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.
In this paper, a stakeholder is the key to the program, where their decision is affected by the actions and decisions that are made by the organization. Stakeholders take interests in various areas of the operations of any business, but having a well put together program plan will help make
The communication needs with stakeholders depend who you dealing with, the approach is likely to be different for internal and external stakeholders. In order to understand the communication needs, firstly it should be established whether it’s internal or external stakeholder then to make the choice how the information will be communicated.
Decision process emphasizes on flexibility,adaptability, and the ongoing situation. Due to the tool and process design, using a wide selection of labels and need a rapid response to dynamic context and strong philosophical foundation is necessary to guide the process of developing. There are four fundamental elements compose stakeholder as participants: empowerment, equity, trust and learning.
1. The communication plan helped with stakeholder management and also sending project updates in a medium expected by the stakeholders.
The Project Management Institute states the stakeholders are individuals a group or an organization that have a vested interest or role a particular project and may also be impacted by the project (Morphy, 2017). The project stakeholders for the Winsome Manufacturing are divided into distinctly defined groups by departments. These departments can consist of design, production / manufacturing, sales purchasing and marketing (Morphy, 2017). The stakeholder’s responsibilities are to follow the instructions assigned by the department managers in order to complete the company’s goals for the manufacturing of the new storage bins (Morphy, 2017). For example, Senior management that are stakeholders provide different
Stakeholder communication plans are developed by monitoring and reviewing the current communication processes within the organisation and then identifying what communication methods are the most suitable and effective with each stakeholder and then to compare and analyse these methods to make
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
‘Strategic stakeholder synthesis’ means that within a business, its stakeholders are put into a pyramid of importance. When it’s time to implement strategies, or make decisions, the business will prioritise whichever stakeholder that will affect the business decision the most and take them into account when making the final decision. Goodpaster believes that ethical values are not introduced in strategic stakeholder synthesis because businesses are strategically placing priorities on stakeholders that are more beneficial and valuable for the business’s welfare in the long-run.
Stakeholder engagement and accountability is essential to successfully impact the strategic plan goals. In order to evaluate success, outcomes must demonstrate measurable improvement. For this reason, performance scorecards/balanced scorecards are used that define the outcome measure, the process owner, the target goal, and the timeline for completion. Including these components within the implementation plan will ensure that stakeholders are clearly aware of: 1) outcome expectations; 2) who is the process owner; 3) metric goals; and 4) timeline reviews of progress. Once this is complete, individual/departmental/organizational performance evaluations will provide direction regarding the need for remedial training, disciplinary action, or celebrating WINS. To understand this more fully, each stakeholder group will be discussed separately.
1. Decide on a set of appropriate actions (minimum of 2 per stakeholder group) that you can take to maximise the chances of the following stakeholder groups actively participating in your project: Divisional Finance staff, HQ Finance staff and the I.T. team. For each action that you suggest ensure that you consider both the potential positive and negative sides of your approach. (6 marks)
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.
One of the key factors contributing to a projects success is identifying the correct key stakeholders early in the project process and engaging with them to draw on their knowledge.There are different types of stakeholders in projects and evaluating their characteristics and managing their interrelationships appropriately have a strong impact on the project success. (Celar S; Turic M; Vickovic L (2010)).
The first step in this process is brainstorming means that are the stakeholders of organisation and who are affected by your work or who have influenced or power over it.