Project Management: Methodologies, Stakeholder & Risk Assessment

This report provides a comprehensive analysis of project management principles, focusing on the Bucks Student’s Union Music Festival as a case study. It compares and contrasts Agile, Waterfall, and Prince2 methodologies, outlining their respective advantages and disadvantages. The report includes a network diagram to visualize project activities, a stakeholder analysis identifying key parties and their influence, and a risk assessment matrix detailing potential risks and mitigation strategies. The analysis covers project initiation, planning, execution, monitoring, and closure, offering insights into effective project management practices and risk mitigation techniques. Desklib offers this assignment solution along with a variety of study resources for students.

Project Management

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Compare and critically analyse any THREE project management methodologies/bodies
of knowledge and its advantage and disadvantage.................................................................3
PART 2............................................................................................................................................6
Develop a Network Diagram.....................................................................................................6
PART 3............................................................................................................................................8
undertake a Stakeholder analysis.............................................................................................8
PART 4..........................................................................................................................................10
Risk analysis.............................................................................................................................10
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Project management may be defined as the process of leading and managing all the activities of
team in order to attain all the objectives of project within the set period of time. This basically
comprises of all the activities as well as the strategies which are essential for achieving the
project objectives (Alghail and et, al., 2021). All these information is describing under the
project documentation which are developed at the beginning of the project. The aim of this report
is to solve the issues related to the project management of Bucks Student’s Union Music
Festival. The following report is going to covers the different types project management
methodologies with their advantages as well as disadvantage. This report also covers the Gang
chart, network diagram and five risk associated with project along with its impact. This report
also covers stakeholder’s analysis, risk matrix and the strategies in order to mitigate the risk.
TASK 1
Compare and critically analyse any THREE project management methodologies/bodies of
knowledge and its advantage and disadvantage.
Project management methodologies are basically the set principles, techniques and procedures
which are used in order to work in a discipline manner. There are different types of project
management methodologies which are used by the project organizer in order to manage the event
from which some of them discussed below: -
 Agile methodology: - agile project management methodology is basically a way to
manage the event or project by dividing the task into the several stages. This comprises of
continuous collaboration with the stakeholder’s and improvement in the each and every
phase of event (Bergmann and Karwowski, 2018). The organiser can make the changes
in the events at any time. The advantages and disadvantages of this methodology has
been discussed below: -
o Advantages: -
The biggest advantage of this methodology is that this is very flexible in
nature. The user can make changes in the middle of the project.
o Disadvantages: -

The disadvantage which is associated with this is that the user of this
methodology cannot effectively predict the expected result because of the change
in the requirements on regular basis.
 Waterfall methodology: - this is basically a project management approach which assist
the user to paid focus on the progression of event from beginning to end in linear manner.
In this model the activities are breakdown in linear sequence and each stage of the event
is depending on the outcome or result of the previous event. The pros and cons of this has
been discussed below: -
o Advantages: -
If organisers of the event in local town hall uses this method then they can plan
extensively, easily track the dependencies of tasks and can accurately estimate the
budget and timeline.
o Disadvantages: -
This methodology is very rigid in nature, once the event or project is planned then
no changes can be made in it and it is not suitable for complicated projects.

 Prince 2 methodology: - this is basically a project based approach which paid focus on
the organization and have control over the whole project i.e., from beginning to end.
Before starting of the project the entire event is thoroughly planned and each and every
stage is clearly structured (Cakmakci, 2019). The pros and cons related to this has been
discussed below: -
o Advantage: - the biggest advantage of this methodology is that this comprises of
extensive paper of documentation work. These documentations assist the user in
every step of project and also help them in mitigating the risk.
o Disadvantage- The teams will take time for to make adjustment or changes in the
project and implementation of the changes will be very complex.

o
PART 2
Develop a Network Diagram
Network diagram refers to the visualisation of activities which require to be completed
over the project duration. It provides the important context such as sequence, task duration and
dependency. It visualizes the sequence and logical relationship among the project setting and
relies on clear expression of chronology of activities and events. Here is the network diagram of
the music event in local Town hall-

