Project Management Report: Methodologies, Network Diagram, Risk

This report delves into various aspects of project management, providing a comprehensive analysis of different methodologies. It begins with a comparative study of project management methodologies, including Agile, Prince2, and Waterfall, evaluating their advantages and disadvantages in the context of global projects. The report then shifts to a practical application, constructing a detailed network diagram for a music festival, complete with activity dependencies, and critical path identification. Following this, a stakeholder analysis is conducted, categorizing stakeholders based on their power and interest levels using Mendelow's Matrix. Finally, the report concludes with a risk analysis, identifying potential risks associated with the music festival project and proposing mitigation strategies for cost, schedule, performance, market, and legal risks. The assignment demonstrates a strong understanding of project management principles and their practical application.

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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Comparison of methodologies.....................................................................................................3
TASK 2............................................................................................................................................4
Network diagram.........................................................................................................................4
TASK 3............................................................................................................................................9
Stakeholder analysis....................................................................................................................9
WBS...........................................................................................................................................10
TASK 4..........................................................................................................................................11
Risk Analysis.............................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Project Management is a comprehensive tasks that involves multiple number of sub tasks or
activities (Adelakun and et.al., 2017). The current report will evaluate the different project
management methodologies that can be used, network diagram will be prepared for the music
festival and a stakeholder analysis will also be conducted. Lastly, risk analysis will also be
presented in the report.
TASK 1
Comparison of methodologies
There are a variety of project management methodologies that can be used to adopt a
proper project management technique that can be used to monitor the progress and implement
the proper steps. Some of these can be critically analysed and discussed in following manner:
Agile Methodology: This can be classified as the iterative method for the planning of project and
its processes i.e. the entire project and its activities are broken down into smaller sections that are
more achievable and can be monitored at every point (Eskerod and Jepsen, 2016). The
continuous deployment method is utilised by the integration of autonomous technique.
Advantages Disadvantages
 The delivery from the project can be
obtained comparatively much quicker
and hence this can be used to quicker
completion.
 Monitoring of the entire process
becomes much easier and quicker due
to smaller sections.
 The lack of flexibility and
independence can act as barrier in the
overall productivity and performance
(Stoica and et.al., 2016).
 If the project is implemented for a
longer time period then the
collaboration of smaller activities
becomes difficult to monitor.
Prince2 Methodology: This is the most advanced methodology out of all the three techniques of
project management and here the entire project is integrated with multiple software and tools in
order to increase the overall efficiency. It is commonly used for bigger projects where the project
gets completed in a phase by phase technique (Brewer and Dittman, 2018). This technique
however is not feasible for every project and needs to be thoroughly evaluated and tested in
different aspects so that relevant results can be obtained.
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Advantages Disadvantages
 This technique helps in the resolution
of a multiple number of issues that
might arise in the project overall. This
leads to reduction in the resources
utilised for the project (Layton and
Ostermiller, 2017).
 The technique is extremely flexible and
hence it becomes easier to make last
minute changes in the overall project
based on the changes identified in the
trends that are prevalent.
 The major disadvantages is that this
method is best for those projects that
are launched at a large scale such as
state or country level and for a longer
time period.
 The use of software and tools
eliminates the need of unnecessary long
paperwork thus helping in the
utilisation of energy and resources in a
better manner.
Waterfall Methodology: The waterfall methodology is key methodology that involves
categorisation into different phases and is preferred for smaller scale project only. The overall
techniques used are traditional and as compared to agile, it can be easily said that agile is the
more advanced and better option (Stoica and et.al., 2016). Here, the second or next phase of
project can be initiated only after initial one has been completed fully.
Advantages Disadvantages
 It can be implemented in a very simple
manner and phases can be identified
clearly.
 This technique does note creates
duplication or overlapping of any task
that is to be performed thus saving
resources as well.
 There is complete lack of flexibility in
the waterfall technique which renders
the method as rigid (Eskerod and
Jepsen, 2016).
 The changes cannot be incorporated
and lack of completion of multiple
tasks increases the overall time
consumed.
