Project Management: Methodologies, Network Diagram, Risk & Analysis

This report provides a comprehensive analysis of project management, focusing on methodologies such as Waterfall, Agile, and Scrum, comparing their advantages and disadvantages. It applies these concepts to a hypothetical music festival project, including the use of Agile methodology. The re...Read More

Project Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
Compare and critically analyse any THREE project management methodologies................3
TASK 2............................................................................................................................................5
Develop a network diagram manually....................................................................................5
TASK 3............................................................................................................................................6
Undertake a stakeholder analysis for this project...................................................................6
Work Breakdown Structure (WBS) for this music festival....................................................7
TASK 4............................................................................................................................................8
To prepare a Risk Analysis for FIVE different risks that could affect your project..............8
CONCLUSION................................................................................................................................9
REFERENCES:.............................................................................................................................10
Books and Journals...............................................................................................................10

INTRODUCTION
Project management is the process of managing the work in team to achieve the project
goals. There is need of managing the project by setting the objectives in such a manner that the
success can be attained. It is necessary to analyse the time, scope and budget so that the task can
be attained (Stanitsas, Kirytopoulos and Leopoulos, 2021). There is need of using right skills,
knowledge, tools and techniques so that overall work is managed properly. All the projects have
different aims and objectives. There is key role of taking actions as per the project requirements.
This report is based on a project related to hosting of a new musical festival at Town Hall. There
is discussion related to the project methodologies that help to carry on the project in effective
manner. The use of network diagram is done so that the time taken to carry on the activity is
reduced. Stakeholders are the important part of project and it is necessary to satisfy them and
provide them with the necessary information. In this report, proper stakeholder analysis is done.
The use of work breakdown structure is also done so that the music event can be carried
properly. In the end, the risk is being analysed and the strategies to mitigate the risk are
mentioned.
MAIN BODY
TASK 1
Compare and critically analyse any THREE project management methodologies
Project management methodologies help to carry on the project in systematic manner. It
helps to know the system of principles, procedures, techniques and discipline that are being used
to carry on the activity effectively (Kerzner, 2022). All these methods are different from one
another and there is need of using the best among them in order to carry on the project
effectively. The project methodologies used in contemporary global projects are as follows:
Waterfall methodology: It is one of the traditional approach that is being used in project
management. In this method the work is being completed in sequential manner as the next stage
begins after the first stage is completed. There is need of analysing the requirements of the
project so that the resources can be arranged. The required resources help to carry on the work in
effective manner. The analysis of the project is being done in the stage so that the proper design
for the project is formulated (Svejvig, 2021). The testing must be done so that there are no
problems in the end of project.

Advantages
 The work is carried speedily by using the waterfall methodology. All the stages are
carried in sequence and the work can be completed within right time. The objectives are
clear and the same assist to complete the work within deadlines.
 The work regarding to testing is made simpler. This helps to know about the functional
specifications that are necessary to carry on the overall work.
Disadvantages
 There is lack of flexibility seen in case of waterfall methodology. This method does not
allow the changes in between the project and it becomes difficult to do the alterations.
 All the stages have their own importance so takes time to deliver the project than in other
methodologies.
Agile methodology: This methodology is connected to linear approach of traditional project
management. It I a way to carry on the project by breaking it into several phases. There is regular
collaboration with the stakeholders to carry on the work effectively (Sbiti and et.al., 2021). There
is continuous improvement seen at each and every stage that makes the project successful.
Advantages
 It is one of the flexible method and the changes can be made after the project is initiated.
Flexibility is important as it helps to carry on the project effectively.
 There is better communication observed under agile methodology and it helps to carry on
the goals and objectives effectively.
Disadvantages
 It becomes hard to predict the uncertainty in case of agile methodology. This is a possible
problem that is being faced under this methodology.
 The work of documentation takes long time and that is the reason it is a time consuming
process.
Scrum methodology
It is one of the methodology of project management that is form of agile. The work is
being divided into sprints. Small teams are formulated who carry on the work in the time allotted
to them. The performance is measured on regular basis so that progress is attained.
Advantages

 Team work helps to carry on the project effectively. The project is delivered in right time
and efficient manner.
 The use of time and money is done in effective manner.
Disadvantages
 The mistake one person of the team can delay the overall work and may cause project
failure.
 It can be used effectively by the experienced team members.
In order to carry on Bucks Students’ Union Music Festival case study’ the use of Agile
methodology will be done. It is one of the flexile option that helps to carry on the project
effectively. The work is divided in schedule that simplifies the work of the project team.
TASK 2
Develop a network diagram manually
Network diagram is the visual representation of network that helps to know the path. There
are certain components that are shown with the help of network diagram. The series in which the
project goals can be attained are mentioned (Amirtash, Jalal and Jelodar, 2021). The inter
relationship among them is also examined in the form of network diagram. It helps to carry on
the project by choosing the right path that takes less time.