Path 1: 1-2-4-6-16-17-21-22
Days: 1+14+7+28+7+1+10=68 days.
Path 2: 1-2-4-6-17-21-22
Days: 1+14+28+284+5=134 days. (Longest Path)
Path 3: 1-3-8-21-22
Days: 1+14+12+1+10= 38 days.
Path 4:1-3-7-20-21-22
Days: 1+14+42+7+1+10= 75 days.
Path 5: 1-11-12-18-8-21-22

Days: 1+7+7+4_12+1+10= 50 days.
Path 6: 1-11-13-14-15
Days: 1+7+35+1+5= 49 days. (Shortest Path)
Path 7: 1-2-5-9-10-21-22
Days: 1+14+7+2+84+1+10= 119 days.
PART 3
undertake a Stakeholder analysis
Stakeholders analysis is the process of assessing the system and possible changes to it as
they relate to the interested and relevant parties. In simple language it is a process of
identification of individuals before the starting of the project and group them in accordance to
their participation level, interest and influence in project.
High Power High Interest- In this management team of event will be included as they
have high interest and high power (Elia, Margherita and Secundo, 2020). They will plan all the
activities regarding to the music festival. They are responsible for the budget and team formation
also.
Low Power Low Interest- In it the guests will be included as they will only attend the
festival and will not have any power in the event. They do have interest but to a limited extent
and doesn't have any role in event.
Low Power High Interest- The hired contractors who will organise the event will come
in this category as they have high interest because they will earn from this event but do not have
any power in the event.
High Power Low Interest- In this category the promoters of this event will come as they
will sponsor the event and will have high power but will not take active part in the event as they
will provide the funds needed for organizing the event (Ibraimova and et, al., 2019).

Work Break Down Structure –
It is a description of work which will be done in the project. It is the hierarchy of tasks
which represents the project teams understanding of work composition and cost, size and times
duration of each task. Here is the work break down structure of organizing the music festival at
local Town hall, London. Project Initiation- In this step the management will identify the aims and objectives of
the project which is successfully organizing the music event, create a budget which is
affordable, resources needed like humans, equipment’s and time for executing the project
(Niederman, 2021). Project Planning- Now the planning committee will form a team and divide the roles and
responsibilities according to their skills and knowledge. Venue where event is going to be
decided according to the available budget. Project Execution- In this step the rehearsals for the event will be conducted so no
mistake occurs at the time of event. Lighting and other facilities will be cross checked for
effective management. Project Monitoring- Now the finalisation of volunteers will be done and risks will be
evaluated which may happen.
 Project Closure-In this step the music event will be organized and best performers will
be awarded. Feedback will be taken from the audience by feedback forms.

PART 4
Risk analysis
It is the process of identification and analysis of potential risks which may impact
negatively key projects of business. This analysis is done for helping the organisations to avoid
or mitigate the risks.
Risk Management Register for Music Festival at Local Town Hall, London
Risk Identification Ass
ess
men
t
Response Monitoring and Control
S.
No.
Risk
Event
Caus
e
Effec
t
Pro
babi
lity
Strateg
y
Action Responsible
persons
Pre
actions
P
r
e
A
c
ti
o
Post
Actio
n
Po
st
Ac
tio
n
Sc
or

n
s
c
o
r
e
e
1 Event
Equip
ment’
s
Impro
per
install
ation
Lead
to
late
starti
ng
and
extra
cost
for
new
ones
1 Avoid Assessment
of
equipment’s
thoroughly
Technicians Check the
suppliers
previous
history
3 Arran
ge the
new
equip
ments
quickl
y
4
2 Childr
en
Partici
pation
Get
lost
in
huge
crow
d
Blam
e on
organ
izers
and
effect
on
image
1 Control Put
electronic I
cards in
children
necks
Volunteers Announce
ments for
taking
care of
children
3 Find
the
childr
en
quickl
y
3
3 Fire
hazard
s
Due
to the
kitche
ns
close
Proje
ct
failur
e
3 Monitor Keep fire
extinguisher
s available
Organizers Keep the
fire
creating
tools in
control
2 Keep
the
ambul
ance
availa
3