Stakeholders
Stakeholders are critical in project management since they determine the success of the intended venture. This infers that they have to be well versed in the relevant information that will steer their investments in the right direction. In this note, they should make proper implantation since every action matters in business. The most crucial concept that I scoped from the reading is the stakeholders’ management tools. The tools are essential in the project execution. The stakeholders must follow the right principles to meet their desired objectives (Stephens et al., 2019). Cooperation, for instance, is among the management tools that should be utilized for the projects to yield long term goals. Working together and pooling the relevant ideas and resources together eliminate the roadblocks that might encounter the businesses. Regarding this, the stakeholders ought to use the most appropriate tools to succeed in their undertakings.
Stakeholder’s management tools enhance proper communication between the project managers and the relevant people. Smooth communication helps in conveying important information that might be useful in decision making. All information is crucial and should not be overlooked since they can bring about significant improvements in the business. Works of literature have shown that lack of proper communication might result in wrangles between the key players, thus impacting the industry adversely (Derakhshan et al., 2019). This means that the stakeholders should ensure that all the people focus on the common goals and work towards achieving them. Project planning is a challenging process that requires maximum efforts for the project to be executed appropriately. This implies that the project’s failure to meet its intended goals can be attributed to a lack of adequate planning. Communication is essential in project planning since there is a series of the exchange of crucial information.
I would use the stakeholders’ management tools in executing my project in the future since they are a critical ingredient in project success. Communication, teamwork, and the stakeholders’ register will have positive impacts on my project since they act as a driving force for the project’s success. Besides, proper stakeholders’ management tools bring about efficiency, which distinguishes the business from others in the market. Consequently, this gives the company a competitive advantage over others. Most of the projects have collapsed due to a lack of proper understanding of the appropriate measures that should be utilized. It is undeniable that every venture aims to maximize its profits. Therefore, for my project to meet the critical goals, I have to make use of the necessary management tools to remain relevant.
Stakeholders take enormous risks for their ventures to excel. As much as the stakeholder’s management tools are of the essence in project execution, other factors such as proper accounting of the resources to be used are necessary. The financial muscles also determine the route the project takes since all the activities require should be well funded for them to yield the expected results. Therefore, the stakeholders should ensure that they have all the requirements before starting their intended projects.