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Importance of stakeholder engagement
Importance of stakeholder engagement
Who is the stakeholder in project management
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Discussion
The key to the relationship between project managers and stake holders, is ensuring that the project managers have an understanding that stakeholders are key to any project, mission, and organization and have an understanding of how to appropriately involve manage stakeholders to be successful. Therefore, project managers should tailor formal processes to support the various projects they manage.
Stakeholder
During the entire process, it is key that the project manager fully understands that it is responsible for documenting all of the relevant information for stakeholders, as it relates to their impact on the project. The best thing that the project manager can do is to ensure that all information and documentation includes the
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The key benefit of this process is that it will maintain or increase the efficiency and effectiveness of stakeholder engagement activities as the project evolves and its environment changes.The are several input methods to control stakeholder engagement. Project Management Plan, some of the factors that affect control stakeholder engagement include the life cycle selected for the project, how HR requirements will be met, change management plan and techniques for communication among stakeholders. There are three tools and techniques that can be used. Information Management Systems; these capture, store, and distribute information to stakeholders on project cost, schedule progress, and performance. Expert Judgment Engagement levels of stakeholders are monitored and adjusted by conferring with senior management, key stakeholders, project managers on other projects in same area, SME’s (Subject Matter Experts) in business or project area and industry groups and consultants. Meetings Status review meetings are used to analyze information about stakeholder …show more content…
The stakeholder management cycle, a cycle that progresses to the identification of stakeholders as well as the development of the stakeholder management plan, may also be utilized in the same fashion as the stakeholder management plan. The form below, the Stakeholder Plan, is for public use and will often be included in project related documents, such as Business Cases or Project Statements. The Stakeholder Plan will generally be a sub-set of a larger Department, Division or Branch
Stakeholder engagement is crucially different from stakeholder management: stakeholder engagement implies a willingness to listen; to discuss issues of interest to stakeholders of the organisation; and, critically, the organisation has to be prepared to consider changing what it aims to achieve and how it operates, as a result of stakeholder engagement.
Project managers, as mentioned earlier, are becoming a highly sought after commodity. There are many fields which project management professionals may enter into, such as constructions, engineering, logistics, and information technology. For those project managers who are interested in expanding their careers with new skills, this is phenomenal news. In order to validate project management on the corporate level, researchers view that ownership is required from the top (Chandler & Thomas, 2015). Corporate executives need to understand the importance of PM and embrace its functionality within the organization. This will ensure that project management continues to stay linked with areas like personnel, finance, and production. The nature of project management is crucial to business success, and enables proper development and implementation of solid practices. This further highlights that hiring project professional’s remains essential as businesses become “supported from top to bottom and from edge to edge” (Project Management is Vital for Business Success,
One method of engaging the stakeholder is through the Stakeholder Analysis. It is an important method that can be used to identify key personnel for support. The initial step is to identify who the stakeholders are, then work out their power, influence and interest, that would be focused on. The final step involves developing a good understanding of the most important stakeholders to know how they are likely to respond to the organizational ideologies. This helps to work out the plans on how to win their support.
Stakeholders are individuals who hold a particular interest in a business, they are affected by the activity of the business.
Manager’s responsibility as a business is to define and enhance the contribution make to that shared effort. Company must work with the other stakeholders in sustainable development. Stakeholders are a diverse group, some, such as shareholders and employees have a clearly defined relationship with company. There are people with a stake in the company itself. Others have a stake in the company’s activities.
Regarding to organizational stakeholders, there are three main groups of stakeholders: customers, employees and investors. The company attempts to link stakeholders’ needs and expectations to the company’s goals. For customers, the company must treat them fairly and honestly. For employees, the company needs to treat them fairly, make them a part of the company and respect their needs. For investor, managers should comply with the accounting procedure, do not manip...
Scope: The first document a project manager will put together with his team members is the sco...
Since the concept of Project Management is broad, many different aspects of a business rely on successful Project Management. “Projects” can include product line development, attaining company goals, boosting employee morale, and product costing, to name a few. This area of business is important because it determines every minute detail required to get the product produced and to the consumer. There are several steps required to assure project success. These steps are briefly outlined in the following paragraphs.
Project Management Institute (PMI) (2013). Project Management Professional (PMP) Handbook. [ONLINE] Available at: http://www.pmi.org/certification/~/media/pdf/certifications/pdc_pmphandbook.ashx. [Last Accessed 20 April 2014].
Often, the goals and visions of the projects are not clearly discussed. The project management team doesn’t understand the needs of the organization.
Stakeholders are interest of an individual or groups that directly or indirectly affected by the organisation’s activities, policies and objectives (Henry Frechette, 2010). Stakeholders can be divided as internal (managers and employees) and external (shareholders, customers, and suppliers) (BPP F9). Different stakeholders may have common interests or conflict interests with company. Company board members or management must take care about stakeholders’ interest. They can’t make the decision based on their own interest or their relation with others organisation. Conflict of interest will arise when interests of organisation act in concert with managers’ personal interests or interests of another person or organisations, (Anon, no date).
Organizing the project communication plan supports the project team in recognizing internal and external stakeholders and improves communication among all members involved in the project. The project manager leads the project development team to organize a communication plan to make sure that an effective communication strategy is put up into the project delivery process. The plan is a structure and should be an active, growing document that can be reviewed when appropriate. The communication plan is a part of the project management plan. It starts with sections that enlist the members for the project, planning on how to communicate the information, information gathering, and the communication methods in use. But the main part of the communication
Stakeholders refer to individuals or groups of people that have an interest in a business. Management argues that as long as there is wealth for shareholders, then anything is done in a responsible manner and things should be done to promote the interest of other stakeholders.
Project management involves all activities that encompass scheduling, planning, and controlling projects. A successful project manager ensure that an organization’s resources are being used both efficiently and effectively. Most projects need to be uniquely developed require a sense of customization and the ability to adapt to any posed challenges. The scope of effective project management includes defining what the project is and what is being expected to be accomplished. Projects are imposed to fulfill a certain need and project managers must have the ability to create the proper definition. Goals and the means used to attain those goals have to be clearly stated. Project Managers must also have the ability to plan
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.