What are you using the bungee cords for? I can't quite tell from the picture, though it looks like you might be using them to attach your tarp to the tree …
If that's the case, I'd consider using regular rope to tie off to the tree, and getting the ridge of your tarp as tight as you can - that's the one part of your tarp setup you don't really want any stretch in.
If you're using them somewhere else, and my eyes are playing tricks on me, disregard.
Otherwise, not a bad setup for the cost.