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

This report discusses various project management methodologies, the development of a network diagram, stakeholder analysis, and risk management strategies for a music festival project. It also highlights the advantages and disadvantages of different project management approaches.

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
Compare and critically analyse any project management methodologies/bodies.......................1
TASK 2............................................................................................................................................2
Develop a network diagram.........................................................................................................2
TASK 3............................................................................................................................................5
Undertake a stakeholder analysis for this project........................................................................5
TASK 4............................................................................................................................................6
Risk Analysis and Risk Management strategies..........................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Project management can be describe as the practice of planning, executing and controlling
the activities which is related to project management (Burke, 2013). It is very important to
develop effectively conduct activities of project management in order to achieve desired goals.
This report is based on Bucks Student’s Union Music Festival. This is the festival will held in
local Town Hall in order to celebrate the achievement of her Alumni. This report will includes
different project management methodologies as well as their advantages and disadvantages. In
this network diagram is created and EST, LST,EFT and LFT is analysed. Stakeholder is analysed
properly and work break down structure is created. Apart from this different risk is identified
and different risk management strategies are developed.
MAIN BODY
TASK 1
Compare and critically analyse any project management methodologies/bodies.
Project management methodologies are effective in supporting project manager in
successful management of project activities and conduct all task and activities in required time
frame. Different models or methodologies are mention below in detail –
PRINCE 2 Model
This is an effective model that is supportive in management of different types of project
activities as this model is based on process based approach. In PRINCE 2 model each and every
process is define with its key inputs and outputs in order to attain specific objective.
Advantages – This is a useful project management approaches as this is focused on outcomes of
project task (Fleming and Koppelman, 2016). PRINCE 2 model will be beneficial for project
manager as this is approaches can be adapted to any project and this is helpful in saving time.
Disadvantages – The major drawback of this approach is that it includes more experience and
knowledge to correctly apply this modes. PRINCE 2 model has only two tools and techniques in
order to perform project task.
Waterfall model
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This is considered as traditional approach of performing project task and in model will
lead to distinct complete project into different stages. Waterfall model is designed in a sequential
process in which progress of project can be seen as downward like waterfall.
Advantages – This is approaches is beneficial as this support in departmentalization of
project activities. This will lead to increase in control and management of project in order to
attain desired goals.
Disadvantages – Drawback of waterfall model is that it is difficult for project manager
to estimate and analyse the cost and time which is required for successful completion of all task.
Agile model
This is a development approach which is supportive in increasing efficiency and
effectiveness (Heagney, 2016). Agile model is a life cycle of a project which includes
incremental steps in order to complete the project. This model is effective for decreasing time,
enhancing communication as well as lowering the cost of project activities.
Advantages – This model is useful for enhance customer satisfaction by successful
expectation of project activities. Through agile model interaction and people are considered to be
more important as compare to process
Disadvantages – Agile model in lacking in crucial documentation and designing. This is
model is majorly based on customer requirements and unclear representation of customers will
affect the complete performance of project.
TASK 2
Develop a network diagram.
Network diagram can be describe as the graphical representation of a project that will
includes different activities and task of project (Kerzner, 2017). In this diagram all activities are
represented as well as their relationship with other activities is also analysed. Network diagram is
very helpful in developing flow of all project activities.
The network diagram for the project of organizing music festival in the college is as follows:
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TASK 3
Undertake a stakeholder analysis for this project.
Stakeholders are all those people who are linked with project activity or organisation.
These stakeholders will have major impact on planning and execution of project activities and
these stakeholder will also be affected by project task. In a project there are different types of
stakeholder that play crucial role in implementation of project activities as well as conduct all
task in required manner (Leach, 2014). Stakeholders can be classified as internal and external
stakeholder and each stakeholder have different power and interest in project activities. Students,
Collage Dean, teachers and trustee are the major stakeholders of this project.
Stakeholder matrix
This is an effective tool that will help in identifying the interest and power of different
stakeholder on different activities of the project. Stakeholder matrix is classified into 4 different
parts which is useful in analysing the level and power of interest of stakeholder.
