Stakeholder Management : A Common View

The success of a project can ultimately depend on your ability to develop the support of, and manage the expectations of, key people. The successful management of stakeholders can have a substantial and immediate impact – satisfied stakeholders can greatly improve the progress and relevance of a project and ultimately contribute significantly to its success. Undertaking a stakeholder analysis can be an important first step in managing the human and social capital resources in your project.

Stakeholders are individuals or groups that partake, or assert, possession, privileges, or benefits in an organization and its accomplishments, previously currently, and in the future endeavors (Barrett, 2001). These requested privileges or benefits are the result of communications with, or activities reserved by the organization. They must be lawful, ethical, separate, or combined with stakeholders that have comparable benefits, entitlements, or privileges. Hence, they can be categorized as fitting into the comparable collections: personnel, investors, and clients (Barrett, 2001). The better the impact these groups have on a client’s life and the community assets with which they are assigned; therefore, it is vital that they are responsible (Barrett, 2001).

Stakeholders are individuals or groups that partake, or assert, possession, privileges, or benefits in a, organization and its accomplishments, previously currently, and in the upcoming (Barrett, 2001). These requested privileges or benefits are the result of communications with, or activities reserved by the organization, and they must be lawful or ethical, separate or combined Stakeholders with comparable benefits, entitlements, or privileges can be categorized as fitting into the similar collection: personnel, investors, and clients (Barrett, 2001). The better the impact these groups have on client’s lives and the extra community assets with which they are assigned, and it becomes vital that they are responsible (Barrett, 2001).

When individual practitioners and stakeholders are asked, much disagreement still exists over what constitutes best practice. Q methodology identify four distinct views of best practice from those who had taken part in ten participatory processes, who differed over how to tackle issues of power and trust, and the role of strong leadership/direction and scientific information. However, such views are not contradiction. (Webler and Tuler, 2006 )

Every stakeholder have their own process and roles, it can affects or can be affects by organization’s action. All stakeholders have own satisfied and unsatisfied (appendix 2).

Perth Arena is a multi-purpose indoor venue being built for hosting entertainment and sports events. It is set to have a capacity of 5000 to 14000 people, depending on the type of event. The initial cost was estimated to be $160 million and was scheduled to be in operation by January 2009. Currently, the revised estimates changed the cost to $483 million and the project delivered by November 2011. The primary reason for cost miss-management and major project delays, was linked to the poor governance framework of the agencies involved.

Stakeholders are people or groups with interest in an organization that can affect or be affected by the organization itself, its objectives, or its policies (BusinessDictionary, 2015). Each stakeholder brings their own perspective to the table based on their relationship with the organization (e.g. internal or external role), their level of experience, and their area of expertise about the subject matter they are involved with. At a high level, the list of stakeholders for any organization could include people or groups such as: customers, employees, government agencies, suppliers, unions, community resources, shareholders, and business owners. For the purpose of this assignment, I will discuss and review stakeholders relative to the

When a company defines the scope of projects, there are risks associated with the industry and the project. Upstream projects are becoming more profitable and more profound in size and complexity. Many companies do not possess the experience to tackle complex projects, so they adapt

In my opinion, stakeholder management is significant to the success of every project in every organization. By engaging the right people in the right way in all projects, it can lead me to be successful. However, my plan to engage stakeholders will start from I have to understand clearly each step of stakeholder management so that I can potentially communicate and engage with my stakeholders. First, what I have learned in this class is identifying stakeholders into primary stakeholders, secondary stakeholders, social stakeholders, nonsocial stakeholders etc. Classifying stakeholder helps me to prioritize our stakeholders more effectively. Second, prioritizing stakeholders is a useful way to know who affect or are affected by my work. It can be people or organizations. Some of these may have the power either to hold back or support my projects. Some may be interested in what I am doing, others may not care. Therefore, I will be able to know what opportunities and challenges my stakeholders present to my organization. Third, stakeholder approach is also critical way to manage my project or organization better because it can be more ethical and sustainable. I have to consider the responsibilities of my organization to my stakeholders not only making profits but also following regulations, being ethical and having good

According to the Project Management Body of Knowledge (PMBOK) (2013), any individual that can or may impact, influence, or alter a project should be identified and have their interest documented. This is knowns as the identifying stakeholder method (PMBOK, 2013). When all stakeholders are acknowledged and their interest documented, they all must be managed continuously throughout the entire project cycle. Furthermore, a tailored process of engagement must be part of the management process to account for personality variances.

Stakeholder play important role in the success of any strategy in any organization. Therefore, organization should be concerned of the stakeholders. The stakeholder approach is required to consider in

When a stakeholder does not feel that his requirements are being met, he usually puts pressure on the project manager, so that he can personally verify that the team really understands why the software is being develop. This is known as communication failure between the customers and

Stakeholders are the group or number of people who are directly or indirectly related to a particular business. Stakeholders can be directors, customers, employees, government, agencies, owners, suppliers, unions and the community from which the business draws its resources (Campbell, 2002). However, stakeholders are a crucial part for the success of business. If an organisation knows it’s stakeholder, then it can determine where, there is prospect for business and also by analysing stakeholders, business can set its operational activities (Graham, 2005).

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

Stakeholders are an integral part of a project. They are the end-users or clients, the people from whom requirements will be drawn, the people who will influence the design and, ultimately, the people who will reap the benefits of your completed project. Stakeholders are any individual, group or business with a vested interest (a stake) in the success of an organization is considered to be a stakeholder. A stakeholder is typically concerned with an organization delivering intended results and meeting its financial objectives. It is extremely important to involve stakeholders in all phases of your project for two reasons: Firstly, experience shows that their involvement in the project significantly increases your chances of success by building in a