BM522 Project Management Report: Bucks Student Union Music Festival

This report presents a comprehensive project management plan for the Bucks Student Union Music Festival, addressing various critical aspects. It begins with an introduction to project management principles, followed by a comparison and critical analysis of different project management methodologies, highlighting their advantages and disadvantages. The report then details the development of a network diagram using the CPM methodology, illustrating activity dependencies and critical paths. A stakeholder analysis is conducted to identify key stakeholders and their roles, along with the creation of a Work Breakdown Structure (WBS) for the event. Finally, the report includes a thorough risk analysis, evaluating potential risks, their impact, and proposed mitigation strategies, providing a contingency plan for the successful execution of the music festival.

Project Management

Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
Comparing and critically analyzing project management methodologies................................................3
TASK 2.......................................................................................................................................................4
Developing a network diagram................................................................................................................4
TASK 3.......................................................................................................................................................9
Stakeholder analysis and WBS................................................................................................................9
TASK 4.....................................................................................................................................................11
Risk Analysis.........................................................................................................................................11
CONCLUSION.........................................................................................................................................13
REFERENCES..........................................................................................................................................14

INTRODUCTION
Project management is the method of management through preparing, evaluating,
monitoring and steering of all tasks (Kerzner, 2017). Project management is a process in which
the team's work to meet specific goals and specific standards of performance at the stated period
is initiated, scheduled and implemented. Project management's primary task is to meet all project
goals within the restricted limits. The main objective of this report is to create a project
management plan for the Bucks Student Union Music Festival event. To this end, different
project management methods along with shareholder and risk assessment are used in this study.
TASK 1
Comparing and critically analyzing project management methodologies
Project management methods help to execute a project efficiently without duplication and
also to create a sequential structure for all project tasks (Whyte, Stasis and Lindkvist, 2016).
Many methods are available, each with its own set of guidelines, concepts, procedures and
practices. Which approach can use depend on the project. Its aim is to optimize the use of capital
and of time for a project management approach.
Basis of difference Agile methodology Waterfall Critical Path method
Meaning and Nature The entire project is
split into different
phases in this
approach. This
method is constant
and can be updated to
satisfy the
requirements.
As the name implies,
this approach requires
a linear flow of
research, one by one.
Both stakeholder
criteria will be
evaluated in this
phase at the outset.
CPM uses the
algorithm to prepare
and execute a project,
as opposed to certain
approaches. This
approach is of a fluid
type and effective for
temporary risk
reduction.
Advantages It is the most versatile
approach because
Each method utilizes
a simple project
This approach helps
to define and even

adjustments can be
made if needed in this
process. This
approach also
contributes to lower
costs and higher
efficiency (Owusu,
Chan and Shan,
2019).
design strategy that
establishes the end
target. The flow of
knowledge is often
successful because of
its simple structure.
assess the role
between all the steps
in a project plan.
Disadvantages Agile is a dynamic
process requiring
higher expertise and
leading to
restructuring of the
company.
It is difficult to
modify its structure
following a defined
flow, which makes it
a stiff operation.
This approach does
not use a statistical
procedure to measure
the period that renders
it less accurate.
Furthermore, since
this project is focused
on assumptions, the
probability of
confusion is high.
TASK 2
Developing a network diagram
A project visual network diagram consists of a set of linked arrows and columns to define
the connection between the projects' activities. Boxes or nodes define the activities and arrows
display the connection between the operations. The operation needs to begin and finish, and all
the other tasks must be covered by both. The Union Music Festival for Bucks Students is a
programmed event. Underneath is a strategy with a network diagram (CPM methodology), in
which 22 operations are taken into account (Martens and Carvalho, 2016).