TASK 2
Network diagram
Gantt chart
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S.no. Task Name Duration Start Finish Predecessors Early
Start
Early
Finish
Late
Start
Late
Finish
1 Budget
Approval 1 day Tue
8/11/20
Tue
8/11/20
Tue
8/11/20
Tue
8/11/20
Tue
8/11/20
Wed
8/12/20
2
Hire
Publicity
Director
14 days Wed
8/12/20
Mon
8/31/20 1 Wed
8/12/20
Mon
8/31/20
Wed
8/12/20
Tue
9/1/20
3 Hire Set
Designer 14 days Wed
8/12/20
Mon
8/31/20 1 Wed
8/12/20
Mon
8/31/20
Fri
10/30/20
Thu
11/19/20
4
Hire Place
For
Auditions
7 days Tue
9/1/20
Wed
9/9/20 2 Tue
9/1/20
Wed
9/9/20
Tue
9/1/20
Thu
9/10/20
5
Advertising
To Hire
Crew and
Cast
7 days Tue
9/1/20
Wed
9/9/20 2 Tue
9/1/20
Wed
9/9/20
Tue
9/1/20
Thu
9/10/20
6
Hire
Production
& Publicity
Crew
34 days Thu
9/10/20
Tue
10/27/20 4,5 Thu
9/10/20
Tue
10/27/20
Fri
10/2/20
Thu
11/19/20
7
Set
Designed
and Built
42 days Wed
10/28/20
Thu
12/24/20 3,6 Wed
10/28/20
Thu
12/24/20
Thu
11/19/20
Mon
1/18/21
8
Train
Production
Crew
12 days Wed
10/28/20
Thu
11/12/20 3,6 Wed
10/28/20
Thu
11/12/20
Thu
1/7/21
Mon
1/25/21
9 Auditions
To Hire Cast 2 days Thu
9/10/20
Fri
9/11/20 4,5 Thu
9/10/20
Fri
9/11/20
Thu
9/10/20
Mon
9/14/20
10 Cast
Rehearsal 95 days Mon
9/14/20
Fri
1/22/21 9 Mon
9/14/20
Fri
1/22/21
Mon
9/14/20
Mon
1/25/21
5

11 Hire
Orchestra 7 days Wed
8/12/20
Thu
8/20/20 1 Wed
8/12/20
Thu
8/20/20
Thu
11/19/20
Mon
11/30/20
12 Music 7 days Fri
8/21/20
Mon
8/31/20 11 Fri
8/21/20
Mon
8/31/20
Fri
1/8/21
Tue
1/19/21
13
Photograph
Cast And
Crew &
Collect
Biographies
35 days Wed
10/28/20
Tue
12/15/20 6,9,11 Wed
10/28/20
Tue
12/15/20
Mon
11/30/20
Mon
1/18/21
14
Enter
Information
Into
Computer
1 day Wed
12/16/20
Wed
12/16/20 13 Wed
12/16/20
Wed
12/16/20
Mon
1/18/21
Tue
1/19/21
15 Printing 5 days Thu
12/17/20
Wed
12/23/20 14 Thu
12/17/20
Wed
12/23/20
Tue
1/19/21
Tue
1/26/21
16
Develop an
Advertising
Plan
7 days Wed
10/28/20
Thu
11/5/20 6 Wed
10/28/20
Thu
11/5/20
Thu
12/17/20
Mon
12/28/20
17 Advertising
Media 21 days Fri
11/6/20
Fri
12/4/20 16 Fri
11/6/20
Fri
12/4/20
Mon
12/28/20
Tue
1/26/21
18 Orchestra
rehearsal 4 days Tue
9/1/20
Fri
9/4/20 12 Tue
9/1/20
Fri
9/4/20
Tue
1/19/21
Mon
1/25/21
19 Order
Costumes 7 days Mon
9/14/20
Tue
9/22/20 9 Mon
9/14/20
Tue
9/22/20
Thu
1/7/21
Mon
1/18/21
20
Costume
Parade And
Alterations
5 days Fri
12/25/20
Thu
12/31/20 7,19 Fri
12/25/20
Thu
12/31/20
Mon
1/18/21
Mon
1/25/21
21 Dress
Rehearsal 1 day Mon
1/25/21
Mon
1/25/21 8,10,18,20 Mon
1/25/21
Mon
1/25/21
Mon
1/25/21
Tue
1/26/21
22 Performance 10 days Tue Mon 15,17,21 Tue Mon Tue Mon
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1/26/21 2/8/21 1/26/21 2/8/21 1/26/21 2/8/21
7

Network Diagram
Critical Path:
Path 1:
1 + 2 + 4 + 9 + 10 + 21 + 22
1 + 14 + 7 + 2 + 95 + 1 + 10
130 days
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Path 2:
1 + 2 + 5 + 9 + 10 + 21 + 22
1 + 14 + 7 + 2 + 95 + 1 + 10
130days
Since the total time period for both the critical paths i.e. path 1 and path 2 is similar, then it
can be termed as any of the path can be selected for the music festival. These are the critical
paths that will cover all the activities.
