The Importance Of Stakeholder Identification In Project Management

1136 Words3 Pages
bulb-icon

Recommended: Who is the stakeholder in project management

Introduction I. Overview The importance of proper stakeholder identification is occasionally overlooked due to complacency or unhealthy business practices in project management. Failing to properly identify stakeholders is a perfect formula for disaster. According to the Project Management Body of Knowledge (PMBOK) (2013), identifying stakeholders is the method of recognizing any person or group that can influence, be influenced or seemingly influenced by the process and consequence of a project. Their interest and impact on the project are then examined and documented. Customers, societies, and benefactors are all considered stakeholders and they are actively involved in project activity (PMBOK, 2013). Once all stakeholders are identified, managing their engagement is necessary to ensure continual support and interaction. Management of stakeholders keeps the …show more content…

Stated Importance Identifying stakeholders is important because proper identification gives the project manager the means to emphasize the customer’s individual interest. Utilizing inputs, tools & techniques, and outputs such as project charter, procurement documents, stakeholders analysis, and stakeholders registry are a few of the processes that is required in the “Identifying Stakeholders” knowledge area (PMBOK, 2013). The project charter is a document issued by the sponsor that authorizes the project manager to spend the budget and apply organizational resources to the project (PMBOK, 2013). The project charter contains key information such as milestones, assumptions, and constraints (see Appendix A). Although the project charter in Appendix A does not list the end users as a stakeholder, they are still considered customers but have no influence on the project budget or project completion time. A procurement document is used for petitioning offers from potential sellers (PMBOK, 2013). The document is used widely in a contractual nature in terms of obtaining information, bids, quotations, and

Show More
Related

  • Project Share: Stakeholders Management

    1174 Words  | 3 Pages

    The NYSEG case touches upon a complicated topic: that of management of a corporation directly deciding upon and providing policies which redistribute wealth away from the corporate shareholders and into the hands of other stockholders. In this case, NYSEG’s Project Share is essentially a form of welfare where NYSEG takes corporate resources and profits and reallocates them to poor customers or customers with severe debt issues. In my opinion, what is strikingly unusual about this program is the extent to which it becomes involved in the lives of its customers. Customers identified for Project Share may receive financial counseling, help with substance addiction, and help connecting with other welfare services. The main question posed by this assignment is whether or not NYSEG’s Project Share is both altruistic and good business. I believe that it is…to an extent. In the subsequent paragraphs, I will explain my position, as well as what I believe the positions of Milton Friedman and John Boatright would be based upon the assigned reading of their views regarding corporate social responsibility.

    Read More

  • Home Depot Case Study

    848 Words  | 2 Pages

    When determining whether this is a feasible project we need to take into consideration, which stakeholders could negatively be affected and what will The Home Depot do to minimize this impact. It is important that positive outcomes surpass negative outcomes, otherwise, this project will not succeed. The textbook states, “"The importance of aligning projects with organization strategy cannot be overstated.” This quotation means that above all, this project must relate to the mission strategy of the organization in order to maintain the interests of the stakeholders. Without stakeholders on board, this project would not be possible. The Home Depot’s actions in completing this project needs to be sensitive to any group that affects or can be affected because The Home Depot’s reputation is always being evaluated.

    Read More

  • Theories Of Motivation In Leadership And Management

    1413 Words  | 3 Pages

    Stakeholder engagement is relevant to any type of organisation: business, public or civil society. It is particularly important in the context of running an organisation responsibly and is integral to the concept of Corporate Responsibility.

    Read More

  • Essay On Stakeholders In Homelessness

    451 Words  | 1 Pages

    Identifying stakeholders for an intervention is essential. Stakeholders are all of the individuals who are affected by and issue or problem (BOOK). The stakeholders are going to be the individuals who can work towards changing the problem and who deal with the concern at the front lines (BOOK).