Early Start Activity Number Early finish
Slack
time
ACTIVITY NAME
Late Start Duration Late Finish
It helps to identify the critical path that will be used to carry on the project. The use of
1,2,4,5,9,10,21 and 22 this path will be done in order to carry on the project with in right time
and effectively.
TASK 3
Undertake a stakeholder analysis for this project
Stakeholders play a major role in the project. They are the people who are interested in the
information about the company and also have power in the project. There are internal
stakeholders who are internally related to project such as team members who carry on the project
(Filippetto, Lima and Barbosa, 2021). External stakeholders are government and audience who
are not external to the project.
Stakeholder analysis

High power high interest: These are the most important stakeholders of the company.
They have high power in the organisation and are interested in the information of the company.
Government comes in this category.
High power low interest: These are the stakeholders who have high power in the project
but have low interest. They are the audience of the music event as they can come to visit the
event.
Low power high interest: They are the people who have less power in the organisation and
have high interest in the project (Thesing, Feldmann and Burchardt, 2021). Investors come under
this category as they have less power but are highly interested in the information related to the
project.
Low power low interest: This quadrant includes the stakeholders who low power and low
interest in the project. The employees hired to carry on project come under this quadrant as they
only want to complete the project for money.
Work Breakdown Structure (WBS) for this music festival
It is also a graphical representation that includes small activities to carry it in right time. The
WBS for the musical event is as follows:

TASK 4
To prepare a Risk Analysis for FIVE different risks that could affect your project
No. Risk Effect Possibility Mitigation
1 Failure of power High Moderate This can be mitigated by arranging
the substitute option in advance.
2 Low human
resource
High Low By hiring right employees at right
time and providing them training.
3 Lack of
coordination
High Low By motivating the team members
and assigning them work according
to their socialisation (Hermano,
Martin-Cruz and Pajares, 2022). By
enhancing communication.
4 Changes in
weather
Moderate Low It can be mitigated by forecasting
details regarding the weather in
advance.
5 Technological
updates
Low Moderate There is need of conducting proper
research and then using the latest
technology.
The risk is present at each and every level. There is need of analysing the condition of
market so that suitable actions can be taken. There is need of keeping the employees ready for

the uncertain situation and providing them training accordingly. The use of right tools and
techniques help to carry on the project effectively.
CONCLUSION
From the above report, it is concluded that project management includes the use of various
tools and techniques that help to carry achieve goals of the project. There is need of analysing the
methodologies that will help to caplet the project. The different methodologies of project along
with their pros and cons are mentioned. The network diagram is formulated to know about the
critical path that will be used to carry on the project within right time. There is evaluation of
stakeholder analysis in the report. In the end risk is analysed and the strategies to overcome the
same are mentioned.

REFERENCES:
Books and Journals
Amirtash, P., Jalal, M.P. and Jelodar, M.B., 2021. Integration of project management services for
International Engineering, Procurement and Construction projects. Built Environment
Project and Asset Management.
Filippetto, A.S., Lima, R. and Barbosa, J.L.V., 2021. A risk prediction model for software
project management based on similarity analysis of context histories. Information and
Software Technology, 131, p.106497.
Hermano, V., Martin-Cruz, N. and Pajares, J., 2022. The effect of project management dynamic
capabilities on firm performance. Baltic Journal of Management.
Kerzner, H., 2022. Project management case studies. John Wiley & Sons.
Sbiti and et.al., 2021. Toward BIM and LPS Data Integration for Lean Site Project Management:
A State-of-the-Art Review and Recommendations. Buildings, 11(5), p.196.
Stanitsas, M., Kirytopoulos, K. and Leopoulos, V., 2021. Integrating sustainability indicators
into project management: The case of construction industry. Journal of Cleaner Production,
279, p.123774.
Svejvig, P., 2021. A Meta-theoretical framework for theory building in project management.
International Journal of Project Management, 39(8), pp.849-872.
Thesing, T., Feldmann, C. and Burchardt, M., 2021. Agile versus waterfall project management:
decision model for selecting the appropriate approach to a project. Procedia Computer
Science, 181, pp.746-756.