Project Management Analysis

Project Management Analysis

More often than not, our life, professional, or otherwise is structured towards achieving a specific project. Though many may not realize it, their life like their work is a project. According to (2019), a project can is a transient, unique endeavour carried out to attain planned objectives with the success of the project, witnessed from the final product or outcome or expected outcomes one intended. However, one has to take keenness in distinguishing between a project and a routine where unlike a project that is temporary, time-limited, and unique and can sometimes be complicated, a routine is more continuous, repetitive, and timeless though it could be simple or complex. For a project to be successful, it needs planning, organization, and efficient management of resources. The management of these factors ensures that a project is within budget, on-time, and fulfilling its set goals and objectives. Thus project management evolves. Project management is the use of diverse result-oriented skills and disciplines such as estimation, risk control, decision making, etc. This project will, therefore, look into the management of a concert project, evaluate any problems that may arise using different project elements, tools, and techniques to ensure the success of the project (Dragan & Boonkiart, 2004).

Background

The project at hand is a musical concert. Planning a show requires addressing and organizing various things must be addressed and organized prior to the day of the concert to ensure that the concert is not only a success, but it fulfils the long-term goals expected, which could range from the increased audience and consequently increased sales to increased product awareness, etc. (Yapsody, 2019). To organize the concert, therefore, various factors come to play:

Planning one’s budget. The budget acts as a guide for all other expenses such as talent buying, booking venue and needed pieces of equipment and infrastructure, etc. Dependent on the envisioned size of the concert, a budget can be small or big thus may also need a fundraiser, whether in terms of a sponsor or a fundraising event. Therefore the budget is done first to determine how much will be spent on different expenses, how to raise funds, and to track the spending’s throughout the project.

Talent searching. This is dependent on the type of concert. Therefore, artists fare hired based on performance quality. The choice of artist is dependent on the target audience.

Finding and preparing a venue. Dependent on the size and style of the concert, one has to find a venue that is suitable to both the audience and the artists in terms of safety, security, size, convenience, and within budget.

Finalize on a concert date. This will consequently align with ticket pricing and promotion of the concert. Also involves staff recruitment, arriving at a strategy on how to sell the tickets has been decided on, e.g., online ticket buying, etc. Promotions could be in the form of television ads, discounted ticket sales, social media marketing, etc.

Concert day. The project is only successful after it has come to completion; thus, its success can be evaluated based on the outcome of the audience, the performance of the artists, feedback from the audience, and reviews from cast and members involved. Finally, it has to be within budget.

Key Problems of the Project

A project is not without its hurdles here and there. Hence the need for project management to address any potential problems that may arise. The different stages of the project from the initiation stage, planning, execution, monitoring, and control to the end of the project experience the said potential issues. A principle responsibility chart can, therefore, be created.

Picture 1: Principle Responsibility (Rhart Andersen, Grude & Haug, 1995, p.108).

In this case, potential problems could involve:

Ensuring the safety of the singers. Singers need protection during rehearsal, and during the day of the concerts, which dependent on the budget, may not be possible. Moreover, the crowd can cause potential security danger to the singers, especially in the situation where the singer is a renowned artist. In some cases, the audience could be very aggressive about meeting their singers that they opt to stalk the singers’ even back-stage.

A challenge in eliminating potential safety hazards of activity content, security plan, and stage construction. The restructuring, security planning, etc. can prove expensive and challenging. For example, a budget can limit hiring adequate qualified security staff, restrict renting policies against construction, etc. Besides, some safety hazards like fires, lousy weather after effects, etc. cannot be controlled nor predicted accurately.

Safety issues during entry security inspection, on-site patrol control, among other activities. External factors are constantly changing, and despite plans to curb them, problems may still arise. For one, some people might refuse to go through the entry security inspection. On other occasions, the number of audiences could be more significant than the hired security patrols, thus take up too much time that could have gone into listening to the concert.

Surrounding order and traffic problems. The surrounding of the venue could create a lot of traffic problems, especially on the occasion the turn-up of the audience is bigger than expected, creating traffic on the roads. Moreover, bad weather can complicate things, especially if there was no back-up plan since it disorients people creating chaos and havoc, thus affecting the success of the project.

Project Management Analysis

Project management theory

Whetten (1989) argued that theories are concepts related together to allow for characterization. In project management, the approach should be prescriptive. That is, it should unveil how certain courses of action contribute to the success of goals set for a project. Project management at the general level starts from the stage of initiation to the planning stage, execution stage, monitoring, and control stage, and finally to the completion of the project. Referencing Oilsen (1971), cost, quality, and time factor are the criteria for measuring a project’s success is based on the . Therefore, project management can be said to involve three likely factors. The first included designing the systems to tbe employed in the making and crafting of the project. Second, establishing a measure of control of this system and consequently controlling the system in a manner as such that the intended output is achieved. Finally, evaluation of the systems to allow for improvement and adjustments. Incorporated correctly, project management achieves all three distinct ultimate goals. That is the goal of getting the intended output, internal goals of utilization optimization and cost minimization, and finally, external goals of customer satisfaction based on flexibility, quality, and dependability.

