BM522 Project Management: Methodologies, Risks in Music Festival

This report provides a comprehensive overview of project management principles, focusing on a case study of hosting a new music festival. It examines three key project management methodologies: PRINCE2, Agile, and Waterfall, detailing their advantages and disadvantages. The report includes a stakeholder analysis, identifying key players and their levels of power and interest, and a work breakdown structure (WBS) that breaks down the music event into manageable tasks. Furthermore, it conducts a risk analysis, outlining potential risks associated with the event and proposing mitigation strategies to ensure successful project completion. Desklib offers a variety of resources, including past papers and solved assignments, to support students in their academic endeavors.

BM522 Project
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Task 1...............................................................................................................................................3
Three project management methodologies/bodies of knowledge and their advantages and
disadvantages..............................................................................................................................3
TASK 2............................................................................................................................................5
Development of network diagram...............................................................................................5
..........................................................................................................................................................6
..........................................................................................................................................................7
..........................................................................................................................................................7
TASK 3 ...........................................................................................................................................8
Stakeholders Analysis.................................................................................................................8
Work Breakdown Structure.........................................................................................................8
TASK 4 ...........................................................................................................................................9
Risk analysis and their mitigation strategies...............................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Project Management is the process which focuses on properly managing the activities and
strategies which are essential for successful completion of project. It also involves systematically
guiding the team towards achievement of objectives of the organisation within specified time.
There are various factors which need to be considered when making planning of the project such
as available resources, time period and contractual agreement(Aanbari and Kwak, 2018). The
report will address the issue related to the project management. The project will be on hosting a
new music festival at the local town hall. The three methodologies which are used in project
management along with their advantages and disadvantages. The other essential things such as
stakeholder's analysis, network diagram and work breakdown structure is also covered in this
report. The risk analysis which covers the various risks and the mitigation strategies for avoiding
these risks is also examined in the report.
MAIN BODY
Task 1
Three project management methodologies/bodies of knowledge and their advantages and
disadvantages
Methodology Number 1- PRINCE2
This methodology primarily focuses on controlling and organising the project in a systematic
manner. It is best suited for the teams which are doing the management of the project for the first
time. The process and principles of this project management will assist in developing some
essential skills such as time management skill, communication skill and other problem solving
skills. It has become a very popular methodology worldwide for the businesses(Bjorvatn and
Wald, 2018).
Methodology Number 2- Agile Methodology
It is a method which can be used by the businesses for managing a project by dividing it into
various stages. It involves constant involvement with the stakeholders which lead to continuous

improvement at every phase of project. The life cycle of the work includes a process which
involves planning, executing and evaluation of activities of the project.
Methodology Number 3- Waterfall
This method forms a structure which looks like a waterfall since it consists involves all those
activities and phases which are important for managing the project. The stages are mentioned in
a waterfall style. The activities of a project involves analysis, design, testing, controlling and
many others. It is very important to complete the first task to be able to shift to the next task.
This method does not promote performing the tasks in a simultaneous manner. There are mainly
five stages which are involved in the methodology such as requirements, designing,
implementation, testing or verification and lastly maintenance(Guo and Zhang, 2022).
Advantages and disadvantages of all chosen methodologies-
Methodolog
y
Advantages Disadvantages
PRINCE2  This methodology does not
require any prior qualification
for applying this method.
 The biggest advantage is that it
can be used for any size and
type of project.
 It is a very complicated and
time consuming process
since it involves formulation
of network for large projects.
 It does not consider the way
to properly distribute the
resources which are
available.
AGILE
METHOD
 The teams breakdown projects
and collaborate with one
another which provides quality
results.
 It allows complete visibility of
the progress of each project in
real time(Pace, 2019).
 Sometimes, it becomes very
difficult to forecast the
efforts such as resources,
time and cost involved at
starting of the project.
 It can be difficult to
implement in case of

changes in the project.
Waterfall  This method allows proper
estimation of the cost which
will be required in properly
complete the project.
 It makes very easy to evaluate
the progress and the issues
which are arising in the stage.
 In the process of designing
and implementation, the
clients are not involved
which can lead to confusion.
 Due to the structure of this
method, delay in one activity
automatically lead to delay
in succeeding activities. This
can make the project
lengthy(Pan and Zhang,
2021).
TASK 2
Development of network diagram
Network diagram will help the project manager to track each element of a project within a given
period of time(Picciotto, 2020). It will tell that how much time is required to complete the given
task so that the whole project management team will analyse the shortest time required to
complete the project appropriately.

