StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Project Stakeholders - Essay Example

Cite this document
Summary
The implication is also that a business cannot now confine itself only to its traditional economic role of aiming for a profit within existing legal rules, an approach which may imply that the business is being irresponsible in the exercise of its power. A publicly-owned company does not therefore operate in a vacuum: it the project is to ensure long-term survival, it needs to respond to growing public criticism of activities and be seen to be making a positive contribution to meeting the changing needs of society…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.5% of users find it useful
Project Stakeholders
Read Text Preview

Extract of sample "Project Stakeholders"

Project Stakeholders The implication is also that a business cannot now confine itself only to its traditional economic role of aiming for a profit within existing legal rules, an approach which may imply that the business is being irresponsible in the exercise of its power. A publicly-owned company does not therefore operate in a vacuum: it the project is to ensure long-term survival, it needs to respond to growing public criticism of activities and be seen to be making a positive contribution to meeting the changing needs of society.

So there is now a broadening of the original economic motive to include a wider range of responsibilities.In general, stakeholders view the company as owing a responsibility to employees, customers and the community groups. Following Freeman stakeholders are "any group or individual who can affect or [be] affected by the achievement of an organization's objectives. (Freeman, 1984, p. 46). Within the project, it is possible to identify two main groups of stakeholders: internal and external. Internal stakeholders include the project manager and nuclear scientists, engineers and technology professionals.

Also, it is possible to assume that trades unions have a certain impact on labor relations. Following Freeman, the stockholder position can usually be expressed as a 'profit maximization' dictum. External stakeholders include the American society (citizens) and global community at large, military personal, Department of Defense, the state authorities, suppliers, regulators. The project management has a responsibility to all these and must structure its objectives to give each a measure of satisfaction.

Employees responsibilities, as internal stakeholders: "cut across many departments. Human resources focuses mainly on recruiting, pay and benefits, training programs, employee appraisal systems, and similar concerns affecting all jobholders" (Lamb, Mckee 2005 7)Once the stakeholder map has been constructed for the project, the competing agendas can be analyzed. If, for example, two highly influential stakeholders (i.e. in the high-high quadrant) agree on corporate objectives, the momentum behind the agreed objective will be very strong.

If, conversely, influential stakeholders disagree on objectives, the possibility of damaging conflict will be high. It is also important to bear in mind that the shape of the 'map' can change with time as stakeholders vary in their power and interest. Regulators as stakeholders: "focus on protecting human health and safety, the natural environment, and the free-market economic system" (Lamb, Mckee 2005 168)The project's objectives are in reality a consensus of objectives of the participants which have been negotiated.

They suggest that in large firms the task of decision making is distributed throughout the company. These are target areas for managers who are aiming to achieve their particular goal. Managers therefore bargain among themselves and eventually this 'conflict' will be resolved by compromise and the goals achieved by the organization may only then be satisfactory. This theory may be said to bring into the decision-making process social as well as economic variables.The internal stakeholder will have a direct impact on the project and its objectives while the influence of external stakeholder is not great.

Also, critics underline that there is different power between stakeholder groups. The more stakeholders there are with influence, the more complex a scenario becomes when it comes to agreeing objectives. The project shows that external stakeholders have more power than internal determining the nature of the product and its characteristics. Thus, their impact is passive while internal stakeholder has a direct influence on product and its features. Further facilitated by project teams is important because it brings members of all groups together at the same time to discuss and attempt to solve mutual problems.

