Project Management Report: Bucks Student Union Music Festival Analysis

This report provides a comprehensive analysis of project management methodologies applied to a music festival, focusing on the Bucks Student Union Music Festival. It begins by comparing three project management methodologies—Agile, Hybrid, and Waterfall—outlining their advantages and disadvantages. The report then delves into the practical application of project management tools, including the development of a network diagram and Gantt chart, along with critical path analysis. A detailed stakeholder analysis is presented, categorizing stakeholders based on their influence and interest levels. Furthermore, the report addresses risk analysis, identifying potential risks and proposing mitigation strategies. This includes cost-related risks, schedule-related risks, performance risks, market risks, and legal risks. The report concludes by emphasizing the importance of selecting appropriate project management techniques based on the nature of the project and utilizing tools for successful event execution.

PROJECT MANAGEMENT
– BUCKS STUDENT’S
UNION MUSIC FESTIVAL
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Comparing three project management methodologies with their pros and cons....................3
TASK 2............................................................................................................................................4
Developing network diagram, Gantt chart and critical analysis points..................................4
TASK 3............................................................................................................................................8
Stakeholder Analysis..............................................................................................................8
Work Breakdown Structure....................................................................................................9
TASK 4..........................................................................................................................................10
Risk Analysis and Mitigation Strategies..............................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Project management is the practice of beginner, planning, implementation, controlling
and closing of entire work in order to meet the specific needs. This project is based on the case
study of developing the music festival. This report highlights the three project management
methodology which can be looked by the organization. Report also highlights the pros and cons
of the same. After that the report goes on to highlights the network diagram, Gantt chart and the
critical analysis of the point which can be used by the organization (Adelakun,and et.al., 2017)
After that the report goes on to highlights the stakeholder analysis of the same project by looking
at the interest and the power of the stakeholder and after that the report shows the WBS. In the
end the report highlights the 5 different type of the risk and the mitigation strategies which can
be used by the organization.
MAIN BODY
Comparing three project management methodologies with their pros and cons
Agile: In this methodology project manager used to break down the project into the small
task by making sure that the quality of the project doesn't get affected by the same. This
methodology generally applied at the time of planning and guiding the project process.
Advantages: This methodology generally used to help the organization in improving the
efficiency of the business as this methodology used to respond to the changes and generate the
faster result (Brewer and Dittman, 2018)
Disadvantages: It is very difficult to understand this methodology as this methodology is
flexible in the nature, this generally leads to the unpredictable result. Eventually, it means that
the senior manger or the programmer only can take decision in the organization as it is not that
easy to understand for other.
Hybrid: It is the another methodology method which used to combine the formal method
and the agile method together to create the new method. As a result Hybrid methodology used to
provide the fluidity in the project which eventually help the company in solving the project issue
very easily.
Advantages: This methodology used to give the better result for the organization as this
methodology used to focus on the long term goal of the business.
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Disadvantages: This is one of the oldest form of the methodology which sometime does not
generate the accurate decision for the organization.
Waterfall: It is the methodology in which the project are divided into different stages and
the different information regarding the stakeholder and customer requirement are gather for the
purpose of developing the effective plan. Generally, this methodology heal in software
development.
Advantages: One of the most important benefit which is brought by this type of the
methodology is that this methodology used to safe the time and also the money of the company
which eventually help the company in cost saving for the company. This methodology is very
easy to understand and manage in the organization as compare to the other.
Disadvantages: This methodology does not give room to the error as in this methodology does
not permit to make the changes in the previous stage of the project (Eskerod and Jepsen, 2016). .
Also this methodologies does not look at the client and end user requirement.
TASK 2
Developing network diagram, Gantt chart and critical analysis points
Gantt Chart
Gantt chart is the document structure in the chart form in which a series of horizontal sector
shows the work done or production completed in relation to the amount planned for those
periods which is shown at the vertical sector.
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Network Diagram
A network diagram is a process of showing all the task, responsbilities and work flow project in
the graphical representation. Network diagram is the chart with the series of boxes and arrows
(Royer, 2018).
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Critical path
Path 1: 1 + 2 +4 + 9+ 10 + 21+22
Days= 1 +14 + 7 +2 +2+ 95+ 1 +10
= 132 days
Path 2: 1 + 2 +5 + 9+ 10 + 21+22
Days = 1 +14 + 7 +2 +2+ 95+ 1 +10
= 132 days
After going through the data it has been interpreted that the organization can opt for any of the
path whether path one or path two as both the path used to take the minimum of the 132 days to
complete the project in the organization. It may be said that this are the most shortest possible
time which will be required by the organization to complete the music festival.