Analysis of the elements of Project Management using relevant theories, tools and techniques (Landau, 2019). The landscape of project management is bound by elements that can be expressed in different ways. Using the triple constraint theory, also called the Iron triangle, we can define these elements like time, cost, and scope (Eby, 2017).

Cost/Budget

Figure 2: Elements of project management (Tabish & Jha, 2018)

With projects increasing in uniqueness and complexity, experts have advised adding elements of risk, resources, and quality to curb the cumbersome responsibility of complex projects (Frame, 2014).

Therefore, it would be correct to say that these factors can be adjusted as the project progresses to allow efficiency in the management of the project.

According to Miloševic and Iewwongcharoen (2004), these elements can be expressed in a different selection of project management tools and techniques that enable planning, control, and evaluation, and their analysis provides insight into the expected impact and success.

Conception stage

Planning

Execution

Completion

Activities

• Project selection
• Team player selections.
• Cost estimation.
• Scheduling activities.
• Management
• Monitoring and control.
• Evaluation and analysis of completed product/outcome.

Project management tools and techniques

• Scope statement
• Project charter
• Decision tree.
• Analytical hierarchy process
• Work Breakdown Structure.
• Scoring model.
• Scope statement
• Work Breakdown Structure
• Stakeholder analysis
• Schedule crashing
• Critical Chain
• Critical Path methods.
• Gantt charts
• Program Evaluation and Review.
• Controlling scope change
• Change request
• Earned Value management
• Risk log
• Resource control
• Performance report.
• Progress report.
• Postmortem evaluation.

Figure 2: Project management tools and techniques depending on the activities of the project (Frame, 2014).

In our project, the objectives of the project management are to plan successfully, budget, anticipate, and create a successful concert that creates customer satisfaction. There, while looking at the scope, time, and budget elements, the following can be deduced.

Scope.

The scope of a project establishes the variables to be put into consideration in the project. To establish a scope of a project, it is crucial to determine a list of distinct project objectives, features, tasks, deliverables, deadlines, and approximate costs. In summation, the project scope is generally what is to be achieved to deliver a successful project. In the project scope, milestones, member requirements, assumptions, and potential constraints are also determined. Therefore, it can be concluded that a project scope distinguishes what is and is not incorporated in a project allows for the control of what is allowed as it’s executed within the course of the project. Experts advise on creating a scope statement that addresses all the variables under consideration in the project, which will act as a guiding policy in the lifecycle of the project (Frame, 2014).

That said, the scope element can be deployed in the concert project. The main objective can be identified as; to organize a six-hour musical concert which is to be delivered on April 3 by the musical council. The deliverables of the concert can be highlighted as organizing security, finding a venue that fits the theme, determining ticket prices, hiring singers, and organizing for refreshments and promotion for the concert. The milestones of the concert can be deduced as securing all the needed approvals and permits from the local authority and community, signing up renowned singers, securing vendors for the event, sold out tickets, concert, and clean up. Requirements for the concert can be identified as adequate parking spaces, restroom facilities for both gender, compliance with city laws, professional stage and sound system, at least six performing acts.

The scope, however, has a few loopholes that could create a challenge along with the progress of the project. First, a scope is solely based on expectations, assumptions, and research from past successful projects. However, projects are different, which means that the means used to achieve success in one project doesn’t guarantee the success of the method in a different project. What’s more, sometimes, the project scope is over-ambitious with too many deliverables and requirements, which can be demotivating, especially in the case the budget does not allow for unlimited access to the team player pool. Moreover, the scope failure to incorporate time and budget management could raise constraints of delay.

To resolve these issues, a critical path technique can be used where work can be broken down to ensure every variable has been accounted for and documented to ensure no variable is left out (Indelicato, 2007). A Gantt chart can be used to provide insight into whether the set schedule and budget ally with the deliverables and requirements of the project scope. An effective project scope follows the budget, scope, and thus ensures quality is achieved in the output.

Time/ Schedule

A project is finite, meaning it works with a set time frame. Setting a schedule is, therefore, crucial to ensure tasks from the project scope are assigned adequate time for successful completion while still within the time limit.

A schedule is important in this project seeing as some projects are to be done in tandem while others will overlap each other; therefore, it is crucial to ensure every task is assigned on a critical path to ensure there is no chaos. Furthermore, setting a schedule to ensure every team player is aware of what is expected of them and guides their activities within the course of the project. For example, while the singers are rehearsing, there needs to be a team leader supervising them while another leader could be vetting vendors and security personnel while another member is arranging for ticket sales and promotion. Time scheduling allows for diversification and specialization in a manner that is void of confusion and chaos among the team members and in the accomplishment of the task. Time scheduling also allows for resource planning.