TASK 3
Stakeholders Analysis
It can be defined as a framework which helps in identification of people which are
essential for starting the project. It is related to the influence and participation of these people in
the project. The analysis of stakeholders in relation to the music event are as follows:
 High power and High interest- This category included persons which have high power
and high interest in the decisions of the project. The management team which is
organising the music event have power to take the essential decisions and also to modify
any last minute changes. They also have high interest since they are actually engaged in
the completion of project.
 Low power and Low interest- The Audience which are coming to watch the music
event are having less power since they does not have any role in decision making. The
interest is also on the lower side since they have come only to watch the performance of
the music composers.
 Low power and High interest- Contractors and suppliers have low power and high
interest since they will not be able to make any decision but will earn a lot of money by
supplying goods and services to the organisers of music event.
 High power and Low interest- The Owners of the stadium where the music event will
be organised will be included in this category. They have high power since the place
belongs to them but the interest is low except the rent.
Work Breakdown Structure
It is a framework which involves a step by step approach for successfully
accomplishment of large projects by dividing the project in smaller tasks. The Work Breakdown
Structure of the music event is discussed below:
Here is the WBS of the music event.
Music Event
Initiation
 Budget approval
 Enter data in the computer system

 Printing
Planning
 Preparing the advertising plan
 Advertising media
 Auditions to hire cast
Execution
 Set design and built
 Order costumes
 Hire orchestra
 Train production crew
 Hire publicity director
 Hire set designer
 Advertising to hire crew and cast
 Auditions to hire cast
Monitoring
 Cast rehearsals
 Photograph cast and crew & collect biographies
 Dress rehearsals
 Costumes parade and alterations
Closure
 Music
 Performance
TASK 4
Risk analysis and their mitigation strategies
There are various risks which are involved in organising in the event which can create issues in
achievement of the objectives. The risks in relation to the music event is discussed below:
Risk
Categ
Description
of the Risk
Probab
ility
Impact
level
Risk
Status
Risk
Owner
Risk
Actionee
Proposed risk
management

ory strategy
Techni
cal
Risk
The
technology
which is
involved may
not function
properly
during the
music event.
Mediu
m
High Low Organise
rs of the
event
Manager
of the
project
This risk will be
eliminated by
properly inspection of
all the music
instruments and other
technology which
assure the organiser.
Securit
y Risk
The music
event can be
disturbed by
some
individuals
which came
with some
harmful
material such
as knifes or
guns.
Low High Medium Project
manager
Security
Team
Proper checking will
be conducted at the
entry of the music
event which will
ensure that the
security of the event
is maintained.
Weath
er risk
The weather
can play a
spoilsport in
the happening
of the music
event. The
arrangement
cannot be
made in
High High Medium Project
manager
Weather
analyst
The organisers of the
music event will
formulate a roof
which will cover the
place of the event.
The weather report of
some days will be
studied for choosing
the day of event.

regard to
weather.
Medic
al
assista
nce
The
participants
can get
injured while
performing on
stage and may
need medical
help of the
health team.
Mediu
m
High Moderat
e
Project
manager
Medical
Team
The organisers will
stay alert for any
medical emergency.
They will also ensure
proper treatment to
the injured
participants or
audience.
Poor
comm
unicati
on
The music
event can
involve poor
interaction
and
communicatio
n between the
organisers or
participants.
Mediu
m
High Moderat
e
Project
manager
Commun
ication
Team
The managers of
music event will
formulate various
strategies and policies
for making effective
communication.
CONCLUSION
It can be concluded from the above report that project management is very essential for
properly managing the activities. This will facilitate timely completion of objectives related to
the project. The various methods which can be used by the event organisers for properly making
strategies and policies for effective performance. A network diagram and Gantt chart along with
the activities of the music event is also discussed in the report. The analysis of stakeholders and
WBS is also examined. Lastly, the various risks which are associated with the event and their
mitigation strategies are also covered.

REFERENCES
Books and Journals
Aanbari, F.T. and Kwak, Y.H., 2018, June. Impact on project management of allied disciplines.
Project Management Institute.
Bjorvatn, T. and Wald, A., 2018. Project complexity and team-level absorptive capacity as
drivers of project management performance. International Journal of Project
Management, 36(6), pp.876-888.
Guo, K. and Zhang, L., 2022. Multi-objective optimization for improved project management:
Current status and future directions. Automation in Construction, 139, p.104256.
Pace, M., 2019. A correlational study on project management methodology and project
success. Journal of Engineering, Project, and Production Management, 9(2), p.56.
Pan, Y. and Zhang, L., 2021. A BIM-data mining integrated digital twin framework for
advanced project management. Automation in Construction, 124, p.103564.
Picciotto, R., 2020. Towards a ‘New Project Management’movement? An international
development perspective. International Journal of Project Management, 38(8), pp.474-
485.