Project Stakeholders And The Importance Of Understanding

Stakeholders: owners; customers; suppliers; employees; debtors; creditors; financial institutions (banks, mortgage lenders, credit factors); environmental groups; government agencies (central government, local authorities); trade unions

Stakeholders include people who could influence decisions about the project or the organisation’s strategic direction.

Stockholders analysis is an orderly collection of quantitative and qualitative evidence to decide the people who are interested and should be taking into account as stakeholders. It provides insight on those stakeholders’ interests, expectations and the extent they can influence the project. It also provide knowledge on to what extend the relationship need to be built for the success of the project. Expert Judgement stakeholders are the people or groups with specialized training or subject matter expert’s example, senior management, key stakeholders, industrial consultant, technical association. Meetings is where the exchange and analysis of information would happen and would help understand the role of stakeholders. The project meetings are planned to improve and indulge the major project stakeholders and they can be used to discuss and investigate data. (PMBOK Guide,

| Who will lead this project? Who are the major stakeholders? Maria Muncy and the lead contractor will lead the project. The customers are the major stakeholders.

The project stakeholders for this project are the people with an interest to make money off the product by putting money into the idea phase of the product. These stakeholders involvement will mostly be financial to get the product advertised to the public, they may also want a say in the design of the product since fresh ideas are always welcomed.

The challenge is to take the viewpoints and actions of these specific groups into account. The objectives and interests of the people, social groups or institutions participating in or affected by the project should always be included in planning, through a stakeholder analysis. This step is generally done during the planning workshop, after a thorough analysis of the situation in the field. The objectives of the stakeholder analysis are: to list and characterise the major stakeholders to understand their present and potential roles and responsibilities to understand their interests, fears, problems and potentials to draw conclusions for the planning of the project.

Stakeholders can be considered as the foundation, strategic assets and drivers of a project 's success or failure. Stakeholders ' influential characteristics, understanding, and their effective utilization and management are critical to project success (Mahmoud, Govindan, & Wan, 2015)

The stakeholders discussed in this report include software companies, government, public, media, and regulators. We have provided the necessity for choosing these stakeholder groups and the ways they can impact the project. The information from this report will help immensely in identifying the communication channels for each of the stakeholder groups and will help in successful completion of our project.

Who are the stakeholders in your workplace or in a company with which you are familiar? What are their wants and needs? How does management meet their needs? What difficulties arise in balancing the needs of various stakeholders?

Stakeholders (different users, different decisions & different information) are groups or individuals that might be interested or have a stake in an entity.

Stakeholders are often considered as they who have an interest in a project. However, this definition includes those who have no impact on the definition phase of a project hence in terms of project management stakeholders are they who can influence a project not only inside the construction process but also outside this process. The former are a subsystem of a project’s system and the latter are part of the environment of the project. The stakeholders who belong to the environment of the project can affect the early stages and the important phase of project definition, which makes their management of great importance. Other powerful stakeholders are member of the client’s environment and ask influence indirectly to the project through the client. Financial institutions and funding bodies could be considered as this kind of stakeholders (Walker). Winch argues that stakeholders are those who have benefits or losses as a result of a project and classifies the stakeholders to two categories: the internal and the external stakeholders. The internal stakeholders are separated in two parts: the demand side, which is constituted by the client’s

This chapter presents results, analyse and discusses the findings that have been deducted from the interview of 7 participants from one of the British contracting organisation. The interviews were done in relation to the research questions that guided the study. This study is set out with the aim of assessing how projects’ stakeholders are practically managed from identification, classification, analysis and engagement strategies. Challenges in managing stakeholders and proposal to minimise the challenges was also investigated. These analysis and discussion will lead to conclusion in the next chapter.

Managing projects efficiently has always been a key to success for any organization, especially with continuous increase in global competition. For successful completion of any project organisation require proper management and control as well as planning to deliver the desired outcomes. Organizations today have acknowledged the concept of projects as a structure for conveying change; however this is not enough for an organisation to be successful. Even organizations with all type of project experience with scarce monetary and human resource sometimes fail deliberately, because they fail to realize the value of stakeholders. As described by Grimble and Wellard (1997) “[stakeholders are] all those who affect, and/or are affected by, the policies, decisions, and actions of the system; they can be individuals, communities, social groups or institutions of any size, aggregation or level in society. The term thus includes policy-makers, planners and administrators in government and other organisations, as well as commercial and subsistence user groups.” Without the on-going cooperation of stakeholders, it’s almost impossible for an organisation to survive, as stakeholders and organisations are mutually interdependent. Stakeholders are those individuals who have a keen interest in organization; also their presence can positively or negatively impact the outcome of the projects. The key to success relies on finding who the organizations stakeholders are and forming successful

External stakeholders cannot simply be identified or listed; they differ between organizations and industries. However, external stakeholders may be grouped into segments which are frequently involved in the organization’s activities: owners (shareholders), suppliers, customers and financiers. Other groups which could also have stakeholder status for an organization are the government (central and local), guilds and associations, and pressure groups who may or may not have an interest in the success of an organization with its present or future activities (Cook & Farqularson, 1998).

A great Project Team that has the skills and experience with both specific and broad competencies related to the project.