References1. Curtice, R. (n.d.). Stakeholder Analysis. http://www.bptrends.com/deliver_file.cfmfileType=publication&fileName=04-06-WP-StakeholderAnalysis-Curtice.pdf.2. Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach, Pitman, Marshfieid MA. 3. Lamb, L.F., Mckee, K.B. (2005). Applied Public Relations: Cases in Stakeholder Management. Lawrence Erlbaum Associates.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Project Stakeholders Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1525248-project-stakeholders
(Project Stakeholders Essay Example | Topics and Well Written Essays - 500 Words)
https://studentshare.org/miscellaneous/1525248-project-stakeholders.
“Project Stakeholders Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/miscellaneous/1525248-project-stakeholders.
  • Cited: 0 times

CHECK THESE SAMPLES OF Project Stakeholders

A systematic stakeholder management approach in aviation construction projects

Impact of Project Stakeholders 5.... This research aimed at differentiating what stakeholders are significant to the project management, what level of risks they may bring and thus their classification on such basis, and develop methodology for systematically managing the stakeholders in projects.... hellip; This dissertation discusses the results of investigations to determine the impact and management of the stakeholders.... mportance of stakeholders 5....
51 Pages (12750 words) Dissertation

Project Planning Management and Control

However, it should not escape the construction industry stakeholders that there are certain core factors and challenges that unpleasantly affect the planning, implementation and the completion of construction projects (Cleland and Gareis, 2006).... Thus, construction stakeholders have to be conversant with and knowledgeable about the core principles of project planning, control, and management to successfully execute construction projects.... project Planning Management and Control By [Name of Student] [Name of Institution] [Word Count] [Date] Introduction For the successful planning, implementation, management, and evaluation of projects, several critical elements or factors must be taken into consideration and addressed....
7 Pages (1750 words) Essay

Project Management - Principles and Strategies

Project Stakeholders refer to those entities that have a vested interest in the project's outcomes.... Project Stakeholders may be from within or without the organization and encompass entities that sponsor a project, those who have a constructive or destructive impact on the completion of the project or entities that gain from successful project completion (Lewis 2000, p.... The definition of Project Stakeholders occurs in the initial project scoping study....
4 Pages (1000 words) Essay

Project Management- MGMT412 - 1304B - 01 unit 1

Project Management Customer Inserts His/Her Name Customer Inserts Grade Course Customer Inserts 11th December, 2013 Analysis In the process of undertaking this project we have to look into the Project Stakeholders; in this case they are designers, productions managers and staff, inventory managers and staff, sales and marketing departments.... The finance manage is in a position to decide on the budget and liaise with all Project Stakeholders on the implementation of the project....
3 Pages (750 words) Essay

Australian Remote Aboriginal Communities

This proposal "Australian Remote Aboriginal Communities" is to analyze the Project Stakeholders and their significance in the project governance.... hellip; The project chosen for this assignment is “Australian remote Aboriginal communities” which underlines the various Project Stakeholders for its effective governance.... nbsp;The first section dedicates to the identification of stakeholders and to create a map to identify the stakeholders....
2 Pages (500 words) Thesis Proposal

PMAN Communication plan

This document is based on the communication strategy regarding the new project which is launched by Mednx BioScience Corporation for the enhancement of the production of recently produced drug Zolastinex®.... This report is aimed at presenting the communication plan to the… This paper will discuss the main tools, techniques, responsibilities and concerns that can be utilized to communicate at Mednx BioScience Corporation for the project of Mednx BioScience Kannapolis, NC __________________________________________ COMMUNICATION PLAN FOR Zolastinex® Production Center project PM:- NoreenCabellon project Sponsor:- CEOVersion 1....
2 Pages (500 words) Essay

Project management and communication

s discussed above, communication in project management plays a significant role in keeping all the team members and Project Stakeholders on accurate track.... Additionally, in absence of effective communication among team members and Project Stakeholders there could be a breakdown in procedures that could cause a negative influence on the final product.... After that, that information should be made available to all the Project Stakeholders and assured in a timely way....
5 Pages (1250 words) Research Paper

Project time managment

A time-phased baseline thus helps Project Stakeholders to evaluate how well a project runs and to measure the accuracy in time estimations6.... Generally, Project Stakeholders need time-phased baselines for assessing overall performances as it offers the basis for comparing not only time but also cost and project outcomes.... By being in a position to measure the budgeting of time in a project, stakeholders are better placed to detect and address problems such as delays and stoppages for improvements....
2 Pages (500 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us