Figure 1: Network diagram
Early Start Activity Number Early finish
Slack time ACTIVITY NAME
Late Start Duration Late Finish

Critical path is the shortest amount of time needed to complete a project. This direction is plotted
in a diagram above the network that appears in figure 1 with orange and in the next figure with
blue markers. The following network diagram indicates that the least amount of time critical path
involves the activities 1, 2, 4, 5, 9, 10, 21 and 22, and the total time needed to complete all these
tasks sums to 1 + 14 + 7 + 7 + 2 + 84 + 1 + 10 days = 116 days.
TASK 3
Stakeholder analysis and WBS
An analysis by the stakeholders consists of the commitment of these people prior to the
start of the project; their level of involvement, interest and impact in the project; and each of
these shareholder groups can be better active and communicated. Project stakeholders are entities
and organizations, whose values are directly involved in or influenced by the implementation or
execution of the project. Shareholders are all those involvement and support are vital to their
progress and need to be included in the achievement of project goals (Bond-Barnard, Fletcher
and Steyn, 2018). Identifying all stakeholders is thus essential to ensure the performance of the
project manager. The Union of Music Festival for Bucks Students is planned for the investors to
share all of the acts. The stakeholder matrix differentiates between internal and external
shareholders to this end:

It is clear from the above review that all stakeholders are imported from this case. The first
stakeholder group consists of an audience (external); the community is updated with brochures
and an event page about the event. Another stakeholder community is the (internal) organizers
and participants who communicate through verbal communication. Third group is (external)
investors who have both high power and interest and connect via email co-communication
strategy (Poston and Richardson, 2019). Fourth and final stakeholder community is the City Hall
Committee (External), which will have great power in the case but low interest.
Work breakdown structure of the event is created below for the music festival.

Figure 2: Work breakdown structure
TASK 4
Risk Analysis
Risk analysis is the evaluation method of the probability of an underlying condition in the
company, government or environment sector (Kermanshachi, Shane, J. and Anderson, 2016).
Risk assessment examines the inherent uncertainty of the plan of action and relates to the
uncertainty of expected cash flows, investment or inventory return fluctuations, the possibility of
success or loss of a plan and potential future market conditions in the future. Risk analysts also
work together with skilled forecasters to reduce potential unintended negative effects.
Risk Risk
Occurrence
Probability
(Out of 5)
Influence
on event
(Out of 5)
Overall
score
Risk mitigation strategies
Cost risk 3 5 15 The event is focused on a festival of
music. As the cost of musical equipment
increases, the cost risk may surpass the
estimated cost. In order to do this,
contingency plans may be drawn up using
additional funds to cover any cost
reduction (Demirkesen and Ozorhon,
2017).
Scheduling
risk
2 3 6 It is possible to postpone the event
because of the inefficiency of organizers
and factors. A buffer period of 15 days
will effectively mitigate this possibility.
Loss of 5 2 10 This risk can be faced where the standard

support of the event can be affected by external
investors is inefficient. A plan of action
can be designed for handling this risk,
where additional assistance from outside
parties can be obtained in the event of an
emergency.
Technical
risk
2 4 8 Technology deficiency is often a major
concern. Technicians with professional
technology understanding can be engaged
to alleviate these risks.
Environment
risk
5 5 25 This risk can arise because of the fact that
weather and climate change are present. A
climatologically reports must be prepared
to include information on weather
changes and conditions in order to
minimize this risk.
From the aforementioned risk analysis, it can conclude that those variables will affect the event's
performance (Arashpour, Abbasi, Hosseini and Yang, 2017). Every occurrence has its own
chance and power of control. According to this study, there are most likely losses of funding and
environmental risks. And the risks that most affect the event are ambient risks and cost risks.
It is evaluated that if all the proposed coping measures are implemented by the promoters, the
possibility of performance is strong. It is a contingency plan that includes time and money for
each contingency that can be used if that risk occurs that best way to mitigate any risk.
The probability of the existence of a risk and the impact of the event multiplies together.
Regarding review of these ratings, expense and environmental impact must be prioritized such
that they are successfully controlled.