggest flow of development
process in a sequential processes or phases of project. The given methodology emphasis
on wrapping up of each phase in convenient manner before next phase begins. The
provided methodology's success criteria is measured through amount of quality work
work initiated in the project firm. This methodology ensures completion of each phase of
project in desired or relevant manner. In relation to the given context, 'Bucks Students'
Union Music Festival may take consideration of following common stages in waterfall
process;
◦ Requirements
◦ Design
◦ Implementation

◦ Verification
◦ Maintenance Agile: Under the provided methodology, project manager’s initiates project work by
breaking up the required work in several phases. The given methodology includes
collaboration with variety of stakeholders and ensure continuous improvement while
engaging with several stages of the project. For the given methodology, project
managers’ initiates better techniques to be followed in the project firm with enabling of
effective communication in the project firm. For the provided case scenario, project
manager by ensuring appropriate collaborative techniques in the project firm, can ensure
better relations with their key stakeholders and also allow them to facilitate effective
completion of desired project goals and objectives (Yates, 2019).
 Prince 2: The given methodology allocates resources and develops effective measures to
control and manage project work through variety of stages. Said methodology initiates
proper utilisation of project resources and also ensures establishment of proper
controlling and monitoring techniques in the organisational firm. Under the said
methodologies all the project activities are kept under control and are being monitored for
effective completion (Kostera and Harding, 2021).

Task 2
Project planning
Project planning is an element of project management in which scheduling variety of
tasks to be performed in the project firm are being illustrated. Under the said technique managers
of the project firm are able to derive maximum advantages of project activities and clears the
vision or critical path to attain project goals and objectives. For the given context, 'Bucks
Students' Union Music Festival managers of the firm project firm needs to develop various
standards through which required aims and objectives of the project can be attained. Under the
technique preparation of Gantt chart and network diagram is being taken into consideration (Da
Silva and Armstrong, 2020);
Gantt chart
The given tool reflects on several project tasks to be performed to direct project goals and
objectives towards their attainment. Under the said technique managers of project firm can
emphasis on critical basis to clear vision of the project firm and illustrates path of activities
towards attainment of such respective goals and objectives.

Network diagram
Network diagram is the illustration of various tasks to be performed in the project firm
that forms basis of attainment of desired project goals and objectives. The provided technique is
forms branch of project management under which the best critical pathways are being defined in
respect with completion of a provided task in the best suited manner (Chown and et. al., 2018).

The above diagram is prepared through underneath basis
Early Start Activity Number Early finish
Slack
time
ACTIVITY NAME
Late Start Duration Late Finish

The critical path identified in the above stated network diagram is being highlighted
through use of arrows in which the possible course of action can be produced in the project firm.
As per the analysis of higher up chart of concert that different activities are based on the shortest
time such as, 1,2,4,5,9,10,21 and 22. Thus, the lowest possible time to finish them will be about
in 116 days that is period of time of such events.
Task 3
Stakeholder analysis
Stakeholder analysis is a useful element used in project management for which better
evaluation of project aims and objectives are being related to associated stakeholders of the
project firm. Under the given analysis, managers of the project firm are able to seek attention of
several stakeholders of the project firm and ensure completion of project goals and objectives
with effective usage of project resources. For the given or allotted project, managers perform
stakeholder analysis which include the following (Ashworth and Perera, 2018);
 High power, high interest: For the mentioned category of stakeholder analysis,
individuals who possess high authoritative or operational power to manipulate operations
of the project firm and also have high interest in project working are being included.
Under the provided quadrant, investors of respective project firm are being included. This
could be possible due to their relevance to outcomes of the project firm.

 High power, low interest: For the mentioned category of stakeholder analysis,
individuals who possess high authoritative or operational power to manipulate operations
of the project firm but have low or less interest in project working are being included.
Under the provided quadrant, committee members are being taken into consideration. Low power, low interest: For the mentioned category of stakeholder analysis, individuals
who possess low authoritative or operational power to manipulate operations of the
project firm and also have low or less interest in project working are being included.
Under the provided quadrant various audience for the project firm will be taken into
consideration. Low power, high interest: For the mentioned category of stakeholder analysis,
individuals who possess low authoritative or operational power to manipulate operations
of the project firm but have high interest in project working are being included. Under
the provided quadrant organisers and related participants of the project will be included.
WBS
WBS is a systematic technique of project management in which various activities will be
listed down in several branches for their completion. This will interrelate working of the project
firm and will allow project managers to form basis of their effective completion (Antony, 2018).

Task 4
Project risk analysis
Risk refers to uncertainty of a task while operating several project activities. A project
manager of the respective firm follows guidelines of risk management through which frequency
of risk associated with project working can be lower down. For the said project below are some
risk which might arise (Andrews and et. al., 2021);
No. Risk Effect Possibility Mitigation
1 Failure of power Low High Using good quality of machines and
equipment being used under guided
manner.
2 Changes in weather High Moderate Estimating the possibilities and good
planning techniques.
3 Safety and security Low Moderate Vision of secured place to work
4 Low human resource High High Effective HR management
5 Technological updates Low Moderate Market research
Conclusion
From the analysis of above project report, it can be concluded that, techniques of project
management play a crucial role in enhancing performance of the project firm. For the given
report paper, it can be said that, by taking use of variety of project management methodologies,
managers of the firm could develop better basis of working and through preparation of project
planning all activities can be guided well in their required manner of achievement. Lastly, by
taking consideration of risk factors to a project firm, productivity can be ensured in terms of
attainment of desired aims and objectives.

References
Books and Journals
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management on sea anglers in the UK using choice experiments. Journal of
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Antony, J., 2018. A conceptual Lean Six Sigma framework for quality excellence in higher
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Ashworth, A. and Perera, S., 2018. Contractual procedures in the construction industry.
Routledge.
Chown, N., Baker-Rogers, J., Hughes, L., Cossburn, K.N. and Byrne, P., 2018. The ‘High
Achievers’ project: an assessment of the support for students with autism attending UK
universities. Journal of Further and Higher Education, 42(6), pp.837-854.
Da Silva, C.G. and Armstrong, A., 2020. What is the potential for solar parks in the UK to
enhance soil carbon through active management?: A rapid systematic review of the
available evidence.
Kostera, M. and Harding, N. eds., 2021. Organizational ethnography. Edward Elgar Publishing.
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Mosely, G., Wright, N. and Wrigley, C., 2018. Facilitating design thinking: A comparison of
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the UK Peatland Code: A case-study of blended green finance. Land Use Policy, 108,
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Pritchard, P.T., 2020. The Project Leadership Process in Production Line Projects with Different
Types of Complexities (Doctoral dissertation, Capella University).
Upjohn, S., 2019. Play Well: Educating for the Prevention of Playing-Related Musculoskeletal
Injuries at a Specialist Music School in the UK. A Physiotherapist-led Action Research
Project (Doctoral dissertation, University of Cambridge).
Yates, K.L., 2019. Evidence synthesis to inform monitoring and evaluation of marine spatial
management in the UK