Analysis of Project Management Methodologies for Music Festival

This project management assignment focuses on the planning and execution of the Buck Student Music Festival. The paper begins by comparing and contrasting three project management methodologies: Waterfall, Agile, and PRINCE2, to determine the most suitable approach for the project. It then delves into critical path analysis, illustrating early start, early finish, late start, and late finish times to optimize the project schedule. A detailed network diagram is developed to visualize the project timeline. Furthermore, the assignment includes a comprehensive stakeholder analysis, identifying key stakeholders and their interests, along with effective communication strategies to ensure stakeholder engagement. A work breakdown structure is also provided to organize and manage project tasks. Finally, the paper concludes with a risk analysis, identifying potential risks that could affect the project and proposing mitigation strategies to ensure the successful organization of the music festival. This comprehensive approach provides a practical guide to project management principles.

Running head: PROJECT MANAGEMENT
Project management
Name of the Student
Name of the University
Author’s Note

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PROJECT MANAGEMENT
Executive Summary
The paper mainly reflects on Buck Student Music Festival. In this paper, different project
management methodologies are compared in order to select the best methodology. In addition to
this, the paper reflects on critical path analysis of the project in order to reflect early start, early
finish, late start and late finish. Moreover, the paper also reflected proper schedule that helps in
showcasing tasks that are necessary for making arrangement for the Music Festival. Lastly, the
paper also elaborates communication management strategies as well risk management strategies
so that Music festival can be organized successfully.

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Table of Contents
Task 1...............................................................................................................................................3
1.1 Analysis of three project management methodologies..........................................................3
1.1.1 Waterfall.............................................................................................................................3
1.1.2 Agile...................................................................................................................................3
1.1.3 PRINCE2............................................................................................................................4
Task 2:.............................................................................................................................................5
2.1 Develop a network diagram with early start, early finish, late start and late finish..............5
2.1 Early start time and late start time.........................................................................................5
2.2 Early finish time and late finish time.....................................................................................6
2.3 Critical path...........................................................................................................................6
Task 3:.............................................................................................................................................7
3.1 Stakeholder analysis..............................................................................................................7
3.2 Importance of stakeholder analysis.......................................................................................8
3.3 Communication strategies.....................................................................................................9
3.4 Work breakdown structure....................................................................................................9
Task 4:...........................................................................................................................................10
4.1 Risk analysis for five different risk that could affect the project........................................10
Bibliography..................................................................................................................................16

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Task 1
1.1 Analysis of three project management methodologies
1.1.1 Waterfall
Chauhan, Rana and Sharma (2017) stated that the Waterfall project methodology is a
project approach where both the customers and the project stakeholders related needs are
properly assembled and then proper successive plan of the project is formed for accommodating
those project necessities. The main advantage of waterfall development is that it generally helps
in allowing departmentalization as well as control. Furthermore, the schedule can generally set
with proper deadlines so that each of the stage of development can generally proceed through the
entire development process of model phases. This methodology is mainly suited for smaller
project where various types of requirements are properly defined (Ali et al. 2018).
On the other hand, all the different types of requirement must be known prior to the
development of the project that further delays the kick off phase of the project. It further has low
level of flexibility that makes it quite difficult for making different types of changes while
developing the project successfully (Balaji and Obaidy 2016). Furthermore, one of the major
disadvantages is that there is a requirement of strict management as well as regular monitoring
for meeting the deadline of the project. Moreover, client faces a lot of challenges in getting
opportunities for successfully acquainted within the system.
1.1.2 Agile
According to Peroni (2016), agile assists in giving a lot of chances to stakeholder as well
as team management before as well as after the execution of each sprint. By proper involving the
project client in each particular step of the project, there is high degree of collaboration between

