Understanding Project Management Theory and Tools

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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