Stakeholder Management: Strategies for Project Success
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Introduction - Stakeholder Strategies for Project Success
Question 1
Stakeholder’s management is an important activity that is generally used to understand mutual understanding between the expectations and all the objectives. Sometimes environmental as well as political issues are sensitive for an organization and individual stakeholders are needed to manage the common situations. Hamilton is a small business association trying to gather individuals by conducting a formal meeting. Liam is the president of Hamilton and called up some rational thinking to fully develop the operational level. Stakeholders are indicates the efficient lifeline and also maintain the project relationship between the individuals.
In order to, established basic relationships with the project identifying substantial economic benefits are mandatory. Individual stakeholders are managing organizational issues and maintain a social environment with the help of efficient responsibilities. Benefits are included maintaining relationships with the stakeholders and their effective communication plan (Yusof, Tabassi & Esa, 2020). In order to, build a working relationship with numerous projects it is useful to increase the confidence level of the individuals. Stakeholders' responsibilities are to minimize major issues of the organization and that helps to maintain the project lifeline inefficient way. Identify the domestic and public impacts which are useful to recognize the project’s future.
Recommendation
Identifying the risk as well as planning for strategy is the managing stakeholders' risk and minimizing the project risk is necessary which is involves the effective communication. President Liam is called a meeting to involve some rational thinking and that helps to increase the enthusiasm level of who is involved in the project. Identify the length to reaffirm is need to measure the substantial economical benefits of the project. Opening up a pristine rainforest to thousands of tourists and their vehicles is not going to be easy most of the people are likely to descend on the town and which is an impact on the individual public.
Question 2
Unavailability of resources, as well as lack of communication sometimes, involves numerous risks to the project. The project managers thoroughly comprehend the consequences to overcome project-related numerous challenges. Identifying the economical benefits is another challenge which is facing by the individual project managers (Mittal et al. 2021). Maintaining the sensitive nature of the project is another problem and in the same season, thousands of tourists are common visit this place which is quite risky for them.
Risk management process
At the same time, constructive debates and tempered caution which is needed to manage and were the common difficulties. In order to, identify the project exposure place and the first step is dealing with the same difficulties. Recognizing the economical benefits of the project is quotes risky for the individuals and that can be required proper knowledge and skills (Zakharchenko et al. 2019). Stakeholder’s theory is interconnected with the relationship between the organizations and most of the visitors. The local zoning regulations are a common difficulty and can be maintained by the individual project managers.
A formal meeting is conducted by Liam to gathering numerous information is to enhance an individual’s enthusiasm. Maintaining the sensitive nature of the project is necessary and an effective risk management process is important to maintaining it. Stakeholder’s theory is important to managing the ongoing risk of the project and that can be formally considered a s less risky (Schoper et al. 2018). Liam is trying to minimize stakeholders' risk by improving stakeholder relations and also conducting a formal meeting to improve the small business association. While Liam went to great lengths to reaffirm what is necessary to identify the economical benefits of the project. Maintaining the sensitive nature of the project is necessary which is needed to be developed by the individual project managers.
Question 3
Communication is an important role however; individual project managers have excellent communicational skills. Communications are the paramount skills that are considered by the individual project managers and one is the eight traits associated with the individual project managers. Terminate the difficulties of the project, coordination is the best way and that can be managed by the individual project managers (Munteanu & Dragos, 2021). The associated skills are mandatory for individuals and can be maintained by the individual project managers.
Managing stakeholders' relationships is necessary and can identify numerous benefits related to the project. Maintaining the sensitive level of the project is necessary which are minimizing constructive debates among the individuals. Identify different types of project strategies involved by the individual project managers that can control the sensitive nature of the project. Stakeholders are indicates the efficient lifeline and also maintain the project relationship between the individuals.