    Read More

  • Tamworth Country Music Festival Stakeholders

    729 Words  | 2 Pages

    According to Carroll (2009), stakeholders are any individual or a group who are associated with an organization and has mutual influences. He also claims that the stakeholders can influence or be influenced by any actions, decisions, policies, and goals of the organization. Clarkson (1995) defines primary stakeholders as a group or an individual who has high level of independencies and play a essential role in the survival of the organization whereas secondary stakeholders also have interactivity with the organization; however, they are not participated in transactions and without them, the organization still can survive. From this classification, we can easily identify a range of different stakeholders as primary or secondary in terms of their

    Read More

  • Continuity Engagement Plan

    676 Words  | 2 Pages

    • Build collaborative relationships between the EMBP Program, Business Continuity Owners, Coordinator and sub-support groups across the NAIT Community. • Empower stakeholders to be able to review and adjust their BCP plans bi-annually, with based on industry trends and lessons learned from actual events to keep their BC Plans current and accurate • Track and monitor progress on corrective actions across the organization DEFINING STAKEHOLDER ENGAGEMENT Stakeholder engagement is the process by which an organization involves people who may be affected by the decisions it makes, or can influence the implementation of its decisions. Stakeholder engagement is a key part of the Emergency Management and Business Continuity Program (EMBC) program and achieving one of its key mandate, that is, ensuring that NAIT is able to continue its core services to students and staff during a business disruption. The EMBC Program will adhere to internationally recognized best practices regarding stakeholder engagement, and will use the three-step model approach to developing an engagement program as outlined by the International Association of Public Participation (IAPS).

    Read More

  • Stakeholder Analysis: The York Water Company

    415 Words  | 1 Pages

    Our textbook defines Stakeholders as “Individuals and organizations who are actively involved in the organization or whose interests may be positively or negatively affected as a result of what the organization does.” (Carpenter, Bauer & Erdogan, 2012, p. 191). One method of deciding who key stakeholders are, is Stakeholder Analysis or “A range of techniques or tools used to identify and understand the needs and expectations of major interests inside and outside the organization environment.” (Carpenter, Bauer, & Erdogan, 2012, p. 192). The first step in Stakeholder Analysis is identifying Stakeholders, and the first step in identifying stakeholders is to determine the influences on the mission, vision and strategy that an individual or organization may have.

    Read More

  • Essay On Business Ethics

    2076 Words  | 5 Pages

    Businesses are catering to a large number of stakeholders which include employees, customers, suppliers, community, etc

    Read More

  • The Effects of Corporate Social Responsibility on International Business

    1540 Words  | 4 Pages

    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...

    Read More

  • The Custom Woodworking Company Case Study

    2594 Words  | 6 Pages

    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].

    Read More

  • Maintaining Stakeholder Involvement: Strategies & Challenges

    1019 Words  | 3 Pages

    Stakeholder, plays an important role in decision making progress whom can provide the new information, some extra solution, the benefit in other degree, and make the outcome. Indeed, stakeholder’s joining can bring a lot advantage to the company, but before we discuss the strategies to make sure their continuous involvement and commitment, let me explain the reason why they not want to join in or why they lost the passion to have the commitment.

    Read More

  • CVF Analysis: Amazon, Inc.

    3010 Words  | 7 Pages

    Stakeholders and stockholders are a group of individuals that can affect the company and also are affected by the company. In order to be a successful company needs to maintain their investor’s confidence. Stockholders are also able to develop value for the customer because they invest on ideas that will produce success for the company. Stakeholders are all the individuals that have an interest in the company such as employees, customers, and the surrounding community.

    Read More

  • Project Management: The Roles Of A Project Manager

    1547 Words  | 4 Pages

    The role of a project manager has been the subject of numerous publications that have attempted to provide a precise set of qualities and responsibilities for the job title. However, the job role is so encompassing that there are still many different schools of thought on the subject and much debate over the precise terminology to best describe a project manager. This paper analyzes five such publications, and attempts to rationalize their research into a cohesive and comprehensive description of the roles of project manager. This paper establishes the roles of the project manager in the current setting in order that a newcomer to the subject matter will be able to understand the concepts as it relates to modern technology and business practices.

    Read More

  • Reflection Paper On Project Management

    1545 Words  | 4 Pages

    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

    Read More

  • Legal Aspects of Procurement Management

    1764 Words  | 4 Pages

    This paper examines the legal aspects of procurement management and specifically how procurement management can be used as an effective tool for the overall management of a project. This paper focuses on the basics of common contract laws, the basics of agency law, the Uniform Commercial Code (UCC), and some aspects of that pertain to the Federal Acquisition Regulations (FAR). A summation of the company’s position in relation to a given supplier (provided the company decides not to procure all of the material in a contract) will be examined along with how that position is strengthened by understanding the legal aspects of procurement management. Finally, the paper will analyze how the project manager is supported by the contracting management function.

    Read More

More about The Importance Of Stakeholder Identification In Project Management

Open Document