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

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
1