Project Management Methodologies and Risk Analysis for Festival

This report provides a comprehensive analysis of project management methodologies applied to the hypothetical Buck's Music Festival. It begins by introducing project management principles and then presents three methodologies: Waterfall, Prince2, and Scrum, outlining their advantages and disadvantages. The report then includes a Gantt chart, a network diagram, and critical path analysis to determine the shortest project completion time. A work breakdown structure (WBS) and stakeholder matrix are also presented, along with communication strategies to manage internal and external stakeholders. Finally, a risk register identifies potential risks such as scheduling, technical issues, and financial constraints, along with corresponding mitigation strategies. The report concludes by emphasizing the effectiveness of the Prince2 methodology for the project and highlighting the importance of communication and risk management for project success.

Project Management

INTRODUCTION
Project management is that exercise which consist of initiating, executing, controlling
and closing the work in order to meet the define aim. The current study is based upon the Buck’s
Music festival which is introduce in month of April and for that study will describe best project
management methodologies and present gantt chart as well. Further, report will describe WBS
and stakeholder matrix wit communication strategies. Also, report will present the risk register
and some mitigation strategies as well.
TASK 1
Presenting three project management methodologies
Waterfall Methodology: One of the most traditional methodology in which the phases
of the project flow downwards and this is also require to move from one phase to another. It
majorly lay stress on the development process and also follow some phases in order to manage
the work accordingly (Joslin and Müller, 2016). Such that system and software requirement,
analysis, design, coding, testing and operations.
Advantages:
 This methods is simple and easy to understand as compared to other project
methodologies (Rasnacis and Berzisa, 2017).
 Each phase clearly describe the requirements in clear and define manner.
Disadvantages:
 It is not possible for the project manager to go back and make changes from the initial
phase.
 This project requires high amount of risk and uncertainty.
Prince2 Methodology: Another methodology which mainly focus on the organization
and make control over the entire project i.e. start from finish (Baggini and et.al., 2018). Such that
projects are thoroughly planned and each stage is clearly structured, also each loose ends are also
neatly tied up when project concludes.

Advantages:
 This methodology is product based and also divides the project in different stages to
make it easy.
 It also help to improve the communication between all team members with other
stakeholders.
Disadvantages:
 This methodology takes long time for adaptation any changes by teams.
 It also requires senior management and well experience to apply the same.
Scrum: This methodology is comprised of five values. i.e. commitment, courage, focus,
openness and respect (Scrum Methodology, 2019). It main aim is to develop, deliver and sustain
some complex products through project manager’s collaboration and accountability.
Advantages:
 This method helps the project team to complete all the deliverables quickly.
 Development are coded and tested at each phase and team get clear visibility at each
meeting
Disadvantages:
 It deliver output only when it have highly skilled team
 Quality is hard to implement and that is why, project takes too much time for its delivery.
TASK 2
Gantt chart

Network diagram

Critical path
Path 1: 1 + 2 +4 + 9+ 10 + 21+22
= 1+14+7+2+84+1+10
=119 days
Path 2: 1 + 2 +5 + 9+ 10 + 21+22
= 1+14+7+2+84+1+10
=119 days
As per the above, it is analyzed that the shorted distance for completion of the project is
119 days and that is why, by using the above mention task, project manager easily meet the
define aim and objectives.

TASK 3
WBS
Stakeholder analysis
As per the Stakeholder matrix, the internal and external stakeholders are as mention
below:

Power
Keep satisfied Manage Closely
 Project Sponsor  Students
 Parents
 Team Members
Monitor Keep informed
 Government
 Shareholders
 Performers
 Volunteers
 News reporter
 Media
Interest
From the above, it is analyzed that in order to organize the music festival in the
university, all the stakeholders should be properly managed. For that the matrix is used in which
internal stakeholder such that volunteers, parents, students must know proper company’s detail in
order to manage the work in accordingly (Kent and Zunker, 2017). Also, on the other side, the
external stakeholders who manage the work outside the firm i.e. government and news reporters
who meet the define aim and also affect the decision of project manager in Buck’s Union music
festivals.
Communication strategy also plays an important role in the success of the project such
that to share all the information with stakeholder, project manager has to use verbal, written and
electronic mode of communication which help to determine the exact requirement and progress
of the project (Dolan and et.al., 2017). Such that, for internal discussion, project manager may
use meeting and notice board that help to involve all the project team members within a project.
TASK 4
Risk register
S.no Risk description Likelihood Impact Mitigation strategies
1 Scheduling risk Low high In order to mitigate the

It means one of the phase did not
meet the entire project on time and
that is why, project got delays
issue, project manager uses
KPI in which standards are
set and at daily or weekly
basis, the project progress
report is check (Hartmann
and et.al., 2019).
2 Technical risk
In this, some fault in mike and sound
system occur that affect the project
in opposite manner.
High High To mitigate this risk,
project manager must have
some alternative and
specialized IT professionals
who help the company to
manage the risk and provide
solutions (van Winsen and
et.al., 2016).
3 Absenteeism of human resource
This refers to ill of any labor and
due to which the entire work got
affected and as a result, particular
day’s work affected
High High To manage the risk, project
manager has to make sure
that they have some
alternatives. This means
other resources who easily
replace in order to manage
the work and complete on
time (Young and et.al.,
2016).
4 Financial issue
It means that due to low budget and
not having effective planning, the
overall budget is disturb and that is
why, it affect the entire project in
opposite manner and project also got
delays
High High In order to manage the risk,
project manager has to
make sure that every
assigned budget should be
monitor by project manager
so that they come to know
the actual progress and