TASK 3
Stakeholder Analysis
Stakeholders are those parties that are invested in the activities of the company either
directly or indirectly and are required to have knowledge about the progress and activities being
carried out. In every project, there are two types of stakeholders, i.e. internal and external
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stakeholders. Internal Stakeholders involve the parties that are internally associated with the
project such as managers, Board of Directors and employees of a company. External
stakeholders on the other hand include investors, financers, government etc. who are interested in
the progress of business (Eskerod and Jepsen, 2016). In order to clearly analyse the stakeholder
and their management, stakeholder management matrix can be used:
Figure 1: Stakeholder Management Matrix
The four categories in which stakeholders can be divided are:
Latent: These categories of stakeholders involve those who must be kept satisfied with whatever
work that is being performed regarding the project. If these are kept satisfied, then the project
can be continued without any difficulty. In the current project, the stakeholders involve the
visitors of the festival who must feel satisfied and are able to realize the worth of money that
they have spent on buying the tickets.
Promoters: Promoters are those categories of stakeholders who need to be managed closely and
involve the stakeholders that are responsible for marketing the product in a wider context. Since
these are responsible for increasing the popularity of the music festival, these need to be
managed extremely carefully. These involve sponsors and promoters promoting the music
festival.
Apathetic: These are those category of stakeholders that can very easily shift over to another
project which might give them similar returns and become disinterested in the current project. In
order to avoid this they must be closely monitored and their tendencies and attitudes must be
closely observed. Currently, these are performers and students who are responsible for the
success of the fest.
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Defenders: These are those category of stakeholders that must be kept informed about all the
activities that are going on and these involve Dean, HOD’s in the college, Advisory committees,
and students etc. who have the right to have complete knowledge regarding the progress of the
activities related to fest.
Work Breakdown Structure
TASK 4
Risk Analysis and Mitigation Strategies
Risk Analysis Risk Mitigation Strategy
Cost related Risk This risk category is associated with that risk which can occur
due to the expenditure i.e. there can be much greater
expenditure than the one that was formulated in the budget and
this can lead to over expenditure. This risk can be controlled
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or reduced by ensuring that the budget that has been
formulated is complied with strictly so that even if there is
increased expenditure it is in a limited manner.
Schedules related Risk This kind of risk arises when the time within which the budget
was expected to get completed gets delayed and the timeline
keeps shifting forward. In order to adequately mitigate for this
kind of risk, the best strategy is to transfer such risk to other
third party that is actually responsible for it such as supplier
who delayed raw material supply etc.
Performance Risk While taking into account the risk factor that the entire project
can turn out to be a failure, such risk is categorised under this
type and it can only be controlled or reduced by ensuring that
the standards that have been set up are regularly achieved and
project is carried forward accordingly.
Market Risk The economy, in which the project is operating might suffer
from inflation-deflation, rising interest rates etc. and this can
lead to devaluation of the entire project (Royer, 2018). Such
factors are not in the hand of project manager and if arises,
then these can only be accepted. The best strategy then is to
ensure that they cause minimum negative impact on the
project.
Legal Risk When there is non-compliance of the legal requirements and
regulations that have been set up, there are chances that this
risk might occur. This kind of risk can be completely avoided
by ensuring that the legal compliance is done and all the rules
and regulations that have been set up by the authorities are
followed.
CONCLUSION
The research done in above report, helps in summing up that there are a variety of project
management techniques that are available and a project manager should select one on the basis
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of the nature of its activities. This report also involved formulation of Gantt chart, Network
Diagram etc. to ascertain the critical path involved in holding the music festival successfully.
Later a stakeholder analysis of all the interested parties was carried out and appropriate risk
mitigation strategies were formulated.
REFERENCES
Books and journals
Adelakun, O. and et.al., 2017. Hybrid Project Management: Agile with Discipline. In CONF-
IRM (p. 14).
Brewer, J. L. and Dittman, K. C., 2018. Methods of IT project management. Purdue University
Press.
Conforto, E. C. and Amaral, D. C., 2016. Agile project management and stage-gate model—A
hybrid framework for technology-based companies. Journal of Engineering and
Technology Management, 40, pp.1-14.
Eskerod, P. and Jepsen, A. L., 2016. Project stakeholder management. Routledge
Layton, M. C. and Ostermiller, S. J., 2017. Agile project management for dummies. John Wiley
& Sons.
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Royer, P. S., 2018. Risk management: The undiscovered dimension of project
management. Project Management Journal. 31(1). pp.6-13
Stoica, M. and et.al., 2016. Analyzing Agile Development-from Waterfall Style to
Scrumban. Informatica Economica, 20(4).
Zuñiga, M. G., Flores, E. A. and Merino, J. C. A., 2018, November. Hybrid System (Solar-
Wind) Management for Generating Electricity in High Andean Rural Regions in Peru.
In 2018 IEEE Sciences and Humanities International Research Conference
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