Understanding Project Management Theory and Tools

This report covers comparison and critical analysis of project management methodologies, development of a network diagram, stakeholder analysis, and risk analysis for a music festival project.

UNDERSTANDING
PROJECT
MANAGEMENT
THEORY AND
TOOLS

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Comparison and Critical Analysis of Project Management Methodologies..........................1
TASK 2............................................................................................................................................3
Development of Network Diagram........................................................................................3
TASK 3............................................................................................................................................5
Implementation of Stakeholders’ Analysis............................................................................5
TASK 4............................................................................................................................................8
Preparation of Risk Analysis..................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Project Management is an amalgamation of theories, tools and functions that are
implemented by an organisation towards accomplishment of several projects (Todorović and et.
al., 2015). One such association is Bucks Students’ Union, which is planning to organise a Music
Festival at the local Town Hall and hence, it requires adopting several project management
theories and tools. Therefore, the report would be covering comparison and critical analysis of
three project management methodologies, along with development of a network diagram to
showcase the most prominent outlay of the whole project plan. Furthermore, the report would
also be including stakeholder analysis for this project, as well as a detailed risk analysis,
highlighting the contingencies and possible response towards the same.
TASK 1
Comparison and Critical Analysis of Project Management Methodologies
Project Methodology refers to the technique that is implemented by an organisation in
order to adopt a methodological and calculative approach towards executing the overall project.
In relation to the music festival, there are several methodologies which are critically evaluated
below
Prince 2 Methodology:
The approach which this method implements is process-based according to which,
complete control is exercised over the complete project from its inception to closure (Joslin and
Müller, 2015). It takes a 360-degree approach which involves setting up of individuals and
responsibilities, along with highlighting the risks, as well as organising resources towards the
same to maintain effective control. Some of its advantages and disadvantages are highlighted
below:
 Advantages:
o One of the major advantages associated with this methodology is that it could be
applied within any type of project due to its enhanced flexibility.
o Due to effective control exercised within this method, it allows to manage cost,
risks and benefits in an appropriate manner.
 Disadvantages:
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o In order to be successful, it requires a complete buy-in from the organisation’s
senior management team.
o Its outcomes are only based on mechanical and technical inputs which ignores
human intervention.
Waterfall Method:
This methodology is associated with segregating the whole project into certain defined
phases. The notion upon which this method is based on involves completion of a phase
completely before moving on to the next. Its major benefits and downfalls with respect to the
Music Festival are highlighted as under:
 Advantages:
o Each step require separate documentation which allows in better execution and
controlled management
o A sequential manner is followed in this approach which would allow a stepwise
and planned execution of the festival.
 Disadvantages:
o This process lacks flexibility as once a phase is completed, it could not be
modified.
o Since this approach is highly sequential, it might take time for the project
management team to come up with perfect ideas which might consume time.
Agile Method:
This methodology is also termed as incremental as there are rapid cycles which take place
within the development of project, where small phases are marked and development is done on
the basis of previous functionality. Its merits and demerits are showcased below:
 Advantages:
o Due to involvement of repeated testing in all its phases, it ensures high quality
management for the music festival
o As the name suggests, it is highly adaptive towards changes and hence,
modifications could be done effectively.
 Disadvantages:
o This approach requires technical and mechanical experts to be executed
appropriately which might not be easy to find.
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o There are minimal documentation requirements which could lead to lack in
sequencing,.
Hence, all these approaches are effective and contribute to the project in variety of
manner. However, for the Music Festival, Agile Methodology could be appropriate. The reason
for the same is that in comparison to both the methods, this would be providing necessary
flexibility to the project, which must be the case in such a dynamic event. Along with this, it also
pays attention to technical and effective mechanical usage, which is again effective for its proper
execution.
TASK 2
Development of Network Diagram
S.No Description Time EST EFT LST LFT
(days)
1 Budget Approval 1 0 1 0 1
2 Hire Publicity Director 14 1 15 1 15
3 Hire Ser Director 14 1 15 1 15
4 Hire Place For Auditions 7 2 9 2 9
5 Advertising to Hire Crew and Cast 7 2 9 2 9
6 Hire Production and Publicity Crew 28 4 32 4 32
7 Set Designed and Built 42 6 48 6 48
8 Train Production Crew 12 6 18 6 18
9 Audition to Hire Cast 2 5 7 2 4
10 Cast Rehearsal 84 9 93 9 93
11 Hire Orchestra 7 1 8 4 11
12 Music 7 11 18 4 11
13
Photograph Cast and Crew & Collect
Biographies 35 11 46 11 46
14 Enter Information into Computer 1 13 14 13 14
15 Printing 5 14 19 14 19
16 Develop an Advertising Plan 7 6 13 6 13
17 Advertising Media 21 16 37 16 37
18 Orchestra Rehearsal 4 12 16 5 9
19 Order Costumes 7 9 16 9 16
20 Costume Parade and Alternations 5 19 24 19 24
21 Dress Rehearsal 1 20 21 20 21
22 Performance 10 17 27 17 27

