Stakeholder Management
Student Name
Institutional Affiliation
Stakeholder Management
- Who would you define as a project stakeholder? Possibly list some categories of stakeholders.
Stakeholders are the people who are interested in the outcome of a project. They are people who have invested in the project, and they are likely to be affected by the project at any in the progress of the project (Pedro Serrador 2008). Their input can also have a direct influence on the project. Some of the key stakeholders are:
- Customers
- Project manager
- Project team members
- Project sponsors
- Steering committee
- Executives
- Resource managers
- Project testers
- Line managers
- Project users
- List 3 to 5 reasons why stakeholder management is important to project success.
Managing stakeholders is essential because it is the lifeblood of effective project relationships. It will help in not knowing the stakeholders to a project, but it will also allow for understanding their unique communication needs.
Stakeholder management is vital for project success because it is critical for effective communication. Communication is essential in producing satisfaction with the sponsor of the project. It helps in promoting the productivity of team members to achieve a common goal (Gifford & Lesser, 2019).
Proper stakeholder management is vital in reducing and uncover some risks. Engaging stakeholders is vital in uncovering some risks and even reducing the impact of such uncertainty, for example, stakeholder management may mitigate such problems as poor uptake of new software that has been launched in the market.
Stakeholder manager is vital for project management since it helps in freeing resources. Through proper stakeholder management, it is possible to delegate some as a way of taping into their skills and interest in the project (Gifford & Lesser, 2019).
- What are some possible consequences of stakeholder mismanagement?
One of the possible consequences of stakeholder mismanagement to manage critical stakeholders is that they affect the project deadlines. This may be a result of poor communication or poor relationships during the execution of the project.
Stakeholder mismanagement by increases the risk of failing in the project. When a particular segment of stakeholders is mismanaged, they are essential in the project may be reduced, and this may increase the risk of failing in the project (Pedro Serrador 2008).
Another impact of stakeholder mismanagement is the ballooning of the project cost. When politics get in the way of the project, there is the possibility that the cost of the project will increase significantly since the stakeholders will not be interested in seeing the project finished (Pedro Serrador 2008).
- Provide at least one professional example of a situation where effective stakeholder management either significantly benefited a project or where ineffective stakeholder management harmed a project. If you do not a personal example form a professional setting, research online, and provide the information requested.
LAMP-H Project is one of the projects that failed as a result of failing to manage the stakeholders. This was a project that would enable the US army to acquire aircraft with the amphibian substantial lifting capabilities. One of the reasons why the project failed was that the senior manager did not cooperate properly with the other stakeholders, and this made the deadline not to be met. Failure by the senior managers of the project to accommodate the views of the different stakeholders led to the project being canceled an also a lot of money wasted to a tune of $ 5 million (Sutterfield et al., 2006).
- How can these insights be integrated into your capstone stakeholder register?
These insights will be vital in my capstone stakeholder project as they will help in documenting all the stakeholders to a project, their expositions, impact, and interest in the project. Furthermore, the insights will help me in classifying stakeholders are critical for the entire project and the stake at which they need active for the success of the project. Additionally, the insights help to put the type of communication required for each stakeholder.
References
Gifford, D., & Lesser, S. (2019, August 22). Why Stakeholder Management is Important. Retrieved April 11, 2020, from https://infoworks.com/why-stakeholder-management-is-important/
Pedro Serrador, M. B. A., & PMP, P. (2008). Serrador Project Management.
Sutterfield, J. S., Friday-Stroud, S. S., & Shivers-Blackwell, S. L. (2006). A case study of project and stakeholder management failures: lessons learned. Project Management Journal, 37(5), 26-35.