 High power, highly interested people – This includes those stakeholder who have high
power to take decision and equally have interest in project activities. Dean of college will
fall under this category.
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 Low power, highly interested people – This will includes student stakeholder as they
have more interest in event and festival activities. But they have low power to take major
decision related to project.
 High power, less interested people – Stakeholder of this quadrant will have high power
to take decision but they are not much interested in project activities. For example trustee
of college they have power to provide funds.
 Low power, less interested people – These stakeholder are no power to take decision
along with this they are not much interested in project activities. This includes teachers of
college.
Work Breakdown structure
This structure can be represented in the form of hierarchical form that is used to classify
project activities. Work breakdown structure is very useful for dividing large and complex
project task into smaller manner with the motive of timely completion of project activities
(Meredith, Mantel and Shafer, 2017). It is important for project manager to develop and create
effective work break down structure that will support in managing all activities of project task in
correct and appropriate manner. This is very useful tool and technique that will support in
managing all deliverables of project as well as successful completion of project activities.
TASK 4
Risk Analysis and Risk Management strategies
There are different types of risk that is associated with implementation of project
activities. It is crucial for project manager to identify and analyse different types of risk that can
have negative impact on implementation of project management as well as successful completion
of project activities (Mir and Pinnington, 2014). it is important to create effective and strong
strategies that will support in dealing with risk and conducting Bucks Student’s Union Music
Festival project activities in correct manner.
Financial risk – This risk is related to inappropriate management of fund and other financial
resources. This risk will lead to have major negative impact on overall performance of Bucks
Student’s Union Music Festival. There are different types of activities in this project which need
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financial amount. Project manager will not be able to complete project activity due to lack of
financial resources.
Strategy – In order to overcome financial risk project manager will have to create
appropriate plan includes all financial resources which is according to the budget of project.
Technology risk – It is related to lack of new and advance technology for conducting event
activities (Morris, 2013). In Union Music Festival event various activities are dependent on
technology and issues in management of technology will affect the performance of event.
Strategy - It is important to have staff member who have complete information about
technology and know knowledge about how to use it properly.
Wrong selection of Crew – This risk is ineffective and efficient crew member to performance
event task. Wrong selection of crew is one of the major risk as this will affect successful
implementation of project activities..
Strategy – Project manager needs to identify and analyse the requirement of crew as well
as their capability as this will help in selecting correct crew member.
Legal risk – This risk is related to rules and regulation of government or other legal authority.
Legal risk will have impact on execution of activities that is plan by manager.
Strategy – It is crucial to identify and analyse all legal requirement and full fill it
accordingly. This will help in smooth performance and implementation of project in successful
manner.
Dress fitting risk – Ineffective fitting or wrong size of dress will affect the performance of cast
and lead to failure of whole event (Pinto, 2013). This risk is due to inaccurate work of dress
supplier.
Strategy – For resolving this risk cast needs to do fitting check of dress prior so that dress
fitting and alteration can be successful completed on time.
CONCLUSION
From the above report it can be concluded that there are different framework that will
support in effective and efficient performance of a project. There are different stakeholders that
will have major impact on project management activities as well as successful implementation of
project. Apart from this it has been determine that there are various risk factors that can affect
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project activities and it is important o develop correct strategy that will support in resolving
project risk.
REFERENCES
Books and Journals
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA, 26.
Fleming, Q. W. and Koppelman, J. M., 2016, December. Earned value project management.
Project Management Institute.
Heagney, J., 2016. Fundamentals of project management. Amacom.
Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Leach, L. P., 2014. Critical chain project management. Artech House.
Meredith, J. R., Mantel Jr, S. J. and Shafer, S. M., 2017. Project management: a managerial
approach. John Wiley & Sons.
Mir, F. A. and Pinnington, A. H., 2014. Exploring the value of project management: linking
project management performance and project success. International journal of project
management. 32(2). pp.202-217.
Morris, P. W., 2013. Reconstructing project management. John Wiley & Sons.
Pinto, J. K., 2013. Project management: achieving competitive advantage (No. s 57). Upper
Saddle River, NJ: Pearson.
Walker, A., 2015. Project management in construction. John Wiley & Sons.
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