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the clients as well as project team by giving a lot of opportunities to the project team for
understanding the vision of the client. In addition to this, agile assist in properly giving a number
of chances to the client that is mainly involved throughout the entire project for prioritizing
different features of iteration planning as well as for reviewing sessions (Patwardhan et al.,
2016). Furthermore, the entire team generally needs to stay focussed on sending different subset
of the product’s features during each step of the iteration such that there is proper opportunity for
constantly refining as well as reprioritizing the backlog that is present in the product.
It is stated by Baham et al. (2017) that agile is dependent on the ideas of the team and
therefore it will become very much challenging to properly predict different types of efforts like
cost, time as well as resources which are mainly required at the starting project phase. Secondly,
documentation for the project is created throughput the project and often for the building of
proper output and therefore, it is become very much less detailed.
1.1.3 PRINCE2
According to Esteki, Gandomani and Farsani (2020), PRINCE2 is a project
methodologies which is very much recognized and due to its recognition, its demand is widely
recognized in the world. It is one of the product-based activities that generally divides the entire
project into stages which make it quite easy for proper management. The project communication
can also be managed between the team members with other stakeholders of the project for giving
the stakeholder to give proper chance of decision making (Mousaei and Javdani 2018).
Furthermore, it helps in providing proper control on the entire plan by undertaking proper review
of project progresses. Furthermore, it helps in implicating detailed competencies as per the role
which is generally played within the project.

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It is stated by Naik and Jenkins (2019) that one of the major disadvantages of PRINCE2
is that the procurement management is not covered with the help of this specific methodology. It
is found that PRINCE2 do not generally helps in addressing the significance of soft skills for a
project manager. Furthermore, PRINCE2 helps in managing cost as well as financial
performance for controlling the elements of the project.
Task 2:
2.1 Develop a network diagram with early start, early finish, late start and late finish
2.1 Early start time and late start time
Figure 1: Reflecting early start time and late start time
(Source: Created by Author)

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2.2 Early finish time and late finish time
Figure 2: Reflecting early finish time and late finish time
(Source: Created by Author)
2.3 Critical path
Figure 3: Critical path
(Source: Created by Author)

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The critical path in the project are highlighted in red. It is found that the shortest time that
is needed for completing the activities of the project is 45 days. The critical activities of the
project are reflected below:
1.1>1.2>1.3>1.4>2.1>2.2>2.3>2.4>3.1>3.2>3.3>3.4>3.5>3.6>3.7>3.8>3.9>3.11>4.1>4.2>4.3
We have selected this particular path as there is only one path for completing the entire
task successfully.
Task 3:
3.1 Stakeholder analysis
Stakeholders Interest Power Classification
Project manager High High Key players
Planner High Low Keep informed
Director High High Key players
Designer High Low Keep informed
Suppliers Low Low Minimal effort
Business partners High Low Keep informed
Investors Low Low Minimal effort

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Figure 4: Stakeholder matrix
(Source: Created by Author)
3.2 Importance of stakeholder analysis
Stakeholder analysis is one of the significant techniques that is used for identification of
the stakeholders. It is mainly utilized for identifying all the key stakeholders who have proper
interest in the issues related with the project. Furthermore, stakeholder analysis is mainly utilized
for identifying stakeholders for analyzing various types of needs in order to successfully develop
as well as deliver proper quality product (Eskerod and Larsen 2018). Moreover, it includes
proper qualitative information for determining which stakeholder interest must be effectively
examined. The main purpose of using stakeholder analysis is to have proper strategic view of
different stakeholder issues.

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3.3 Communication strategies
It is found that proper communication strategy is mainly used in order to discuss various
stakeholder needs and requirements for organizing the Music festival effectively. The
communication strategy helps in setting clear guidelines for sharing the information of the
project (Kent and Zunker 2017). The most important step is to properly understand the needs and
requirement properly whereas in the second step, the stakeholders are involved in the project by
defining clear objectives so that the Music Festival get arranged successfully (Elias 2016).
3.4 Work breakdown structure
Figure 5: Work breakdown structure
(Source: Created by Author)

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Task 4:
4.1 Risk analysis for five different risk that could affect the project
Risk
Id
Risk Description Impact Probability Responsible Mitigation
1 Schedule
slippage
If the project
schedule is
not properly
managed
then the
project
manager
will face a
number of
challenges
in managing
the work of
the project
and
therefore the
project can
face delay.
This further
can extend
High High Project
planner
The project
planner
must check
the initial
schedule of
the project
on a weekly
basis in
order to
ensure that
project
activities
are
completing
as per the
initial plan
and this
will further
help in

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the
completion
date of the
project.
avoiding
delay
within the
project. As
a result, the
completion
of the
project
done on
time.
2 Budget
shortfall
It is found
that if
resources of
the project
are not
managed
effectively
then the
chances of
increasing
budget are
quite high.
If the budget
High High Financial
manager
It is
necessary
to manage
the
resources of
the project
effectively
for
avoiding
different
types of
financial
challenges