There are multiple strategies to develop the skills in management, as those are
The project must be take control in multiple situations, situation can be changed in any situation but the nature of the strategy cannot be changed in nature. That depends on the developing on the commutation skills afterwards. On the hand, developing the appreciation and opposing the idea and the firm can understand the whole project in a perfection way. Besides improving the ability of adapting the new envision is the solution of the skill development. The skill strategy depends upon the development of the goals and objectives of the firm. A skill strategy is to verify the crucial talent in the business management which helps the managers to develop the work opportunity and develop the communication skill in all aspects. On another hand, the developing a true version in a project can develop the skill in all aspect, and define the competitive advantages in the business management as well as define the main target of the projects can also develop the skills an all aspect. Hence, the managers have to maintain the structure of the systematic growth which helps to develop the skills and making the fact based decision in the management as well as long term decision making can also the skill management (Kim et al.2021)
Question 4
There are various issue can be raised if the managers are take decision to close the situation right now, such as the amount has been invested in the project cannot be withdrawn at the current situation by which the managers cannot invest the amount in any other project. The invested amount in the project cannot be recognizing in all aspect. On the other hand, the managers can face a loss of invested amount in the project which the mangers invested amount got loosed in the project. Beside, the managers cannot reinvestment on any other fund or any other business project and the current project which is running is also incomplete in nature (Ilin, Kalinina, & Barykin, 2018).
It has been recommended that to continue the project in all aspect, continuation of the project cannot create the loss in the project and the structure of the project will complete in all aspect. On the other hand, if the manager stops their project in this current situation they can face the loss in their project. In one hand, the project cannot be completed and in another hand the project’s invested amount cannot be withdraws in nature (Montenegro et al. 2019).
Supportive Examples
Mr. Disina has started their new project in the construction industry with 10 million, but after few days the work has facing some issues with the project and the 40% work has been done in the project. So he decides to stop this project in current situation but after the all decision making process he decided to continue his project in all nature. He taking the decision based on the amount he has invested in the project, as he taking the decision to continue the project by which his invested amount cannot in loosed at any cost. On another hand the continuations process of the project will help the work to give a complete structure.
Reference list
Mittal, V., Han, K., Lee, J. Y., & Sridhar, S. (2021). Improving business-to-business customer satisfaction programs: Assessment of asymmetry, heterogeneity, and financial impact. Journal of Marketing Research, 58(4), 615-643. Retrieved from: https://journals.sagepub.com/doi/pdf/10.1177/00222437211013781
Munteanu, V. P., & Dragos, P. (2021). The Case for Agile Methodologies against Traditional Ones in Financial Software Projects. European Journal of Business and Management Research, 6(1), 134-141. Retrieved from: https://www.researchgate.net/profile/Sanjeet-Kumar-9/publication/351248137_Financial_and_Work_Management_Analysis_for_Residential_Construction_a_Case_Study/links/608cfa8892851c490fa9fc04/Financial-and-Work-Management-Analysis-for-Residential-Construction-a-Case-Study.pdf
Schoper, Y. G., Wald, A., Ingason, H. T., & Fridgeirsson, T. V. (2018). Projectification in Western economies: A comparative study of Germany, Norway and Iceland. International Journal of Project Management, 36(1), 71-82. Retrieved from: https://www.sciencedirect.com/science/article/am/pii/S0263786317306348
Yusof, N. A., Tabassi, A. A., & Esa, M. (2020). Going beyond environmental regulations—The influence of firm size on the effect of green practices on corporate financial performance. Corporate social responsibility and Environmental Management, 27(1), 32-42. Retrieved from: https://www.mdpi.com/2071-1050/13/9/5304/pdf?version=1620651891
Zakharchenko, O. V., Odintsov, O. M., Kolodynskyi, S. B., Golubkova, I. A., & Travin, V. V. (2019). Analysis of approaches to forming teams in project management on the example of marine ship crew. Financial and credit activity problems of theory and practice, 4(31), 173-183. Retrieved from: https://fkd.net.ua/index.php/fkd/article/download/2821/2860.
Ilin, I., Kalinina, O., & Barykin, S. (2018). Financial logistics innovations in IT Project Management. In MATEC Web of Conferences (Vol. 193, p. 05062). EDP Sciences. Retrieved from: https://www.matec-conferences.org/articles/matecconf/pdf/2018/52/matecconf_esci2018_05062.pdf
Kim, J. M., Bae, J., Son, S., Son, K., & Yum, S. G. (2021). Development of model to predict natural disaster-induced financial losses for construction projects using deep learning techniques. Sustainability, 13(9), 5304002E. Retrieved from: https://www.mdpi.com/2071-1050/13/9/5304/pdf?version=1620651891
Montenegro, M. A., Obradovi?, V., & Žarki?-Joksimovi?, N. (2019, December). Project managers competences in financial industry. In 5th IPMA SENET Project Management Conference (SENET 2019) (pp. 221-224). Atlantis Press. Retrieved from: https://www.atlantis-press.com/article/125925987.pdf