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TASK 3
Implementation of Stakeholders’ Analysis
Stakeholders are individuals who are directly linked to a project and who have personal
interest within the same due to being financially, mechanically or emotionally attached with the
same (Too and Weaver, 2014). Therefore, in relation to the Music Festival by Bucks Students’
Union, below is a Power/Interest Grid for identification of prominent stakeholders within the
project:
Power ↓ Stakeholders
High Government University Managers/Project
Manager
Low Suppliers Students/ Project Team
Interest → Low High
The above display showcases a range of stakeholders as per their interest and power
within the project. All these individuals are defined below on the basis of being internal or
external to the Music Festival:
External Stakeholders:
 Suppliers: These individuals or organisers are the ones which would be supplying raw
materials to the project management team for building the infrastructure of the Music
Festival. They are just required to be monitored as they do not have any concern over
execution of this project.
 Government: This includes government related authorities and agencies that impose
certain laws which must be abided by project management team while executing the
project. They have appropriate power but limited interest and hence, they are required to
be satisfied.
Internal Stakeholders:
 Project Manager: This individual is responsible for overall management of the project
right from the starting till its closure. The power and interest both are high with respect to
this entity, hence, this individual exercises complete control over the development of
music festival.
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 University Managers: These are the senior managers of the university who would be
monitoring the execution of festival and therefore, have high interest and power (Mir and
Pinnington, 2014).
 Students: This stakeholder group would be the one to attend the music festival. Their
interest is quite high within the same; however, their power is quite low towards its
planning and execution.
 Project Team: They work and towards execution of the festival and yet have high
interest. However, their power towards decision making is quite low towards moulding
the project.
Communication Strategy:
There are several communication strategies which would be implemented as per the
internal and external stakeholder (Walker, 2015). For instance, the latter would be requiring
circulars and contracts for better management and monitoring. For internal however, a range of
communication channels would be used such as social media, video conferencing, schedule
circulars, project reports and so forth, which would involve both verbal and written
communication.
Work Breakdown Structure:
Phases Tasks Time Schedule
(Days)
Initial Phase Budget Approval Acquisition of approval from
senior management
1
Planning Phase Hiring Director Hiring competent person for
project direction
14
Hiring Designer Hiring expert for event designing 14
Hiring Place for
Audition
Setting up of Location 7
Advertising Inception of Promotional
Activities
7
Hiring Production Event Development 28
6

Crew
Setting Design and
Building
Infrastructural Development 42
Training Increasing Expertise and
Performance Standards
12
Auditions Audition for Music Activities 2
Rehearsal Rehearsal of songs and
performances
84
Hiring Orchestra Hiring a team for background
music and fillers
7
Music Creation of unique music and
songs for the event
7
Photography Development of Profiles 35
Information
Management
Record Maintenance 1
Printing Creation and Distribution
Manuals and Pamphlets
5
Implementation
Phase
Advertisement
Plan
Setting up advertisement
sequence
7
Media Media Channel Selection 21
Orchestra
Rehearsal
Group Rehearsals for better
synchronisation
4
Ordering
Costumes
Costume acquisitions 7
Parade Seeing costume fittings 5
Dress Rehearsal Final Rehearsals 1
Closure Phase Performance Actual performance 10
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TASK 4
Preparation of Risk Analysis
Risk Assessment for a project is highly mandatory which is associated with identification
and dealing with a number of risks which could possibly affect the whole project in a negative
way (Fleming and Koppelman, 2016). Hence, in regards to this, there are multiple contingencies
in relation to this music festival that are analysed as under:
RISK SEVERITY
MITIGATION
APPROACHES /
STRATEGIES
RESPONSIBILITY
Problems with
Infrastructure HIGH
In relation to dealing
with this risk, it is
mandatory that
performance testing of
the overall
infrastructure is
performed effectively.
Event Designer
Fatal Accidents HIGH
To deal with this risk,
one strategy that could
be provided is related
to effective availability
of medical kits and
teams in case this
takes place.
Audit Manager
Equipment and
Technological Failure
HIGH Quality and Certified
Suppliers must be
chosen for the same
with effective testing
R&D Manager
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before usage.
Performer
Mismanagement MEDIUM
The rehearsals must be
focused on effective
management of these
individuals and
performances both at
on and off the stage
and within the
dressing rooms
(Meredith, Mantel Jr
and Shafer, 2017).
Director
Absenteeism LOW
Contractual Basis must
be adopted by the firm
to hire musicians to
ensure guarantee of
their presence.
Project Manager
In order to ensure that none of these risks take place at the first place, brainstorming is
one risk strategy that is being adopted by the project management team so that these risks and
their severity could be anticipated which could later be dealt with a range of strategies (Kerzner,
2017).
CONCLUSION
Thus, it could be concluded from the report above that project management theories and
tools are imperative to organise and execute a project. It is crucial that the methodologies used
are critically analysed to determine the most imperative ones out of all the tools. Moreover,
network diagram is also very essential to be developed which would help in identification of the
most effective pathway in relation to time for completion of the project. In addition to this, there
are several stakeholders which must be analysed using Power/Index Matrix to ensure that all
their requirements and expectations are satisfied. Lastly, risk assessment is crucial to be involved
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in project management to determine the contingencies involved in the project and responses
towards the same.
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REFERENCES
Books and Journals
Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management.
Project Management Institute.
Joslin, R. and Müller, R., 2015. Relationships between a project management methodology and
project success in different project governance contexts. International journal of project
management. 33(6). pp.1377-1392.
Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
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.
Todorović, M.L., and et. al., 2015. Project success analysis framework: A knowledge-based
approach in project management. International Journal of Project Management. 33(4).
pp.772-783.
Too, E.G. and Weaver, P., 2014. The management of project management: A conceptual
framework for project governance. International Journal of Project Management. 32(8).
pp.1382-1394.
Walker, A., 2015. Project management in construction. John Wiley & Sons.
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