WA2.docx - WA 2 Project and Stakeholder Management Failures Lessons University of the People Instructor James Simmons Course Managing Projects and

WA2.docx - WA 2 Project and Stakeholder Management Failures...

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WA 2: Project and Stakeholder Management Failures: Lessons University of the People Instructor: James Simmons Course: Managing Projects and Programs, BUS 5611 Date: September 11th, 2019
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ABSTRACT A stakeholder is a party that has an interest in a company and can either affect or be affected by the business (Chen, 2019). The stakeholders are the internal and the external parties that can form part of an organization or a project. On the project front, the stakeholder are the people or the organization who get impacted by the outcome of the project. They have an interest in the success of the project, and can be within or outside the organization that is sponsoring the project (Landau, 2019). Stakeholders can have a positive or negative influence on the project. An example of stakeholders are investors, employees, customers, suppliers, the community and the government. Stakeholders may have a positive or negative influence on a project (Landau, 2019). And, hence, managing stakeholders in a pro-active way is an important factor that can influence the project success. Keywords : stakeholders, stakeholders’ analysis, project success, project failure, stakeholders’ mapping, stakeholders’ satisfaction.
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INTRODUCTION The stakeholder management of a project includes the identification of the right parties involved and gets affected and may influence the project either positively or negatively. It is important to identify the right groups, persons or parties who might affect the project in either ways and ensure what we provide what is expected from them and analyze their expectation from the outcome of the project. An important element is to develop appropriate management strategies to effectively manage these stakeholders and always keep them informed around the project strategy, process and development and by involving them in decisions and implementations. It is necessary to get all the stakeholder buy in, thus it is important to take time to identify the key stakeholders, who is going to be impacted by the project, who will be taking part of the project and who will be impacted by the outcome for the project. What is also important, is to make it clear to the stakeholder what is their role to define their action and ability to impact the project delivery and how can they support to deliver the project mission and vision at the initiation phase before starting the implementation. Therefore, for a project success it is vital to create a project stakeholders’ management (PSM) for the project manager to manage and influence key stakeholder’s expectation throughout the project life cycle that is a crucial element for the project success (What is a project stakeholder management, n.d.).
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