TASK 3
Stakeholder analysis
The analysis of the relevant stakeholders is imminent in the overall analysis of the project
manager as stakeholders are the major parties who are interested in the progress of the project
(Royer, 2018). For the current music festival, the key stakeholders can be identified and analysed
using the Mendelow’s Matrix:
Figure 1: Mendelow's Matrix
Category A-Minimal Effort: These are those stakeholders who need not be included or
participated in the overall decision making and they are not of any significant importance either
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in term of power or in terms of interest (Afshari and Kowal, 2018). For instance, broadcasters of
the Music Festival are the ones that belong to this category, the caterers etc. These are not
interested in the success of failure of the event and hence do not need to be focused upon much.
Category B- Keep Informed: These involves those stakeholders who have lower power but their
interest level is comparatively much higher (Heagney, 2016). These are the ones that must be
informed about all the activities that are going on such as shareholders, Investors, Supports of the
music festival, local people etc. They must be informed regularly of the progress that is going on
regarding the project so that unnecessary conflicts can be avoided.
Category C- Keep Satisfied: These are those categories of stakeholders who are high in terms of
power but lower in context of interest that they have (Blaskovics, 2016). Since they have
significantly higher power, they must be kept satisfied at all points of time. These normally
includes the visitor of the festival who must be able to gain their money and the local authorities,
police etc. is also included in this category. They need to be assured at all times that all the
activities are profitable and will result in the benefit of the local society as well as the university.
Category D- Key Player: This is the last category of shareholders and it illustrates those
stakeholders who are high in terms of both interest and power. These include the directors, HOD
of the event, the promoters, sponsors and partners of the event etc. These must be the key
stakeholders to be targeted because if they do not find activities according to their approval, then
serious effects can be seen on the entire music festival event.
WBS
Work Breakdown Structure is a systematic classification of the different activities that are
to be performed in the heading and sub- headings based on their category (Dohe and Pike, 2018).
It helps in clearly segregating the different activities that are to be performed and acts as a key
deliverable for the project.
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TASK 4
Risk Analysis
Every project has certain categories of risk that are inherent to that project and can lead to
serious effects if they are not manager properly (Fewings and Henjewele, 2019). It is necessary
to identify these risks well in advance and then develop appropriate strategies or back up plans
that can help in the reduction of the overall effect that they might have. In context of the music
festival, some of the key risk elements that can be identified are:
Risk Analysis Risk Mitigation Strategy
Cost related Risk Cost related risk arises when the project manager incurs over
expenditure or under expenditure as compared to the budget
that has been developed (Blaskovics, 2016). This risk can be
controlled or reduced by using of proper budgetary monitoring
techniques right from the beginning.
Schedules related Risk The schedule related risk arises when the delay is caused in the
project as compared to the timelines that have been set up
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(González, Coronado and Casas, 2016). This kind of risk can
be transferred to the person who is actually responsible for
such delay that has been caused.
Performance Risk The performance related risk signifies that project might fail to
give the performance that was expected and can fail
resultantly. This kind of risk can be mitigated by ensuring that
the standard of performance meets the actual performance and
holding thorough rehearsals and developing proper backup
plans as well.
Market Risk This risk arises when the changing trends and patterns in the
market are not observed and rather they are ignored which can
ultimately lead to the failure of the project making it unviable
(Heagney, 2016). This risk can only be accepted because once
a project becomes unviable, nothing can be done in order to
reduce or minimise the effects it has. Regular environmental
scanning and awareness are the only key strategies that can
stop this risk.
Legal Risk This kind of risk arises rarely but if it does, the impact it has is
extremely significant. Non-compliance to any of the legal
regulations that have been set up or participation in any of the
illegal activities for instance, in tender, in quality of
refreshment etc. can lead to the arousal of legal risk. This can
be avoided by ensuring to work within the legal and ethical
boundaries.
CONCLUSION
The report presented above helps in concluding that the overall music festival that is to be
held can be properly managed by using the tactics presented above. The critical path was
identified for the festival along with stakeholder analysis and risk evaluation.
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