The element is not void of potential weaknesses. For one, the scope of the project might be too ambitious; thus, the schedule is too constrained to allow for any changes within the course of the project, which is a likelihood seeing as people resource is an uncontrollable variable. For example, if the concert is expected to take a month of planning and execution, it means the schedule is tight to allow for readjustment along the way. What’s more, budgeting for scheduled fits can prove challenging, leaving the potential of burning out resources on occasion there is a mishap in the schedule. It doesn’t allow for adjustments of last-minute changes seeing as this is a dynamic variable.

To help reduce this challenge, researches have suggested using a schedule crashing technique that allows for the incorporation of more resources into a project for the lowest cost possible. This involves a tradeoff between schedule and tradeoff to establish the most significant amount of completion for the lowest incremental cost. A PERT diagram can also be used schedule, coordinate, and organization tasks of a project as it ensures all the critical components are assigned adequate time while also estimating project duration, and identify when the project is slacking (Indelicato, 2007). Therefore it provides a clear picture of the project and allows for anticipation of any changes.

Cost/Budget

Resources are an important factor in project management.

A project cannot work without resources from human resources to financial resources. Therefore, a budget is crucial to a project as it assigns a cost to the tasks, requirements, and deliverables of the project. Through cost budgeting tools, cost estimates are made for the different activities and packages of the project. These estimates create a budget that controls and manages the actual spending’s in the projects.

In the concert project, cost included in the project will include equipment procurement costs, construction cost, human resource cost, e.g., hiring security personnel, hiring singers to perform, etc. Other costs include purchasing a license to hold the concerts, among other operating costs.

Forecasting financial to different deliverables and requirements within the scope of the project can be quite tasking. Therefore, it is advised for project managers to undertake a preliminary review of the tasks involved and research the expected cost for each task. This estimation could be from tasks from previously completed projects, consultation with financial experts, and getting quotations from the concerned parties, e.g., a quotation for hiring the sound pieces of equipment. Inaccuracy is also a potential weakness. A budget is based on assumptions grounded on estimated costs.

Moreover, budgets are quite coercive, thus portray characteristics of rigidity and bureaucracy, which can be quite demotivating to team members involved in the project. For example, the estimated project budget for this project is $40,000; however, with the high number of tasks that require financing, it might be difficult to give singers a raise despite them giving an outstanding performance. Furthermore, the strictness in following the budget is reflected in consequent strictness and rigidity in accepting new ideas that could prove more effective to the project than the existing tasks. Other times, people create an ambitious budget, especially when they have sponsors backing the event.

To curb these potential weaknesses, the earned value management method (EVM) can be used to measure the actual performance of the concert. EVM monitors project cost in terms of cost allocation and schedule to ensure the project stays within budget. A performance review technique can also be incorporated, seeing as it incorporates parameters of team morale, quality of the output, and project scope. Using the bottom-up method, which incorporates views of team members and management team, among other economic resources and output to create the total budget of the project. A parametric estimate can be used as it allows for customization, recalculation dependent on how the variables in the budget change.

The risk factor can be incorporated in all three elements seeing as no project is void of risk. A risk log/register that assesses the potential of risk in the elements is vital. The result of the risk register enables one to access the impact of the risk on the occasion it happens (Tabish & Jha, 2018). It, therefore, flags out potential risks with high percentages of adversities. Moreover, it allows for adjustment to be made in the elements to curb any potential problems likely to arise in the course of the project. Seeing as risk assessment is done in the early stages, it reduces the likelihood of risk increasing chances of the project succeeding. For example, low ticket sales can be registered as a risk. Therefore management can increase promotion and advertisement strategies to increase the sale of the tickets, such as offering discounts on the sale of more than five tickets.

Conclusion

Project management is essential for the success of a project. Project management structures the direction in which a project should take from the initiation stage of conceiving a project, planning the project, executing the project, monitoring and controlling the project during the planning and execution levels to the completion of the project. The success of a project is determined by factors of time, quality, and cost. A project being finite should work within a set time-frame to ensure all the deliverables of the project are taken into consideration. Quality is calculated in the product out or benefit accrued from a project while the cost is a project working within the set budget. To achieve this, elements of scope, time, and cost have to be taken into consideration to reduce risk and thus ensure the quality of the end-product. The scope of a project looks into the project deliverables and requirements of a project. Milestones are also set to measure the achievement of the projects. The cost element looks into cost estimation depends on the project scope. Finally, the element of time ensures activities work within a schedule. Different techniques and tools can be used to ensure the successful incorporation of the elements. This includes techniques of program evaluation and review, and critical path techniques, work break down techniques. Tools such as the Gantt chart, PERT diagram, and scoring models can be used. In summation, the concert project can be expected to be a success on the condition project management analyzed and incorporated as per the review above.