The Project Stakeholder Management knowledge area has four processes: Identify Stakeholders; Plan Stakeholder Engagement; Manage Stakeholder Engagement; Monitor Stakeholder Engagement; Identify Stakeholders. This is mostly done by influencing the expectations of the stakeholders regarding the result gained from their initial investment in the project appropriately. There are many project decelerators, among them lack of stakeholder support. ROOTS 5 PROJECT CYCLE MANAGEMENT 3 Contents Glossary 5 Introduction 7 Planning 8 The project cycle 10 SECTION 1 Project identification 13 SECTION 2 Project design 19 2.1 Stakeholder analysis 20 2.2 Research 29 2.3 Problem analysis 34 2.4 Logical frameworks 38 Completing a log frame 41 • STAGE 1 Summary of objectives 41 • STAGE 2 Assumptions 45 (Nokes & Kelly, 2007) It is necessary to tightly define each item of scope; what it includes and more importantly what it does not include (Gray & Larson, 2011). The effective management of a project’s stakeholders involves a continuous process of analysis and review. The first step in stakeholder management is identifying stakeholders and their claim to the project. What strategies do you follow with them? Depending on the project, managing contractor and supplier relationships can consume more than half of the project manager’s time. Top management may include the president of the company, vice-presidents, directors, division managers, the corporate operating committee, and … Keep each stakeholder’s expectations and needs in mind throughout each conversation, report or email, no matter how casual or formal the communication may be. You may find out about missed deadlines when it is too late to recover. On projects, project managers have direct control over very few things; therefore their ability to influence others – to be a good politician – may be very important. It is mentioned in a PMI article “Ignore stakeholders at Your Own Risk” by Lynda Bourne (2009) that if project stakeholders are ignored there will be a 90% chance likelihood of the project to be unsuccessful, even if one important project stakeholder is ignored. For every $1 billion invested in projects by companies in the United States, $122 million was wasted due to lacking project performance, according to Project Management Institute Research. These 5 stages create what is known as a project life cycle. The engineering department found that location unacceptable for students who had to maintain the wind turbine. If their relationship is good, they may be able to consistently acquire the best staff and the best equipment for their projects. Chapter 2: The Project Life Cycle (Phases) Chapter 3: Framework for Project Management; Chapter 4: Organizational Structure and Project Management; Chapter 5: Stakeholder Management; Chapter 6: Project Initiation; ... Project Stakeholders Top Management. Two team members, one from New Orleans and one from Brooklyn, had more difficulty communicating than team members from Lebanon and Australia. Building strong, trusting relationships with interested parties from the start can make the difference between project success and failure. Theleast important priority stakeholder group should be either monitor or ignore. The process of doing the stakeholder assessment is not a one or two project team member responsibility instead it should take into account the diversity of multiple stakeholders from project sponsors, other project team members, upper management, HR and others that are deemed appropriate to the project (Duardo, 2007). B) Is a recurring cycle that allows new stakeholders to be considered at any time. It is essential to involve stakeholder’s right from the beginning so that their views and ideas can be incorporated to best fit their needs. Reference this. A projec t is a unique process that consists of a . VAT Registration No: 842417633. All the building permitting agencies, environmental agencies, and labour and safety agencies have an interest in the project and can influence the execution plan of the project. On the minus side, failure can be quite dramatic and visible to all, and if the project is large and expensive (most are), the cost of failure will be more substantial than for a smaller, less visible project. Copyright © 2003 - 2020 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. ... Control Stakeholder Management. Find out exactly how your performance will be measured. The following stages are used to support this analysis: 1. However, the frequency of the plan review has not been defined. Poor stakeholder management is often the result of inadequately defined scope in a project. During this stage the aim is to hash out the high-level goals that must be met for you to consider the project a success. Project initiation stage: understand the goals, priorities, deadlines, and risks of the project. They are considered part of the organization and are already committed to serving the organization and acquiring the benefits of it as well. The project manager, project team members, and the managers from other departments in the organization are stakeholders as well. So, you must identify your project stakeholders at an early stage, and then engage with them throughout the project life-cycle . Company Registration No: 4964706. To compound the problem, project managers generally have little or no direct control over any of these individuals. Project managers use stakeholder analysis to identify the key stakeholder and to assess interests, positions, alliances, and importance given to the project by such stakeholders. 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